hitman2k
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Registered: 27th Aug 03
Location: West Midlands
User status: Offline
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Hiya asking for a m8! Is there away around this he doesn’t fancy paying 40% to tax man! Basically he owns 2 houses in his name and is selling one... is he liable For PTG? Also any ways around, it he doesn’t work! Due to health reasons is 55 years old!
If u don’t have anything useful to say please don’t bother! Thx you any advice would be great full! He will be contacting accountant! 2mrw!
[Edited on 08-11-2005 by hitman2k]
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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has he ever lived in the other house?
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hitman2k
Member
Registered: 27th Aug 03
Location: West Midlands
User status: Offline
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quote:
Originally posted by Cosmo
has he ever lived in the other house?
YES m8 not for a good while!
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Robbo
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Registered: 6th Aug 02
Location: London
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Its called capital gains tax an yeah, he will have to pay some tax (possibly)... the original cost will be indexed up to todays prices (ie to take acocunt of inflation) then any proiceeds will be deducted... if that still above approx £8k (not sure what the exact limit is currently) and whatvers left will be taxed (presumably at 40% as he is presumably a higher rate payer per yr post) sorry...
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
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quote:
Originally posted by hitman2k
quote:
Originally posted by Cosmo
has he ever lived in the other house?
YES m8 not for a good while!
I believe there is a certain amount of time that it has to of been lived in, or owned, before the tax goes down.
He is best just speaking to an accountant or IFA though to be honest, they'll know the back doors!
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Robbo
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Registered: 6th Aug 02
Location: London
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I dont think time spent in a house has any relevance to a 2nd house :S
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by Robbo
I dont think time spent in a house has any relevance to a 2nd house :S
No it does, my dad owns a few houses and he pays less taxes when he sells them by doing something like that, im not sure on the actual facts though.
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hitman2k
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Registered: 27th Aug 03
Location: West Midlands
User status: Offline
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house was brought for about £24 k! about 18-20 years ago! selling for like £105ish! lived in property few years!..........
is over 30k tax if tax is 40%!!
[Edited on 08-11-2005 by hitman2k]
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Jamescorsa97
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Registered: 19th Aug 04
Location: Middlesbrough Drives: Cliosport 182
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quote:
Originally posted by Robbo
I dont think time spent in a house has any relevance to a 2nd house :S
This is true!!
As long as the second property is sold he will be taxed on it at 40% because of the huge increase.
It only matters if you actually live in it.
[Edited on 08-11-2005 by Jamescorsa97]
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by Jamescorsa97
quote:
Originally posted by Robbo
I dont think time spent in a house has any relevance to a 2nd house :S
This is true!!
As long as the second property is sold he will be taxed on it at 40% because of the huge increase.
It only matters if you actually live in it.
[Edited on 08-11-2005 by Jamescorsa97]
Im not sure how my dad does it then, but it was something like that 
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hitman2k
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Registered: 27th Aug 03
Location: West Midlands
User status: Offline
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is it 100% he will get taxed??? if its sold not threw estate agents???
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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quote:
Originally posted by hitman2k
is it 100% he will get taxed??? if its sold not threw estate agents???
well legally he will be taxed something. But if he isnt a financial genius he will get caught trying not to pay that much tax!
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