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Where Taxpayers and Advisers Meet

Search found 237 matches

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by jerome.lane
Thu Aug 06, 2020 8:08 pm
Forum: Capital Gains Tax, CGT
Topic: Gain on main residence
Replies: 7
Views: 1087

Re: Gain on main residence

My reading is that he lived in the property for the 8 months during renovation - bought in Jan and Aug now so makes sense. If he now decides he doesn’t want to live there, that’s his call and although it might get questioned, what has he done for PPR relief to not apply?
by jerome.lane
Thu Aug 06, 2020 10:07 am
Forum: Capital Gains Tax, CGT
Topic: Gain on main residence
Replies: 7
Views: 1087

Re: Gain on main residence

There’s no hard and fast rules. Life gets in the way and you won’t be the only one downsizing in the likely economic fall out from the pandemic. You need to be able to substantiate your assertions made in these posts as far as possible. Your family and friends, solicitors, estate agents, builders et...
by jerome.lane
Wed Aug 05, 2020 9:37 pm
Forum: Capital Gains Tax, CGT
Topic: Gain on main residence
Replies: 7
Views: 1087

Re: Gain on main residence

If you intended to live in this property, then you should get full principal private residence relief on a sale provided you meet all the conditions. HMRC may challenge the quality of occupation, your intentions and the short occupancy so you could always seek a pre transaction clearance (sometimes ...
by jerome.lane
Wed Aug 05, 2020 9:24 pm
Forum: Capital Gains Tax, CGT
Topic: Deemed dispostion and re-aquisition on emigration from Canada to UK
Replies: 4
Views: 693

Re: Deemed dispostion and re-aquisition on emigration from Canada to UK

Aha! The basic rule is that, after a gift to your spouse, their base cost is your acquisition price. The legislation specifically disallows expenditure in connection with a deemed disposal or acquisition for UK capital gains tax purposes. Your gift will be a deemed disposal in the foreign jurisdicti...
by jerome.lane
Wed Aug 05, 2020 7:22 pm
Forum: Capital Gains Tax, CGT
Topic: Deemed dispostion and re-aquisition on emigration from Canada to UK
Replies: 4
Views: 693

Re: Deemed dispostion and re-aquisition on emigration from Canada to UK

Transfers between spouses are generally on a no gain no loss basis so the gifts you describe should be tax neutral.
by jerome.lane
Thu Jul 30, 2020 6:26 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Property transfer
Replies: 4
Views: 896

Re: Property transfer

How would CGT affect a gift
If the property was your main home, you may qualify for principal private residence relief from CGT. You will also be making a potentially exempt transfer for IHT purposes. It’ll probs to be worth getting some formal advice.
by jerome.lane
Wed Jul 29, 2020 4:51 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp Duty Refund Query
Replies: 2
Views: 914

Re: Stamp Duty Refund Query

You should be able to reclaim the higher rate SDLT paid on your new main home if old one is sold within 3 years. If you need specific advice, feel free to contact me.
by jerome.lane
Wed Jul 29, 2020 4:47 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Property transfer
Replies: 4
Views: 896

Re: Property transfer

If no mortgage and no consideration, then no SDLT on a true gift. You should consider the CGT position.
by jerome.lane
Sun Jul 19, 2020 7:18 am
Forum: Income Tax
Topic: Dormant company taxation
Replies: 2
Views: 987

Re: Dormant company taxation

In HMRC’s eyes, the company was no longer dormant from the moment it opened a bank account. It is managing an investment! You should complete a CT600. If the company isn’t trading or about to, I’d suggest closing the bank account. By the time you’re done with other costs, there should be no profit s...
by jerome.lane
Sun Jul 19, 2020 7:07 am
Forum: Capital Gains Tax, CGT
Topic: CGT - Deductions for expenditure on improvements
Replies: 5
Views: 901

Re: CGT - Deductions for expenditure on improvements

Understood - that’s very helpful, thank you. If the works completed by the son could be demonstrably attributed to the interest he already beneficially owns, then any capital appreciation as a result of those works should not be included on what value the parents are giving away year by year. Figur...

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