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Where Taxpayers and Advisers Meet

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by Ian McTernan CTA
Tue Oct 06, 2015 10:24 am
Forum: Capital Gains Tax, CGT
Topic: Selling to a Ltd Company
Replies: 2
Views: 505

Re: Selling to a Ltd Company

Thanks section, beginning to think I'm going mad, or just overthinking things!
by Ian McTernan CTA
Mon Oct 05, 2015 12:58 pm
Forum: Capital Gains Tax, CGT
Topic: Selling to a Ltd Company
Replies: 2
Views: 505

Selling to a Ltd Company

Thoughts on this please! Andy has obtained planning permission on his existing property (PPR) and will build 9 flats (using some of the existing structure plus add ons). Value with planning is 700k. Ignore VAT, future income tax, IHT considerations. In order to trigger the PPR relief, and to bring f...
by Ian McTernan CTA
Mon Oct 05, 2015 12:24 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on gift of property
Replies: 5
Views: 1040

Re: CGT on gift of property

This: they NEED to get it out of their name.

Explain. Sounds like you or they are trying to avoid something, and until we know what that NEED is, sensible people won't advise on the situation.
by Ian McTernan CTA
Mon Oct 05, 2015 12:10 pm
Forum: Property Taxation
Topic: New Build in PPR garden - sell land to related Ltd Co.
Replies: 6
Views: 1263

Re: New Build in PPR garden - sell land to related Ltd Co.

I think the complication is that Bob is a property builder/developer by trade. HMRC may launch an enquiry into the disposal of the plot from the grounds and look at the history of the property to determine Bob's motives in buying the property in the first place, eg how long Bob has owned the propert...
by Ian McTernan CTA
Wed Jun 03, 2015 4:08 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on transfer of rental property to brother
Replies: 18
Views: 2977

Re: CGT on transfer of rental property to brother

Here's what the taxman sees: You bought the property, paid the mortgage, reported the income. There is nothing in writing to state that the property was being held in a bare trust for your brother. Your brother has made gifts to you over the years which you have applied against the mortgage. The onl...
by Ian McTernan CTA
Wed Jun 03, 2015 3:53 pm
Forum: Capital Gains Tax, CGT
Topic: What value?
Replies: 3
Views: 796

What value?

Here's one for the property experts: Building bought in 2010 for £300,000, trade below with residence treated as PPR above. Let's say 50/50 split in terms of floor area. Planning permission has now been granted to convert the first floor, add a second floor, extend to either side whilst retaining th...
by Ian McTernan CTA
Tue May 19, 2015 11:45 am
Forum: Property Taxation
Topic: Declaring Letting Income and General Question
Replies: 4
Views: 664

Re: Declaring Letting Income and General Question

You state 'our property' so I'll assume it's jointly owned. You need to notify HMRC of your chargeability to tax and register for self assessment. You don't get jointly assessed, so you would both have to register and declare 50% of the income and expenses. You will then have to complete Tax Returns...
by Ian McTernan CTA
Tue May 19, 2015 11:41 am
Forum: Property Taxation
Topic: purchase in wife's name, income in mine
Replies: 8
Views: 2003

Re: purchase in wife's name, income in mine

Your first post was a bit misleading, as you said 'we own a number of properties' when later you clarify and say they are all in your name... The £20k income thing is a recent invention by the mortgage companies when you tend towards 10 or more properties- how many do you now own? There is a quite e...
by Ian McTernan CTA
Mon Mar 23, 2015 1:15 pm
Forum: Property Taxation
Topic: Deductible expenses after rental ended?
Replies: 3
Views: 689

Re: Deductible expenses after rental ended?

Depends on the exact nature of the work. Some of it would fall under the 'post cessation expenses' rules and can be claimed against the rental income, provided it was to make good damage caused by the tenants. Redecorating in order to make the property more sellable could be counted as an expense to...
by Ian McTernan CTA
Mon Mar 23, 2015 1:11 pm
Forum: Capital Gains Tax, CGT
Topic: CGT Non Resident/Resident Property April 15
Replies: 6
Views: 1297

Re: CGT Non Resident/Resident Property April 15

Probably need to establish that the residence actually qualifies for PPR, which tends to go along the lines of 'permanent residence'. If the intention at the outset if to only live in it for 90 days, then this could be challenged by HMRC. To summarise the new rules on non-res owners of property, you...

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