CGT for trading only
Question from kel updated on 16th August 2017:
If I was to partner with someone to form a property trading company (pay tax on profit), then will the rental properties I bought before under my own name be subject to tax on capital gain? All the properties I hold have been held for more than two years and I would like to keep them separate from the trading company.
Our expert Nick Ashford responded:
No. Only the properties acquired while in the business of property trading will be tainted. The acquisitions made prior to the trading activity beginning will be unaffected.Nick Ashford and the team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.