I guess in short, my question is: Is it possible to split the profit of a personal property between 2 friends and account for the profit as CGT allowance? If so, how do you do this?
I am a bit new to all this but myself and a business partner are going into property and are using Quickfile for our company accounts.
We are looking to make a profit of approx 20k on the first property, and I am just wondering whether it would be possible to account for this profit under our personal CGT allowances rather than through the business where it Corporation Tax would apply.
I think you should see accountant of your choice for this. If properties are in name of company then you cannot transfer gain to personal level for CGT relief
Thanks for your response.
The property isn’t purchased yet but will be purchased as a private purchase. I am trying to decide whether it would be best to simply keep it as a personal purchase or account for it within the company.
I guess what I am really trying to figure out is, when you complete a self-assessment and declare the gains of a property, can you offset that half of the profit is to be accounted for by the other person?
Any personal property gain would not come under company at all and gain would be split between parties as per agreement to be shown on their respective SA