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Where Taxpayers and Advisers Meet

Search found 383 matches

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by someone
Mon Oct 07, 2019 9:16 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Terms of a lease
Replies: 1
Views: 136

Re: Terms of a lease

This is a legal question, not a tax question. Absolute bans on subletting are rare in leases but can be enforced. Most have a 'not unreasonably withheld' landlords consent needed. A majority of leaseholders could get the lease condition amended but not an individual. The leaseholders could also try ...
by someone
Wed Sep 25, 2019 1:28 pm
Forum: Income Tax
Topic: tax on rental income
Replies: 16
Views: 458

Re: tax on rental income

@maths. As the trust involves a property there must be a trust deed and it can't be a bare trust. This disagrees: https://www.taxinsider.co.uk/763-The_Bare_Essentials_Bare_Trusts.html Is it something to do with them being minors and (apparently) having received it from their father that you're refe...
by someone
Wed Sep 11, 2019 7:52 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: General (Property)  Inheritance Tax Query
Replies: 5
Views: 303

Re: General (Property)  Inheritance Tax Query

For the avoidance of doubt, I think pawncob missed the gift so the CGT base cost is based on the market value 2006 rather than probate. If no IHT account was filed in 2008-9, and any inheritance tax is payable as seems likely, there will definitely be 10 years of interest plus possibly penalties. I...
by someone
Tue Sep 10, 2019 1:26 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: General (Property)  Inheritance Tax Query
Replies: 5
Views: 303

Re: General (Property)  Inheritance Tax Query

Was it his home and did he continue to live in it after transfer to you? I think your base cost is market value when it was transferred to you. As it was a gift it will also have fallen into your fathers estate. Your CGT will be assessed on difference between market value in 2006 and now. IHT will h...
by someone
Sun Aug 25, 2019 11:48 am
Forum: Capital Gains Tax, CGT
Topic: CGT computation forms when half property was sold and repurchased
Replies: 4
Views: 5875

Re: CGT computation forms when half property was sold and repurchased

I think your base cost is 25000+67500, i.e. 92500 and you've made a loss.

But the sale to ex-partner might have to be at mkt val for the base cost calc. Did you have a valuation done at the time?
For sale to read purchase from.
by someone
Sun Aug 25, 2019 11:44 am
Forum: Capital Gains Tax, CGT
Topic: CGT computation forms when half property was sold and repurchased
Replies: 4
Views: 5875

Re: CGT computation forms when half property was sold and repurchased

I think your base cost is 25000+67500, i.e. 92500 and you've made a loss.

But the sale to ex-partner might have to be at mkt val for the base cost calc. Did you have a valuation done at the time?
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: 4812

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: 8720

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: 3856

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: 3737

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...

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