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 377 matches

Go to advanced search

by someone
Thu Aug 15, 2019 7:29 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Re-mortgaging and adding spouse
Replies: 4
Views: 765

Re: Re-mortgaging and adding spouse

No SDLT in H&W transfers up to 125k In joint names, the share of the mortgage for SDLT purposes is the share of the property owned. Joint tenants are deemed 50/50 owners for this. Tenants in common as per the beneficial ownership - usually in a declaration if trust. If you are remortgaging and putti...
by someone
Tue Aug 06, 2019 12:08 pm
Forum: Capital Gains Tax, CGT
Topic: CGT One Year Rule, I am in Shock.
Replies: 12
Views: 1379

Re: CGT One Year Rule, I am in Shock.

https://www.rossmartin.co.uk/sme-tax-news/1091-letting-qualifies-as-business The UTT decided that the FTT had erred in law and decided that ordinary property letting: Is not a trading activity - Griffiths v Jackson; Grifiths v Pearmain 56 TC 583. I think this means that S152 et al do not apply.
by someone
Fri Aug 02, 2019 11:41 am
Forum: Income Tax
Topic: Self Assessment Income TAX Partner or me
Replies: 3
Views: 570

Re: Self Assessment Income TAX Partner or me

I think this can be done but possibly needs professional advice to make sure it's done correctly. I suspect you might have to have a partnership (but I could be talking utter bollocks) Hopefully one of the other commentators will be along shortly. What you cannot do is just pick and choose who gets ...
by someone
Fri Aug 02, 2019 9:40 am
Forum: Property Taxation
Topic: Stamp duty
Replies: 1
Views: 606

Re: Stamp duty

The 'exemption' is CGT, not taxes. There's no fundamental impediment but: If her husband to be helps with the purchase (by for example gifting her half the deposit) then this would probably be seen as tax evasion. If she can buy it without his help then it's probably safe. If there is a mortgage the...
by someone
Thu Aug 01, 2019 7:51 am
Forum: Income Tax
Topic: Total Pay vs Gross Pay for HMRC
Replies: 2
Views: 573

Re: Total Pay vs Gross Pay for HMRC

It's the gross pay.

If you partners income exceeds 150k including pension contribution then you might need to worry about 'total pay' when doing SA but gross pay is what goes to HMRC and ends up on the P60.

The pension contribution is not included in the SA box for pension contributions.
by someone
Thu Jul 18, 2019 8:51 am
Forum: Income Tax
Topic: Charitable giving. How to account for
Replies: 2
Views: 506

Re: Charitable giving. How to account for

There is a box in the SA for gift aid. I'm assuming these donations were made from taxed income. If you put the number in that box your basic rate band will grow and the tax demanded will fall (or the refund increase) If these gifts were made from untaxed income (such as via payroll giving) then you...
by someone
Wed Jul 10, 2019 11:32 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT on multiple transfers.
Replies: 3
Views: 550

Re: SDLT on multiple transfers.

If she has a 98% share then each time you transfer the 98% there is a deemed consideration of £122,500. There shouldn't be any SDLT provided it is not a second property. Thanks. Hopefully it won't be necessary. I didn't think second property was relevant for transfers between husband and wife (any ...
by someone
Tue Jul 09, 2019 7:14 pm
Forum: Capital Gains Tax, CGT
Topic: Transfer Buy to Let property
Replies: 2
Views: 489

Re: Transfer Buy to Let property

Sorry, I misread your initial post and assumed all three of you were on the title. This probably isn't called a transfer of equity. The CGT position remains the same - no tax due if there's no change in beneficial interest. I don't know about the SDLT position. I would assume liability for the mortg...
by someone
Tue Jul 09, 2019 7:06 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT on multiple transfers.
Replies: 3
Views: 550

SDLT on multiple transfers.

I bought a property for 375K and paid SDLT on the purchase. I transferred 98% to my wife and we paid SDLT on the transfer. (outstanding mortgage was 150K) The remaining mortgage is now around 125K. Lets assume her 98% share is worth exactly 125K If my wife transfers her 98% back and then I transfer ...
by someone
Tue Jul 09, 2019 5:01 pm
Forum: Capital Gains Tax, CGT
Topic: Transfer Buy to Let property
Replies: 2
Views: 489

Re: Transfer Buy to Let property

If there is no change in beneficial interest there is no SDLT due. You may, or may not, have problems convincing your solicitor about that. It will cost you more in legal fees if there is a mortgage and it will require the approval of the lender. But there is no fundamental reason to redeem the mort...

Go to advanced search