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Wanted : advice and opinions on how to avoid /reduce capitol gains tax

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Author Topic: Wanted : advice and opinions on how to avoid /reduce capitol gains tax  (Read 244 times)
Newbie
Posts: 1

I like property

« on: January 28, 2021, 10:39:58 PM »

Hello everyone,

Im looking for some advice on my current situation and your help and wisdom would be appreciated. I have recently bought a property without a mortgage on that property but it needs to be done up and is currently uninhabitable. The cash is being provided by my parents mortgaging their home on their names but with me actually paying their new mortgage . It is my only property and at the moment i live with family. Once it's all done up I would like to rent it for at least 6 months or so in order to avoid paying Capital gains tax. However, would I be able to rent it but with my name on the council tax bill so that I can be a resident? Is there any other ways of reducing the capitol gains tax? And also when declaring tax every year I think I won't be able to claim the  mortgage money i pay my parents as part of my expenses as I don't have a mortgage on my name yet? Is there a way of claiming for that expanse?

Any advice or wisdom would be hugely appreciated as I've (clearly) never done anything like this before
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