Grumpy Doug

Registered with
Tuesday 5th January 2016

Latest Comments

Total Number of Property118 Comments: 93

Grumpy Doug

11:08 AM, 7th July 2021, About 3 months ago

If you own a second or holiday home Wales is coming for you

"Minister for Climate Change, who is responsible for housing"
Hilarious - you really couldn't make it up could you!!... Read More

Grumpy Doug

17:11 PM, 8th May 2021, About 5 months ago

Government predict 700,000 will use Breathing Space scheme

Reply to the comment left by TrevL at 05/05/2021 - 13:16
So TrevL, if we substitute PRS with Tesco (Private Food Sector!) it's fine for folks to stock up on their weekly shop and then walk out without paying as they need some "breathing space" ... thought not.... Read More

Grumpy Doug

15:46 PM, 20th November 2020, About 10 months ago

Illusion of fact?

Reply to the comment left by Chris Harris at 20/11/2020 - 14:34
I was thinking just the same!... Read More

Grumpy Doug

11:53 AM, 4th November 2020, About 11 months ago

How do we transfer ownership of rental house to my 18 year old son?

A variation on this theme was discussed back in Jan 2020 - see:-
There you will see that Silversurfer2017 has gifted his BTL property to his son over a period of years utilising his annual CGT allowance, as suggested by Adrian Jones on the previous page. After this current tax year I and my wife will be looking to do the same for our sons as we already have 2 unencumbered properties, and more will be mortgage free as we progress though the next 10 years. I have also looked into retaining the income without falling foul of gifts with reservation (GWR) rules. For anyone looking to do the same, this is an excellent starting point :-
For those that struggle with the maths, when calculating your annual gifted proportion, do not forget that CGT is based purely on the gains in value, not the current overall value of the property. A simple example would be purchase £200k, current value £300k, capital gain is £100k. A married couple have a combined £24.6k annual CGT allowance so can gift the property over a period of 4 years (give or take).
HUGE CAVEAT - please treat the above as just an option to consider as part of your planning. I am not an expert - please take expert advice before proceeding.... Read More

Grumpy Doug

17:21 PM, 29th October 2020, About 11 months ago

How do I transfer ownership of my rental house into my wife's name?

Hi Brian. Subject to a number of factors, you may wish to do as I am planning which is to transfer over the property to your son in chunks over a period of years, so as to use up your annual CGT allowance. An example may be as follows:
Property purchased for £200,000
Current value is £300,000
Capital Gain = £100,000
Given the current CGT allowance of £12,300, you can gift 12.30% of the property annually to your son free of CGT (over a period of 8 years). If you are married and own in joint names, you can gift 24.6% annually, therefore transferring it wholly in 4 years (give or take) free of CGT. Of course in this instance you and your wife would need to live for 11 years (4 years to transfer + seven) to avoid CGT.
1) I am not an expert, just another landlord having to survive in the current climate. If you even consider this, please take expert advice
2) The above example applies to residential property - I have not taken into account the shop and I am unaware of specific considerations around the commercial component of the property
3) I am assuming no other capital gains during this period
4) I repeat, take advice
For more info., including retaining rental income, see--> Read More