This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 17 matches

Go to advanced search

by jayhay
Thu May 02, 2019 9:55 am
Forum: General
Topic: Transfer of property
Replies: 2
Views: 4205

Transfer of property

We have a holiday home which is registered in the names of myself, my wife and our two sons Our sons have reached the stage where they are contemplating purchasing their own homes so do not wish to become liable for the 3% extra stamp duty on the purchase of a second home They are therefore planning...
by jayhay
Tue Nov 13, 2018 11:38 am
Forum: Capital Gains Tax, CGT
Topic: CGT
Replies: 2
Views: 348

CGT

My wife moved in with me when we married and since that time has rented out her own flat, which has now accumulated a significant capital gain. She is about to put it on sale and will claim her annual CGT allowance. It has been recommended that prior to the sale she should transfer a half share in h...
by jayhay
Sat Aug 04, 2018 4:03 pm
Forum: Capital Gains Tax, CGT
Topic: CGT
Replies: 1
Views: 382

CGT

I am assisting an elderly couple who are having some difficulty in calculating their CGT liability on the sale of their property. As joint owners they are aware of the yearly CGT allowances of £11,700 each, but have had conflicting advice on other minor CGT allowances. 18 months ago, as a retired co...
by jayhay
Sat May 12, 2018 11:01 am
Forum: Capital Gains Tax, CGT
Topic: CGT liability
Replies: 1
Views: 389

CGT liability

Some 15 years ago we purchased our widowed mothers house. The motivation was to provide her with sufficient funds to maintain her lifestyle following the death of her husband. She continued to live in the house rent free until her recent demise On legal advice we had her house officially valued at t...
by jayhay
Mon Feb 13, 2017 12:36 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty rate
Replies: 4
Views: 1090

Re: Stamp duty rate

Limoges is merely replacing the primary home he/she sold 8 years ago, so the extra 3 % should not apply. Unless there is some sort of time limit on the sale of a primary home and the acquisition of a replacement primary home.
by jayhay
Wed Jan 29, 2014 10:43 pm
Forum: Income Tax
Topic: Evasion or avoidance?
Replies: 3
Views: 593

Re: Evasion or avoidance?

Thank you section 44 for your response. If it is not "evasion" (which I understand is unlawful), then unless this is a case of "avoidance" that HMRC rejects, my gift to my grandson will achieve the result I have anticipated. I obviously do not wish to incur the expense of transferring the property t...
by jayhay
Wed Jan 29, 2014 11:31 am
Forum: Income Tax
Topic: Evasion or avoidance?
Replies: 3
Views: 593

Evasion or avoidance?

Would this plan be acceptable to HMRC? I have a modest buy to let worth in the region of £110,000. I would like to gift it to my grandson (age 9). The rent would help towards his present school fees and later university fees. Obviously it would need to be held in trust for him by his parents until h...
by jayhay
Thu Dec 27, 2012 1:40 pm
Forum: Capital Gains Tax, CGT
Topic: CGT issue
Replies: 4
Views: 703

Re: CGT issue

Thank you Peter. He has continued to pay council tax on his flat and is still registered at the flat for voting purposes etc. His correspondence is addressed to his flat which he collects on a regular basis. Occasionally, if he has an old friend visiting, he will spend a couple of nights at the flat...
by jayhay
Wed Dec 26, 2012 2:37 pm
Forum: Capital Gains Tax, CGT
Topic: CGT issue
Replies: 4
Views: 703

CGT issue

My father in law, an elderly widower, lives with us. He has a flat of his own which he rarely visits, but has kept it on (possibly as a symbol of his independence?) He is now thinking of selling his flat, but does the fact that he has lived with us for several years disqualify him from claiming the ...
by jayhay
Tue Dec 27, 2011 11:39 am
Forum: Income Tax
Topic: Buy to let
Replies: 2
Views: 1159

Buy to let

Just bought a buy to let which will be declared for the first time in my 2011/2012 self-assessment. Sorry to ask such basic questions Do I have to pro rata the rent and the allowable expenses on the basis of the specific 365 days of the actual the tax year, or do I just declare rent and allowable ex...

Go to advanced search