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Where Taxpayers and Advisers Meet

Search found 47 matches

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by dotto
Mon Aug 26, 2019 11:57 am
Forum: Capital Gains Tax, CGT
Topic: CGT computation forms when half property was sold and repurchased
Replies: 4
Views: 6215

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

Thank you for your responses. 1 A valuation was carried out in 2008 when 50% was sold and was £135,000 (mortgage company valuer). 2 It seems there was no further valuation done in 2014 but I can't find any paperwork - only a brief spreadsheet I did at the time showing costs ie £Lender £199 admin fee...
by dotto
Sat Aug 24, 2019 11:41 am
Forum: Capital Gains Tax, CGT
Topic: CGT computation forms when half property was sold and repurchased
Replies: 4
Views: 6215

CGT computation forms when half property was sold and repurchased

I'm hoping someone is able to advise me complete my CGT forms. I sold a seaside flat on 16 8 19 which I had intended using in my retirement, but has been rented out on AST since purchase, and am attempting to prepare my CGT forms for submission next year. The story is Purchased flat for £50,000 in F...
by dotto
Wed May 22, 2019 3:17 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Share in bungalow question
Replies: 1
Views: 396

Share in bungalow question

I own a one third share in a bungalow, my two sons each having a third share. My eldest son shares the bungalow and pays the mortgage and insurance and my pension covers utility bills etc. My younger son lives elsewhere. My son's minimal "needs" are why he has stayed with me but I am now considering...
by dotto
Tue Apr 02, 2019 12:53 pm
Forum: Income Tax
Topic: Renting Property query
Replies: 7
Views: 364

Re: Renting Property query

Thank you - I would also like to hear other opinions on this. So at the moment it would seem from your advice that we would produce a tax return for 2019-20 but would not be able to claim for any of the work done prior to the start of the tenancy. However, you feel that the flooring, both that stuck...
by dotto
Tue Apr 02, 2019 12:14 pm
Forum: Income Tax
Topic: Renting Property query
Replies: 7
Views: 364

Re: Renting Property query

thank you for your advice. This is actually my son's house and he has been living in it unfinished (self build) for the last two years. This is not part of any business but my son's circumstances have changed and he has decided to rent out the house on a private basis. He is a basic taxpayer on low ...
by dotto
Tue Apr 02, 2019 9:56 am
Forum: Income Tax
Topic: Renting Property query
Replies: 7
Views: 364

Renting Property query

We started a tenancy in a house we own with no mortgage on 1st April 2019 which means the tenant will have been in the property for 4 days before the end of the tax year. I intended starting paying tax from year commencing 5 April 2019 but it occurred to me that we have spent quite a lot of money ge...
by dotto
Sat Nov 10, 2018 1:20 pm
Forum: Property Taxation
Topic: Gifting or selling BTL to sons
Replies: 2
Views: 433

Gifting or selling BTL to sons

I am 70 yrs old and have owned a flat in a seaside town for 20 years, which I had intended retiring to. My buy to let mortgage term ended in March this year. I informed the lender that I was trying to sell the property and the lender increased the mortgage term by 12 months and increased the interes...
by dotto
Sun May 07, 2017 7:40 pm
Forum: Capital Gains Tax, CGT
Topic: CGT confusion
Replies: 2
Views: 417

Re: CGT confusion

Many thanks for your reply which is very clear and helpful
by dotto
Sun May 07, 2017 6:34 pm
Forum: Capital Gains Tax, CGT
Topic: CGT confusion
Replies: 2
Views: 417

CGT confusion

I apologise in advance if this question is muddled. I purchased a leasehold flat in 2000 for £50,000 which was rented out. At that time CGT was tapered each year the property was owned. The cgt tax relief changed in 2008 and rather than lose the relief my partner bought half the flat so that I could...
by dotto
Sat Sep 24, 2016 1:42 pm
Forum: Property Taxation
Topic: Eligibility for reduction in Council Tax
Replies: 0
Views: 369

Eligibility for reduction in Council Tax

We bought a bungalow in 2010 and obtained planning permission to build two detached houses on part of the garden area. One plot was sold and my son built a house for himself on the other plot. The land for the plots was removed from the bungalow's title deeds. The removal of the land will have reduc...

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