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[quote][i]Originally posted by Fee[/i] [quote][i]Originally posted by Colin[/i] Good idea Adam, look into that. How will capital gains affect it? I thought it came into play on larger amounts? Flats not worth that much, 70k or so. [/quote] Your main residence is exempt, but you will pay CGT on any profit made from any additional properties owned You get an 8k a year allowance though....but still a 40% tax bill is a big deduction we're keeping every single receipt we get on the aberdeen flat so that eventually we will be able to deduct the money spent on it from the profit made, and because it is in joint names we get 16k exemption [/quote]
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