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To calculate the tax liability, one of the flats was rented as of 2004 but the other, although the lease was created in 2009 we didn't purchase anything else until 2010. Is the tax liability then calculated on the 2nd flat as of 2010?
Also, if at the time of the gift to the children the property is no longer let but neither is it occupied. Is there capital gains tax at that time?
How do you calculate the value of each flat at the time of making the 2 leases, i.e. the property was bought as a freehold house
Is there also capital gains tax to pay on the remaining freehold? so 2 leases plus the freehold of the whole building.
Thank you Sam
How do I now calculate the total tax liability?