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Where Taxpayers and Advisers Meet

Search found 152 matches

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by petergibbinson
Tue Nov 13, 2018 12:14 pm
Forum: Property Taxation
Topic: declaration of trust and CGT
Replies: 1
Views: 551

declaration of trust and CGT

I purchased an investment property in Jan 2012 (mortgage free) - join names with my wife (50:50 ownership) The property was then changed to 99% beneficial ownership to my wife and 1% to me via a declaration of trust (in 2014) via a solicitor, and form 17 filled out and accepted by the HMRC. Rental i...
by petergibbinson
Tue Mar 13, 2018 12:14 pm
Forum: Property Taxation
Topic: 3% SDLT
Replies: 1
Views: 506

3% SDLT

I think I know the answer but wanted to check... If you buy a new main residence, and dispose of your existing main residence within 3 years - you can reclaim the additional 3% SDLT. Does it matter what you do with the existing main residence once you purchase and move into the new main residence? (...
by petergibbinson
Tue Oct 06, 2015 11:56 am
Forum: Savings & Investments, Pensions & Retirement
Topic: pension carry forward
Replies: 1
Views: 1073

pension carry forward

I had a private (non company SIPP) set up in 2006/2007 tax year. I then left the UK to work abroad and for 5 tax years and contributed the maximum allowed with no relevant UK earnings (2880 topped up to 3600) (so years 2007/2008, 2008/2009, 2010/2011, 2011/2012, 2012/2013)...2013/2014 no contributio...
by petergibbinson
Thu Sep 24, 2015 6:36 pm
Forum: VAT & Excise Duties
Topic: VAT on fishing lake
Replies: 4
Views: 1082

Re: VAT on fishing lake

well the turnover isn't high enough on that lake for it to need to be VAT registered...and I'm a recipient of half the income, liable for half the costs.. via just a written agreement (that I drew up)..
by petergibbinson
Thu Sep 24, 2015 1:07 pm
Forum: VAT & Excise Duties
Topic: VAT on fishing lake
Replies: 4
Views: 1082

VAT on fishing lake

Slightly complicated one I don't fully understand....I own 50% of a lake that is also 50% owned by a bigger fishing business (call it fishing inc) Agreement drawn up that all income (i.e fishing memberships) is split 50:50 between me as an individual and fishing inc, and all costs are also split 50:...
by petergibbinson
Tue Jan 20, 2015 11:23 am
Forum: Income Tax
Topic: unearned income pension tax relief
Replies: 1
Views: 1124

unearned income pension tax relief

My wife pays £2880 into a registered pension scheme (a SIPP) which then has the tax relief added (£720) to make a total contribution of £3600 She only has unearned income (bank account interest, dividends and rental income)..but when I fill the tax return out online (and put £3600 into box 1..paymen...
by petergibbinson
Tue Aug 05, 2014 1:25 pm
Forum: Property Taxation
Topic: rental costs after rental ceases
Replies: 8
Views: 1587

Re: rental costs after rental ceases

thats the million dollar question...but as it was rented continuously for 6 years...and the damage showed up on checkout of the final tenancy, I think there is a good argument the damage occured during those 6 years and not before..
by petergibbinson
Tue Aug 05, 2014 9:44 am
Forum: Property Taxation
Topic: rental costs after rental ceases
Replies: 8
Views: 1587

Re: rental costs after rental ceases

property taken back from tenant in march this year...on getting the property back water damage to bedroom ceiling and shown to be damage to roof and chimney flashing. This damage relates to the period of the tenancy..not the tenants fault but didnt tell me, and hence I need to repair. This repair re...
by petergibbinson
Mon Aug 04, 2014 6:34 pm
Forum: Property Taxation
Topic: rental costs after rental ceases
Replies: 8
Views: 1587

Re: rental costs after rental ceases

yes but these repairs relate solely and exclusively to the rental (i.e the walls were damaged by tenants, the shower damaged by tenants) as such they relate solely and exclusively to the rental and hence should be deductable. Example...tenant puts holes in walls, wrecks a property causes 15k of dama...
by petergibbinson
Mon Aug 04, 2014 4:58 pm
Forum: Property Taxation
Topic: rental costs after rental ceases
Replies: 8
Views: 1587

rental costs after rental ceases

Portfolio of 7 rental properties...1 ceases to be a rental property after 6 years rented out, In March of this year (and becomes main residence again) Others remain rented out. Assorted works need to be done (including decorating, replacement shower cubicles, roof repair and ceiling repair from leab...

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