myfi123

Hi, Thank you for your response. Is this still applicable when we one day come to sell the property? My accountant believes we need to pay tax on my side within the 60 days, not when we come to sell in the future. It’s made a profit of £14k, take away £1k allowable expenses for solicitors fees which makes it £13k. Half of that profit now belongs to my husband but as it was a gift he pays no tax. I need to pay tax on my £6.5k profit however. Then there will be no more tax to pay when we sell the property in the future. This makes more sense to me?

In February 2021 I bought a house at £166k. From the 1st April 2021 to the 5 Dec 2023 I had a tenant living at the property and paid tax from the income I made. My husband and I are living in the property now, and so we decided to transfer the property into both our names as of 20 March 2024. We had the property valued before doing so and it was estimated to be worth £180k. So it has made a profit of £14k. As the property is now in both our names our accountant says tax is owed (due to a change in ownership). I would like to know how much tax is owed and how we need to fill in the relevant details.