Capital Gains on Joint Property

A

Aliwat

Guest
My father and I owned a property for 8 years which we have now sold for £80k above the purchase price. I lived at the house but it was a 2nd property for my father.

My fathers name was on the deeds and we had a joint mortgage. This arrangement was only because the bank would not lend me the full value of the property.

My father has never paid any of the mortage or any costs associated with the property and will not be receiving any profits - I will be reinvesting this in a new property.

  • Will my father have to pay Capital gains tax?
  • Are we regarded as owning the property 50:50?
  • Can we avoid CGT by reinvesting in a new house in joint names?
Many Thanks
 
If necessary your father can execute a deed of trust to cover the situation. NO, you cant avoid by reinvesting in this scenario. Is this in Ireland? The rules in UK may be different- I notice you mention £ rather than €.
 
Sorry this is a UK property - I'm guessing that the website is for Ireland only - missed that one in my desperation to get an answer!!
 
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