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Where Taxpayers and Advisers Meet

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by AdamS93
Mon Jun 17, 2019 1:50 pm
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 9
Views: 139

Re: selling a BTL and change of ownership

Thanks for the replies. I am actually upgrading the kitchen and bathroom to get a better sales price, I wouldn't call it high end but it's better than the original. I'll have a good read before I do my tax return. It's not a huge amount of money either way as hopefully I'll get all the capital gain...
by AdamS93
Wed Jun 12, 2019 11:34 am
Forum: Property Taxation
Topic: incorporating my properties into limited company
Replies: 5
Views: 130

Re: incorporating my properties into limited company

I have never seen incorporation relief claims for just 5 properties... It would be a waste of time (and money) incorporating your wife's properties in my opinion. It is possible to get around SDLT but I think CGT will be far harder to avoid. You also have the problem of transferring the mortgages to...
by AdamS93
Sat Jun 08, 2019 3:57 pm
Forum: Capital Gains Tax, CGT
Topic: Selling rented houses and CGT
Replies: 3
Views: 99

Re: Selling rented houses and CGT

'Is this still a legitimate way to sell without paying CGT?' It never has been and still isn't. You probably heard this from a mate down the pub, which are probably best ignored. You look at the periods of owner occupation and apportion the gain between periods of owner occupation and periods you re...
by AdamS93
Sat Jun 08, 2019 9:47 am
Forum: Capital Gains Tax, CGT
Topic: bought new house and now selling current home
Replies: 5
Views: 123

Re: bought new house and now selling current home

Once you move to your new home, the clock starts ticking on your old house... if not sold within 9 months you will have to consider CGT. The longer it goes unsold beyond the 9 month period, the more the CGT.
by AdamS93
Thu May 23, 2019 6:51 pm
Forum: Business Tax
Topic: Property business tax
Replies: 3
Views: 81

Re: Property business tax

You've got your tax blinkers on. If you purchase another property it is an ASSET and not an expense. Paying 19% corporation tax on your profits is not the end of their world (most countries have far higher rates of corporation tax). Spending £1,000 just to save £190 in corporation tax is the equival...
by AdamS93
Wed May 22, 2019 5:46 pm
Forum: Property Taxation
Topic: CGT on a plot with planning permission
Replies: 2
Views: 103

Re: CGT on a plot with planning permission

I wouldn't be confident that the SPV would qualify for entrepreneurs relief based on the facts provided. For meaningful advice, you want to sit down with a professional with the figures, a forum will only point you in the right direction. Professional advice can literally save you thousands in this ...
by AdamS93
Sat Apr 20, 2019 9:19 am
Forum: Property Taxation
Topic: Tax relief on personal loans
Replies: 1
Views: 96

Re: Tax relief on personal loans

You will need to put the income from your overseas property in the 'overseas income' section of your tax return (subject to Double tax treaty rules which I don't really want to look at on a Saturday...) With regards to interest, the rules have changed and you can no longer simply just offset mortgag...
by AdamS93
Thu Apr 18, 2019 7:38 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 14 Year Rule
Replies: 2
Views: 149

Re: 14 Year Rule

If these are just PETs all you need to worry about is the 7 year rule. If they are going in to a trust, then things change quite dramatically. By the sounds of it, there is going to be significant CGT due on the transfer of the two properties to the two sons. There are also legal considerations whic...
by AdamS93
Thu Apr 11, 2019 11:49 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transfer of Equity to Children
Replies: 4
Views: 286

Re: Transfer of Equity to Children

You need professional advice from a solicitor and a tax adviser.

The transfer will not necessarily mean your property is excluded from your estate for inheritance tax purposes. There are all sorts of anti-avoidance rules which you may be caught by.
by AdamS93
Fri Mar 29, 2019 7:30 pm
Forum: Company Taxation
Topic: transfer of properties between companies
Replies: 2
Views: 187

Re: transfer of properties between companies

It is possible BUT not with the current structure. (when you say director, I presume you also mean shareholder).

As things stand there will be corporation tax and SDLT payable on transfer (other taxes will also need to be considered).

It's complicated and not a DIY job.

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