Capital gains

TomCor1 · 18-07-2023 10:11AM #1

Hello,

I'm sure this question has been answered but the search bar isn't helping.

My father has an investment property for over 20 years, he would now like to sell it in order to buy an investment property closer to home. However, the capital gains with selling the property puts him off doing so. Is there a way to avoid capital gains tax if the purpose of selling is to essential swap the property for another property?

Thanks for the help.

Tom

Creamy Goodness · 18-07-2023 10:31AM

Don't think anyone here will be dumb enough to provide you with details on how to break the law in tax evasion.

wildwillow · 18-07-2023 10:48AM

I presume you don’t mean a straight swap, more a replacement.

Not an expert by any means but what you are thinking of may be such an arrangement but it doesn’t apply to houses, more to farms where you have a timeframe to replace the investment.

You have to pay the gain on houses, except your own principal residence.

TomCor1 · 18-07-2023 02:39PM

Thanks, yes for a house.

TomCor1 · 18-07-2023 02:39PM

Thanks, yes for a house.

homingbird · 18-07-2023 03:03PM

If he was the sole owner of his main home & had his wife with her maiden name listed as owner of investment property it would have worked people should think when buying any investment .

homingbird · 18-07-2023 03:09PM

Or just sell up everything & emigrate taking the funds with you to buy your new home abroad as there is no point staying here anymore with the cost of living.

Capital gains

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