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Where Taxpayers and Advisers Meet

Search found 1877 matches

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by wamstax
Fri Sep 11, 2020 9:28 pm
Forum: Tax Investigations and Enquiries
Topic: Discovery assessment/enquiry question
Replies: 8
Views: 908

Re: Discovery assessment/enquiry question

If your question has arisen because you are aware that you have underpaid serious amounts of income tax or other duties (given that you mention COP9) I would recommend that in that event you seriously consider making an unprompted disclosure via a suitably qualified tax investigation specialist to g...
by wamstax
Wed Sep 09, 2020 7:08 pm
Forum: Capital Gains Tax, CGT
Topic: Large garden PPR restriction
Replies: 4
Views: 487

Re: Large garden PPR restriction

Where the grounds are more than half a hectare (1.24 acres), and part of the garden or grounds are sold (perhaps to a developer) while the house and the rest of the garden are retained, HMRC will usually argue that the fact that you are prepared to go on living there after the sale shows you did not...
by wamstax
Sat Aug 29, 2020 4:38 pm
Forum: Capital Gains Tax, CGT
Topic: Mortgage coming to an end, too old to get new finance, wants to transfer property to kids
Replies: 3
Views: 584

Re: Mortgage coming to an end, too old to get new finance, wants to transfer property to kids

Transferring property to children will involve capital gains tax based on the gain comparing the open market value at date of gift with cost of the property. Transferring mortgage could involve stamp duty being payable if mortgage transfer exceeds SD limit. Also if property gifted and donor does not...
by wamstax
Sat Aug 15, 2020 10:37 pm
Forum: Capital Gains Tax, CGT
Topic: CGT when selling old home after renovating new home
Replies: 5
Views: 866

Re: CGT when selling old home after renovating new home

Yes but he’ll be in new property from October and therefore from then till old house is sold it will not be occupied and used as main residence. So will need to sell (exchange contracts) on old residence before July 2021 to ensure old property qualifies for full Main Residence exemption at date of s...
by wamstax
Fri Aug 14, 2020 10:28 pm
Forum: Capital Gains Tax, CGT
Topic: CGT when selling old home after renovating new home
Replies: 5
Views: 866

Re: CGT when selling old home after renovating new home

Last 9 months will be deemed Main Residence also
by wamstax
Thu Aug 06, 2020 8:15 pm
Forum: Capital Gains Tax, CGT
Topic: Sell house after 8 months ownership
Replies: 3
Views: 682

Re: Sell house after 8 months ownership

It is all a question as to whether you moved in to the property and established it as your main home with the necessary degree of permanence and quality of occupying your property as your main residence. While 8 months might seem a short period and point to the property not being occupied as your ma...
by wamstax
Tue Jul 28, 2020 6:01 pm
Forum: Capital Gains Tax, CGT
Topic: CGT rental
Replies: 6
Views: 1044

Re: CGT rental

as you will see from the Hashmi case having another property available at any time you lived at a property could disqualify a period for MRR exemption
by wamstax
Tue Jul 28, 2020 5:59 pm
Forum: Capital Gains Tax, CGT
Topic: CGT rental
Replies: 6
Views: 1044

Re: CGT rental

You would of course have to establish that you were entitled to main residence exemption for the periods you were in occupation and there have been numerous cases where taxpayers have tried to claim MRR but not managed to satisfy the courts that their occupation had the necessary quality and degree ...
by wamstax
Tue Jul 28, 2020 5:54 pm
Forum: Capital Gains Tax, CGT
Topic: CGT rental
Replies: 6
Views: 1044

Re: CGT rental

Hi there, Unfortunately "repairs to bring to market" would not be allowable against the Capital Gain as any expenses that would be allowed in calculating the profits of a trade if the asset was used for the purposes of the trade are not allowable for CGT. Any improvements however or additions to the...
by wamstax
Sat Jul 25, 2020 2:34 am
Forum: Business Tax
Topic: Expenses - Ltd co director
Replies: 2
Views: 874

Re: Expenses - Ltd co director

Yes vagueness in your question and so open ended that you're unlikely to get a specific answer on a public forum that you could rely on. Why you would expect to be able to deduct the cost of your family's holiday abroad while you go on an alleged business trip I do not know. Perhaps your answer is t...

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