Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
After the death of our parents, my brother and I inherited a property which we have been renting for almost 30 years and considering selling for as many years. It is still registered to just my brother and I.
We both have families now with two kids each, the youngest soon to turn 16.
Our proposed plan: If the property was reregistered with the land registry in all eight names we could surely use eight times CGT allowances? This would then minimise the CGT liability and reduce it to a manageable amount, spread between 8 of us?
Lastly, we’re all basic rate tax payers.
First question – at what age is a CGT allowance given?
What have I overlooked?
Is there a better way to realise our gains?
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