• Can A Condition Be Placed On A Contract That Sale Only Goes Through At Current Market Value If Buyer Able To Sell Own Home And If That Takes Place Next Tax Year In Which Tax Year Is Contract Date For CGT Purposes.

    By Guest on 10th Jan 2016

    I am buying out my brothers 50% share of a previously rented property which is now vacant.I would like to live there with my daughter as my only home. Having agreed to pay current market price I am about to put my own home up for sale to fund the purchase. I do not expect exchange of contracts on my home this tax year. My brother is concerned about when to declare for CGT and would prefer to declare when offer received on my home or when deposit paid for the purchase of his share in case my home takes a long time to sell or is not sold . He is also concerned that if market value of house goes up between now and when my home is sold that he will have to pay CGT on market value for his share on exchange date of my home which may well be higher than it is now. Please could you advise if condition can be made on contract to confirm current offer price as valid for CGT?

  • 1 Answers

    By Guest on 13/01/2016

    We don't offer tax advice on this forum I'm afraid

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