[ian1888ah]

I asked a question about a month ago regarding Capital Gains Tax on selling my second property to my Son at a reduced price to enable him to get on the property ladder. I received some very useful advice for which I'm grateful.
I have spoken to an Accountant and had a valuation on the property.
Bought 9 years ago for £52,000 valuation now around £125,000. It has been suggested that I sell part of the house (4/5ths) only to my Son for £100,000 which would reduce C.G.T.liability but it would still work out at approx £10,000 with taper relief. I would stay on the Deeds and Mortgage and pass over the rest of the property over the next few years using the £8,800 tax free allowance. Can anyone explain how taper relief is calculated on a property that has been owned for 9 years or has anyone any better suggestion to reduce or avoid C.G.T.

[stevedster]

Cant you just let your son live there for free, him pay rent to you, and retain the property?

[unique]

Originally Posted by stevedster

Cant you just let your son live there for free, him pay rent to you, and retain the property?

what he said

or speak to a proper tax specialist or accountant, or the inland revenue direct (altho they seem to employ dole queue rejects these days). for the amoutn of money you are talking you really want to do things properly. there are probably specialist folks who deal in "tax evasion" type stuff

it might also be worth looking at the money saving expert and motley fool websites as those folks probably know more about it than drunken AV geeks here on a saturday nite