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Mrs Bear

Bought 06 For £247k, Sold 09 For £65k - ?

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Came across this today - it's a seaside property that's rented out as a holiday let.

Obviously it's a great way to pass on assets without 'bothering' Mr Taxman (not that I'm implying that this was the idea ;) ) but surely Mr T has thought of this?

Or is it OK as long as you live for 7 years afterwards, as (I think) is the case with gift tax at the moment?

Edited by Mrs Bear

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Provided you take no benefit of any kind from the property after selling it; don't carry on living in it unless you pay full current market rent to the owner, and live seven years after the sale - I think you'd be the right side of the taxman.

Have I missed anything, anybody?

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