cookstar

iTrader: (6)

I'm currently looking to buy a house, and hopefully turn it around in a few months, I was hoping to put my partner on as well as my Brother and his wife. The plan being to use everyone's CGT allowance.

Is this OK to do or are there restrictions on this kind of thing?

Cheers.

Jamie

Not sure what you mean with the CGT allowance? you could ask a mortgage adviser at your bank he/she will know.

cookstar

iTrader: (6)

There is no mortgage involved.

CGT, Capital gains tax, I believe you are allowed a personal allowance of around £8k a year each, I was just wondering if anyone had any experience with this.

Jamie

Yes i know what CGT is, like i said ring up your local bank some adviser will let you know the tax situation.

Dedrater

Just do what the MPs do and flip it to your main home!

Luminous

iTrader: (3)

There may be another way to look at it. CGT, is a tax on capital gain, which does not necessarily mean the increase in a house price, it can also be a gain on an investment.

It is entirely possible for 3 people to loan money to another. Then that one person buy the house, do it up and sell it. It will be a joint investment, and the CGT payable will be calculated on individual gains (less costs). For the one person who buys, his costs will include the return on the investment he pays to the other partners. Effectively this will spread the gain amongst all parties. You would need to have the agreement in writing.

This is of course assuming that there is not one single person who can elect it as their principle private property and "live" there during the time of ownership. They will have to have bills etc in their name (gas, council tax etc). Then the property will be sold tax free.

Chat about the options with someone who knows the intricacies of current legislation, I'm well out of date as you now mate

Trout

iTrader: (1)

There is a house in my village that was sold recently - there were 19 equal share owners!!

hodgy0_2

Brothel?

cookstar

iTrader: (6)

OK, i guess that answers that then, just out of curiosity how did you find that information out?

hodgy0_2

Brothel?

Dedrater

He got loved long time!

cookstar

iTrader: (6)

Sorry mate, I'm not with you, what is your question?

sti-04!!

Post 7 & 8 should really answer your enquiry
The blue bus will be along shortly

Trout

iTrader: (1)

The owner died and the house was left equally to a range of surviving members of the family; and my next door neighbour's son bought it through a long and protracted process due to so many owners!