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bigduckontax
bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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I bought an apartment 12 months ago and rented the property

Customer Question

I bought an apartment 12 months ago and rented the property out, this was in my name only. I am thinking about selling the property but want to avoid CPT can I put the house in both mine and my husbands name to share the CPT but all the rent is paid to me?
Joan S
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I'm Keith and happy to help you with your question.
First question, did you ever occupy the property as your sole or main domestic residence? Once I know this I will be in a better position to respond to your query.
Customer: replied 2 years ago.
Also can I put the money from the sale of rental property into either a new rental property or a private property with out paying CTG
Customer: replied 2 years ago.
No
Expert:  bigduckontax replied 2 years ago.
Sorry, one answer was hidden. Yes, if you invest in a new property within two years of sale of the first Roll Over Relief can apply, but always remember that on the eventual sale of the later properties the CGT computation will be based on the gain measured from the acquisition price of the current apartment.
Customer: replied 2 years ago.
Do you know the forms I have to complete and will still apply to a property that I will live in.
Expert:  bigduckontax replied 2 years ago.
The gain is declared on your normal annual self assessment tax return for the year of disposal.
Your sole or main domestic residence you occupy enjoys Private Residence Relief which reduces any gain by 100%.
Customer: replied 2 years ago.
Thank you for you advice, but just to make it really clear for me.
If I role it over into a new buy to let I will not pa cgt unitil I sell that property
If I put the money to a new private home the cgt will be cancelled out?
Expert:  bigduckontax replied 2 years ago.
Sorry for the delay in reply, I was taking the wife to the Health Centre.
If you use Roll Over Relief for your new buy to let then you do not have a CGT liability immediately, but it still gets you in the neck when you finally go out of the lettings caper or, if you reoccupy, on final disposal.
If you reinvest in a new private home for your own occupation then CGT will kick in the the year in which you sell your rental premises.
I hope that covers everything. Please be so kind as to rate me before you leave the Just Answer site. .
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3117
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 2 years ago.
Thank you for your support.

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