Three questions about the names in which a property is held?

Deleted this question as it seems to have been a tough one that nobody could answer, which is fine, and also because I asked someone today in a professional capacity.
 
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Yes would love to know ?
ATM we need to buy and flip so house in my name - low tax - but wondering if worth getting a tax break for DH ( High tax bracket ) if we were to neg gear - yeh we get a good break but it will prob only be neg for about 5 years then pos - adds to his income and if we sell - it will be at high tax

So yes would love to know
 
I emailed the adviser who is steering us through the long term plan for my parents late yesterday and am hoping to get some answers today. He may refer us to our accountant and/or solicitor, so it may be a few days until I get an answer, but I will PM you both when I know the answers.

We are juggling a few things right now, so if I forget, please remind me.
 
Answer to the question of whether we can sell one half of a property into the family trust in June and the other half in July seems to be yes, but with the advice to run it by our accountant first.

He also thought that selling half in June to the family trust and having the holding in the name of the private person and the family trust as "joint tenants" may be possible. It would postpone capital gains tax on the half held privately until the house was sold. He suggested we run this past our solicitor to check it from a legal stand point and also check the Trust Deed to ensure that it allows for the holding as "joint tenants".

Changing how the property is held from "tenants in common" to "joint tenants" was not advised because if one of the joint tenants passed away it would go to the other and in our circumstances, should the younger half owner pass away it goes to the older one, which is NOT what we want to happen due to other family issues. But in other families, and other circumstances this could be feasible, but because it does not help in our circumstances, this question was not really answered as to whether or not the ownership can be changed.

I hope this helps you PI141, and Terryw, I would be curious to hear what your thoughts and reply were. Until we run these things past the solicitor and accountant we will not know the answers, but it seems we can work things to our advantage and minimise the time involved in moving these two properties into the trust (fingers crossed).
 
There should be no reason why you couldn't sell part of your property to a family trust. But your trust may end up paying more stamp duty on 2 transactions than on 1.

Also for CGT purposes, there is no difference between JT or JIC. I think when assets are inherited there is no CGT until the beneficiaries sell it. So it may not make much difference for CGT purposes (other than for you wearing half now and half next fin year).
 
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