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PROPERTY NEWS
11 September 2004 — Letting and your home
PROPERTY TAX FORUM
FREE, open forum where taxpayers can ask tax questions for discussion with other TaxationWeb members, often qualified tax advisers. Some recent questions:
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TAX DOCTOR
Forum questions answered in detail by our Tax Doctor.
Tax Doctor 25: I own a house which I currently live in with my wife. I also bought a property a few years ago as an investment. I now want to sell both properties to invest in one single larger one. Do I run the risk of paying a large amount of tax on this?
Tax Doctor 17: I am considering selling a rental property. I acquired the property for £70,000 in April 2000, and it is currently worth approximately £150,000. Please can you tell me if this qualifies as a business asset under the taper relief definition (I have two other properties currently rented and will be acquiring more, so I view this as a business from a layman's perspective)? The beneficial treatment versus non-business asset is obviously desirable.
Tax Doctor 13: I sometimes carry out work for my business at home. Can I claim part of my property running costs?
Tax Doctor 12: My Husband and I live in a property worth £175,000 (held in my name). We are considering buying my elderly father, age 90 a retirement property, worth about £150,000 and would finance the purchase partly from savings and partly a Halifax mortgage. We were concerned about the possible Capital Gains Tax and Inheritance Tax implications. We would continue to live in our present property. Can you offer any advice, please?
Tax Doctor 11: I am considering investing in UK residential property. Someone told me that it could be tax efficient to set up a limited company, instead of owning property personally. What are the main tax implications?
Tax Doctor 6: I am a self-employed individual with my own home. I recently bought a second residential property (financed by a loan) as an investment. What are some tax considerations of owning a second property? |
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PROPERTY ARTICLES
Where do you live? CGT main residence relief on more than one home.
October 2006
The cottage next door in my village has just been sold, and the new owners (who live in London) are going to be using it as a weekend cottage. I wonder if they have considered the Capital Gains Tax (CGT) opportunities they may have as a result? By James Bailey
Investment Properties, Reducing Your Mortgage And Interest Relief
December 2004
Arthur Weller and Amer Siddiq, authors
of ’27 Proven Property Tax Saving Strategies’ outline a potential
tax planning strategy - courtesy of the Inland Revenue’s own guidance
manuals!
The property investor who forgot to plan for Capital Gains Tax
December 2004
Daniel Feingold and Amer Siddiq outline
a potential CGT pitfall for property investors and some possible solutions
Capital Gains Tax – Private Residence Relief: Are You Protected?
September 2004
Individuals on relatively modest
incomes could face an unexpected tax bill when they sell the family home in
certain circumstances. Philip McNeill of the Charity TaxAid outlines the potential
tax relief and pitfalls for those selling their only or main residence.
When to Offset Interest Charges
July 2004
Property Tax Specialist, Arthur Weller and Property Investor, Amer Siddiq explain the different types of interest repayment for property investors, and when interest can and cannot be offset against rental income.
Tax Issues For Buy To Let Investors
June 2004
Tax advisers Arthur Weller and Ian McTernan provide an insight into the common tax issues faced by buy-to-let investors.
Capital Gains Tax And Private Residences
April 2004
This article is the text of the Notes supporting a lecture given by Matthew Hutton at the STEP Conference "Capital Taxation After the Autumn Statement" in Central London on 24th February 2004. Reference should be made to Finance Bill 2004, which was published after Matthew's lecture.
Obtaining Transfer Of A Going Concern Status On Property Transaction
April 2004
VAT Solutions (UK) Ltd explain the implications and requirements for a business to obtain transfer of going concern status on a property transaction.
Making £10,000 Company Profits Tax Free! – 7 Tax Tips for Property Investors
March 2004
The benefits of using Limited Companies for property investment is probably one of the most frequently discussed topics in any tax discussion forum. Ian McTernan, (CTA) and author of the e-Book - 'How to use companies to cut your property tax bills', explains some of the benefits of using a Limited Company.
Inheritance Tax Planning for the Family Home
October 2003
The family home is often the main asset in a person's estate. Escalating property values are resulting in more and more people falling into the IHT net as a result. What can be done? Daniel Feingold outlines an arrangement which may have a short shelf life.
The first rung of the property ladder
August 2003
An article concerning the use of Accumulation and Maintenance Trusts to help fund the purchase of a first home.
Is your Principal Private Residence Property totally CGT tax-free?
May 2003
This article delves deeper into the Principal Private Residence exemption and shows that it is not as straightforward a claim as is first thought.
7 Key Steps to Cutting Your Property Tax Bills!
October 2002
Did you know that if everybody who purchased an investment property three years ago sold it today, then there would be an £800 million capital gains tax liability? Property Tax Secrets gives 7 legitimate steps to help you start cutting your bills.
Family Home Planning - Outline of Options Available to Reduce IHT
April 2002
The family home often makes up the greatest part of an individual's estate, and in many cases is the major factor resulting in inheritance tax becoming payable. Capital Taxes expert Laura Hutchinson of Forbes Dawson considers some IHT planning ideas involving the family home.
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