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Mar, 2017

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  1. #1

    Default CGT on a previously joint but now solely owned property

    Hello

    My partner has a property that she bought with her Brother in 1992. She bought him out 5 years laster, lived in the property as the sole owner until 2009 when we moved into a new property but she turned the flat into a buy-to-let

    We are now considering selling the flat

    I'm doing some sums and thinking about the Capital Gains Tax relief she will receive. Would she receive half the relief for the period when she half-owned the flat?

    Thanks in advance for any advice

    Dave

  2. #2
    Join Date
    Feb 2014
    Location
    Midlands
    Posts
    11,871

    Default

    Yes - provided both the two owners lived in the property as their primary residence.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

  3. #3

    Default

    Yes, they did. So the relief is actually calculated in the logical way - half each for when it was part-owned, full when fully owned?

  4. #4
    Join Date
    Jul 2016
    Posts
    268

    Default

    people sometimes forget that residential relief applies for an extra 18 months after you move out. As this is the last 18 months of ownership it will be full rate relief not half rate.

  5. #5
    Join Date
    Jan 2007
    Posts
    2,357

    Default

    And Letting Relief will apply of up to £40,000. Regards Peter

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