CGT on sale of jointly-owned BTL

  • Filter
  • Time
  • Show
Clear All
new posts

    CGT on sale of jointly-owned BTL

    I'm filling in my CGT pages and am a bit confused. I sold a buy-to-let property last year (it made a profit and was jointly owned with my husband). On the form it asks what the sale proceeds were; do I enter exactly half of what we sold it for (and hubby does the same in his return), or do I put the actual sale amount? and are all subsequent answers all halved (like estate agents fees and purchase cost? Thank you

    You declare your share. 50/50 unless that is not the case. Did you also each declare half the rental income/profit. If you only purchased the house last year has there been a CG after expenses and persanal CG allowance. Regards Peter


      Thanks Peter
      We bought the house about four years ago; its increased in value by about £30000 so our liabilities will be about 15000 each before allowances. incidentally if we submit now, will we have to pay the tax now, ie should we wait till the last minute (Jan 09) or can we submit now and pay the tax by Jan 09?


        Sorry I missed you sold it last year rather than you purchased it last year. You can report the sale and figures now and pay before 31st Jan 09 depending when last year you sold it. Pete D


          We sold it on 27th April 2007. Does this mean we have until 30th January 2009 to pay the tax due?


            If you sold in last FY then the gain will attract taper relief. Post the dates of exchange of contracts on acquisition and disposal Legal fees and associates costs of acquisition and price paid and sales and legal fees and value at disposal and your individual Gross taxable income as this effect the tax rate you will individual pay, and I'll run the numbers for you. Regards Peter


              Originally posted by mitchg View Post
              We sold it on 27th April 2007. Does this mean we have until 30th January 2009 to pay the tax due?
              Yes, assuming that was the date contracts were exchanged (unless conditional).

              The date should be 31 January 2009.


              Latest Activity


              • Reply to Advice
                by SouthernDave
                I started my limited company a year before buying the first property, then bought a second 2 months later, a third 3 months after that, a fourth 5 months after that and so on to where I am now. Our lenders have never said they want a separate company per property. Ive never heard of that, if it were...
                23-01-2022, 17:40 PM
              • Advice
                by jhoggard

                I currently have a property rented out in my own name with a fair bit of equity around 50% LTV this is actually a repayment mortgage which i'm looking to switchover to a interest only. When i do this i'm also taking money out of the property to put towards another which i'm looking...
                20-01-2022, 14:25 PM
              • Reply to Advice
                by jpkeates
                I don't think we disagree.

                The OP has one property and is looking to buy a second.
                At that point in that business, lenders will want a company per property.

                There's a point where that ceases to be the case, when the portfolio gets big enough, or, presumably when someone...
                23-01-2022, 17:34 PM
              • Reply to Advice
                by SouthernDave
                i concur with this, once you get over 4 properties, they consider you to be a portfolio landlord and want to start seeing cashflow forecasts before lending to make sure the company is buoyant. Directors guarantees each time but no limits on number of properties or number of dofferent lenders....
                23-01-2022, 16:50 PM
              • Reply to Advice
                by JamesHopeful
                This is not true in my experience. I currently have eight properties in the same company, across a number of different mainstream BTL lenders, and none of them have batted an eyelid at the number.

                Where I have known lenders worry about the company is it doesn't have the correct SIC code...
                23-01-2022, 16:28 PM
              • Reply to Advice
                by theartfullodger
                Depends to a great degree on tax regulations over the coming years. We only know what the rules are today, not what they'll be in future e.g. when you retire

                I expect chancellors to cut back on the advantages of people owning property through companies (well, wouldn't you if you were chancellor)...
                22-01-2022, 13:06 PM
              • Reply to Advice
                by Gordon999
                1. No. You have not sold the property yet

                2. 19% on profit by company.

                3. Seek advice from accountant.
                22-01-2022, 09:36 AM
              • haring inherited property
                by halfax
                i am inheriting a property and would like to place half in my grandsons name.
                as anyone done similar?...
                19-01-2022, 18:12 PM
              • Reply to haring inherited property
                by halfax
                thanks for help to everyone who replied, great forum
                21-01-2022, 18:55 PM
              • Reply to Looking for tax / financial advice for a BTL /holiday let long-held portfolio
                by ifallelsefails
                I watched a webinar from Landlord studio and this man Tony Gimple was featured in it. Have a look at his Linkedin profile:
                He has a website whereby he consults exactly to your situation:
                21-01-2022, 17:13 PM