joint owning 2nd home
joint owning 2nd home
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Discussion

A500leroy

Original Poster:

7,856 posts

142 months

Friday 23rd December 2022
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Anyone know the tax implications of an inherited (value less than £140k) house if theres no rent changing hands and a realitive lives in it and both names are on deeds?
Does it claass as a 2nd home for the owner not living in it?

Halitosis

207 posts

81 months

Friday 23rd December 2022
quotequote all
The occupant will be responsible for rates. Your half share will count as a second home for CGT purposes.

A500leroy

Original Poster:

7,856 posts

142 months

Saturday 24th December 2022
quotequote all
Halitosis said:
The occupant will be responsible for rates. Your half share will count as a second home for CGT purposes.
is that only payable upon selling or each year?

h0bbsy

103 posts

212 months

Saturday 24th December 2022
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Only on selling