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Where Taxpayers and Advisers Meet

Search found 226 matches

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by AdamS93
Sun Sep 15, 2019 9:03 am
Forum: Capital Gains Tax, CGT
Topic: Can i gift my property and live in btl
Replies: 7
Views: 137

Re: Can i gift my property and live in btl

Gifting your property to your children will remove any first time buyer reliefs they would get when they want to join the property ladder as well (SDLT etc). The rent paid to the children will be taxable income for them. Property has historically been a good investment, but it certainly isn't a tax ...
by AdamS93
Sun Sep 01, 2019 8:12 am
Forum: Capital Gains Tax, CGT
Topic: Getting gifted and then selling a farmhouse
Replies: 7
Views: 527

Re: Getting gifted and then selling a farmhouse

It would depend on who is gifting it to you.
by AdamS93
Sat Aug 03, 2019 8:17 am
Forum: Property Taxation
Topic: Property Development Business Structure
Replies: 5
Views: 2044

Re: Property Development Business Structure

The best advice one can give would be to get an accountant on board. There are plenty of traps that you could fall foul of, especially dealing with property. Most in your position would go down the ltd route, but everyone's situation is very different! On the basis of the facts provided, you are onl...
by AdamS93
Sat Jul 13, 2019 8:39 am
Forum: Capital Gains Tax, CGT
Topic: CGT and PRR on sale of Property
Replies: 4
Views: 1374

Re: CGT and PRR on sale of Property

Thank you. I am just not sure what the acquisition and disposal figures will be? Let’s say: 1. we bought for £150k in equal shares 2 I transferred 48% leaving me with 1% when we started letting. 3. I am transferred back the 48% when we are ready to sell. 4. We dispose at £250k and hold equal shares...
by AdamS93
Tue Jul 09, 2019 5:26 pm
Forum: Income Tax
Topic: Tax implications for Foreign owner of UK business
Replies: 2
Views: 1044

Re: Tax implications for Foreign owner of UK business

When you say business, do you mean company?
by AdamS93
Wed Jul 03, 2019 8:15 am
Forum: Property Taxation
Topic: Splitting a company in 2
Replies: 3
Views: 1730

Re: Splitting a company in 2

Probably best you get some professional advice. You are probably talking significant amounts of money being a property development company.

There are also transactions in land and transactions in securities anti-avoidance rules that will have to be considered and planned around.
by AdamS93
Mon Jun 17, 2019 1:50 pm
Forum: Property Taxation
Topic: selling a BTL and change of ownership
Replies: 10
Views: 2413

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: 1619

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: 365

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: 510

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.

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