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Where Taxpayers and Advisers Meet

Search found 51 matches

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by devon
Sun Sep 22, 2019 3:55 pm
Forum: Capital Gains Tax, CGT
Topic: Disposal of buy to let
Replies: 1
Views: 3687

Disposal of buy to let

I have just sold a “buy to let” property I have owned and rented out for 9 years. I understand I am entitled to deduct from the gain the purchase and sale expenses and the current CGT allowance of £12000. is this correct? Am I required to declare this gain immediately or can it await my self-assessm...
by devon
Sun Aug 04, 2019 9:43 pm
Forum: Capital Gains Tax, CGT
Topic: CGT One Year Rule, I am in Shock.
Replies: 15
Views: 19413

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

By , ”Just sold it for £440,000” do you mean that the legal transfer to the new owner has actually taken place or simply that you have agreed a sale. A property to the value of £440,000 will bring in a substantial rental income, so if the sale has not been legally completed it would be in your inter...
by devon
Sat Sep 09, 2017 2:31 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: MRNRB Allowance
Replies: 1
Views: 1581

MRNRB Allowance

My parents are both in their nineties and need support. We plan to bring them to live in our home. They presently reside in their own home. This has been left to me to take advantage of the Main Residence Nil Rate Band (MRNRB) exemption from IHT. On the demise of the second to die this IHT exemption...
by devon
Sun Apr 02, 2017 9:41 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Grandparents paying school fees from trusts
Replies: 10
Views: 4619

Re: Grandparents paying school fees from trusts

An earlier post advised that if grandparents paid the school fees for their grandchildren and did not survive for 7 years, then the school fees would count as part of the grandparents estate for the purposes of IHT. If as indicated in the response above, the grandparents set up a bare trust for each...
by devon
Sun Oct 30, 2016 5:16 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty 3%
Replies: 9
Views: 1208

Re: Stamp duty 3%

I am very grateful for the generous time that the two expert contributors have devoted to my question and am reluctant to trouble them further. Does the reference to “It’s not 26 November 2018 yet” mean that those who still own rented property, but sold their primary home several years ago, have the...
by devon
Sat Oct 29, 2016 12:58 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty 3%
Replies: 9
Views: 1208

Stamp duty 3%

When my widowed mother retired some years ago she came to live with me. She sold her primary home and purchased two “buy to let” flats; the rent from which augmented her modest retirement income. Recently, as the result of a legacy she is now in a position to once more purchase her own primary home....
by devon
Sat Sep 24, 2016 9:27 pm
Forum: Income Tax
Topic: Form17
Replies: 7
Views: 3614

Re: Form17

Brexit means Brexit. Beneficial ownership means Beneficial ownership.

The wife receives the entire rent as beneficial owner and the spouse receives no rent

How can he be taxed on nothing?
by devon
Thu Mar 31, 2016 3:15 pm
Forum: Property Taxation
Topic: Extra stamp duty
Replies: 16
Views: 2620

Re: Extra stamp duty

if you move into your buy to let flat it becomes your primary residence as a matter of fact. Be sure that you move in "lock stock and barrel" ( i.e. really move in and change bank accounts. driving licence passport and similar key documents to the address of your flat) . Once physically installed in...
by devon
Mon Mar 28, 2016 4:39 pm
Forum: Property Taxation
Topic: Extra stamp duty
Replies: 16
Views: 2620

Re: Extra stamp duty

On reading your post from the beginning your problem stems from your ownership of a buy to let flat. Could you consider initially moving into your flat which would then become your primary home; and in due course sell it and acquire a more suitable primary home. It would depend on how long you would...
by devon
Mon Mar 28, 2016 4:32 pm
Forum: Property Taxation
Topic: Extra stamp duty
Replies: 16
Views: 2620

Re: Extra stamp duty

On reading your post from the beginning your problem stems from your ownership of a buy to let flat. Could you consider initially moving into your flat which would then become your primary home; and in due course sell it and acquire a more suitable primary home. It would depend on how long you would...

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