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Where Taxpayers and Advisers Meet

Search found 74 matches

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by Herbs16
Tue Feb 20, 2018 1:17 pm
Forum: Capital Gains Tax, CGT
Topic: CGT CALC ON RENTED PROPERTY
Replies: 11
Views: 2077

CGT CALC ON RENTED PROPERTY

Hi Can someone help on the numbers please? Ive a additional property, details below; Sold Dec 17 £369000 Selling fees £5823 Purchase cost May 2002 £117555 Purchase fees £2015 Retention costs? £2000 It as lived in until July 2011 when I rented it out to disposal Im a basic rate taxpayer many thanks
by Herbs16
Fri Nov 24, 2017 1:37 pm
Forum: Business Tax
Topic: Transfer of assets
Replies: 2
Views: 59754

Transfer of assets

Hi My friend traded as a partnership, ceased, had capital allowances of £30,000 (equipment), these were transferred to his new Limited company at market value. How do I calculate capital allowances please? Disposal in partnership at £30,000 and purchase through Limited and claim AIA of £30,000? Is t...
by Herbs16
Wed Nov 08, 2017 2:18 pm
Forum: Income Tax
Topic: Showjumping tax implications
Replies: 1
Views: 35978

Showjumping tax implications

Hi
I have a friend who has 4 horses and jumps them in shows and receives a set amount of sponsorship each month.

I understand the sponsorship is taxable on my friend but is the value of the horses allowable as capital allowances at 18%?

Thanks
Dave
by Herbs16
Wed Oct 25, 2017 9:45 am
Forum: Capital Gains Tax, CGT
Topic: CGT calc help
Replies: 1
Views: 1811

CGT calc help

Dear forum Can someone help me on calculating any capital gains tax due please? Property purchased 5 August 1997 for £72950, fees of £1189 I lived in it as my family home until 25/5/13 Property was empty May to July 13 Property was rented Aug 13 to July 16 Property was empty Aug to Nov 16 Prior sale...
by Herbs16
Wed Aug 30, 2017 4:23 pm
Forum: Capital Gains Tax, CGT
Topic: CGT query
Replies: 1
Views: 794

CGT query

Quick calculation please? I inherited a property in May 2014 at a probate value of £215000 I rented it for 1 year and 11 months, it was empty for the rest of the time, I didn't live in. I sold it in September 16 for £250,000, with fees of £628 Does anyone know the CGT gain? I do not understand the l...
by Herbs16
Tue Jun 20, 2017 1:30 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Property trust
Replies: 12
Views: 2890

Re: Property trust

The trust was set up by the grandfather for the benefit of his grandchildren to pay school fees; I presume therefore this therefore becomes non taxable when completing the trust return
by Herbs16
Mon Jun 12, 2017 5:30 pm
Forum: Capital Gains Tax, CGT
Topic: Cgt calc , tax due
Replies: 3
Views: 1019

Re: Cgt calc , tax due

Thanks,
Where did the 276/341 come from and the qual days of £1969
Appreciate your help
by Herbs16
Mon Jun 12, 2017 3:57 pm
Forum: Capital Gains Tax, CGT
Topic: Cgt calc , tax due
Replies: 3
Views: 1019

Cgt calc , tax due

Hi Forum
Can anyone help me please?

Property purchased April 1988 for £32000
Lived in as PPR then rented out 25 Oct 09 to 6 April 16, empty until sold on 15 Sep 16 for £186000
Agents and sols fees £1551.

Basic rate taxpayer, sole owner, any idea on tax due please?
many thanks
by Herbs16
Mon Jun 05, 2017 3:13 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Property trust
Replies: 12
Views: 2890

Re: Property trust

Hi
Its a standard discretionary trust so I was under the impression if the beneficiary is small children, then no tax is payable on the rental income?

Am I wrong, if so does anyone know any legislation I can read?

Thanks
by Herbs16
Wed May 24, 2017 12:01 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Property trust
Replies: 12
Views: 2890

Re: Property trust

If the beneficiaries are the children and the income falls within their personal allowance, then I thought no tax was due? The grandparents and parents are the trustees, the rental profit is only £5000.

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