Hi,
I own a property outright worth approx 100k.
I bought it over 10 years ago and for most of that time, it has been rented out to various tenants.It is all above board, re: HMRC and I pay tax on the rental income.
however, I am considering selling the property and putting the equity into my partners' property,so that his mortgage is paid off. (We have been together many years and have DCs together).
If I sell, I am going to pay capital gains tax, but I don't understand exactly what that is. I have also read about lettings relief offsetting cgt,how does that work?.
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2 replies
ijustwanttobeme · 31/12/2012 00:32
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