9:03 AM, 16th May 2022, About 3 months ago 6
I need to raise some finance shortly and one of the options I am looking into is to sell 2/3rds and retain 1/3rd of a freehold BTL property I’ve had for 20 years.
Going forward the house will remain tenanted and we will split the rent 3 equal ways, any expenses will also be split 3 equal ways.
Will I have to pay CGT on the 2/3rds I sell to my business partners?
Example : £700,000 value of the house
I will receive £233K from 2 business partners they have bought 1/3rd each = £ 466k total.
Will I have to pay CGT on £466k?
Can I avoid CGT on £466k if I purchase another property as my main residence?
Thank you folks.