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Where Taxpayers and Advisers Meet

Search found 396 matches

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by someone
Tue Jan 07, 2020 8:51 am
Forum: Property Taxation
Topic: Home improvement offset from previous financial year
Replies: 1
Views: 521

Re: Home improvement offset from previous financial year

You haven't lost all ability but you need to be careful to only include allowed expenses. Some may, or may not, be capital in nature. In theory you can go back up to 7 years and the expenses are assumed to occur on the day the letting business starts. But if I understand correctly, the expenses must...
by someone
Thu Dec 19, 2019 8:07 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT for transfer of interest to spouse
Replies: 5
Views: 1315

Re: SDLT for transfer of interest to spouse

If you do the transfer of equity and the remortgage in one go then the SDLT is calculated on the original mortgage. The mortgagee will give you a new mortgage account on the transfer of equity even if the borrowed amount and the term doesn't change. So it's obvious whether you did it as one or two t...
by someone
Mon Dec 02, 2019 4:37 pm
Forum: Income Tax
Topic: Gift Aid carry back
Replies: 9
Views: 1437

Re: Gift Aid carry back

Submit the amended return. Challenge HMRC's decision if they reject it. Unfortunately, if you're planning to make a gift based on the net costs to yourself you need to know what the effective tax rate would be. e.g. you want to make a net 10K gift. If the tax relief is 40% then you should give 1333...
by someone
Mon Oct 07, 2019 9:16 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Terms of a lease
Replies: 1
Views: 5862

Re: Terms of a lease

This is a legal question, not a tax question. Absolute bans on subletting are rare in leases but can be enforced. Most have a 'not unreasonably withheld' landlords consent needed. A majority of leaseholders could get the lease condition amended but not an individual. The leaseholders could also try ...
by someone
Wed Sep 25, 2019 1:28 pm
Forum: Income Tax
Topic: tax on rental income
Replies: 16
Views: 13449

Re: tax on rental income

@maths. As the trust involves a property there must be a trust deed and it can't be a bare trust. This disagrees: https://www.taxinsider.co.uk/763-The_Bare_Essentials_Bare_Trusts.html Is it something to do with them being minors and (apparently) having received it from their father that you're refe...
by someone
Wed Sep 11, 2019 7:52 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: General (Property)  Inheritance Tax Query
Replies: 5
Views: 5918

Re: General (Property)  Inheritance Tax Query

For the avoidance of doubt, I think pawncob missed the gift so the CGT base cost is based on the market value 2006 rather than probate. If no IHT account was filed in 2008-9, and any inheritance tax is payable as seems likely, there will definitely be 10 years of interest plus possibly penalties. I...
by someone
Tue Sep 10, 2019 1:26 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: General (Property)  Inheritance Tax Query
Replies: 5
Views: 5918

Re: General (Property)  Inheritance Tax Query

Was it his home and did he continue to live in it after transfer to you? I think your base cost is market value when it was transferred to you. As it was a gift it will also have fallen into your fathers estate. Your CGT will be assessed on difference between market value in 2006 and now. IHT will h...
by someone
Sun Aug 25, 2019 11:48 am
Forum: Capital Gains Tax, CGT
Topic: CGT computation forms when half property was sold and repurchased
Replies: 4
Views: 12083

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

I think your base cost is 25000+67500, i.e. 92500 and you've made a loss.

But the sale to ex-partner might have to be at mkt val for the base cost calc. Did you have a valuation done at the time?
For sale to read purchase from.
by someone
Sun Aug 25, 2019 11:44 am
Forum: Capital Gains Tax, CGT
Topic: CGT computation forms when half property was sold and repurchased
Replies: 4
Views: 12083

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

I think your base cost is 25000+67500, i.e. 92500 and you've made a loss.

But the sale to ex-partner might have to be at mkt val for the base cost calc. Did you have a valuation done at the time?
by someone
Thu Aug 15, 2019 7:29 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Re-mortgaging and adding spouse
Replies: 4
Views: 14174

Re: Re-mortgaging and adding spouse

No SDLT in H&W transfers up to 125k In joint names, the share of the mortgage for SDLT purposes is the share of the property owned. Joint tenants are deemed 50/50 owners for this. Tenants in common as per the beneficial ownership - usually in a declaration if trust. If you are remortgaging and putti...

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