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Where Taxpayers and Advisers Meet

Search found 381 matches

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by someone
Thu Feb 07, 2019 3:11 pm
Forum: Capital Gains Tax, CGT
Topic: Half of my home after marital split
Replies: 5
Views: 348

Re: Half of my home after marital split

If you are still married then I would have thought it would be your (plural) PPR therefore no CGT.

But I'm not sure about the separation rules. Fairness (ok, this is tax) would suggest that unless you're getting PPR on another property, it shouldn't be restricted on this one.
by someone
Mon Feb 04, 2019 4:52 pm
Forum: Property Taxation
Topic: tax relief on BTL borrowing.
Replies: 0
Views: 253

tax relief on BTL borrowing.

Is there any way to gain tax relief on borrowing not secured on a BTL property? Scenario: Main home, value 300k mortgage 200k. BTL value 300k borrowing 100k. The BTL used to be the main home, has 3years of a 5year fixed to run and the capital is being paid down rapidly. The fixed rate on the main ho...
by someone
Thu Jan 31, 2019 12:33 pm
Forum: Property Taxation
Topic: main residence replacement
Replies: 3
Views: 354

Re: main residence replacement

It's not clear whether you've already sold your main residence (if not then you should have paid the 3% anyway) nor whether you own another property. The 3% surcharge is due if you buy a *second* property AND that property isn't intended to replace a previously sold main residence. I'm loath to disa...
by someone
Mon Jan 28, 2019 3:50 pm
Forum: Property Taxation
Topic: Selling a share of my home to a family member
Replies: 5
Views: 408

Re: Selling a share of my home to a family member

Do remember though that your daughter might have to pay SDLT depending on how much she's paying for a share.
by someone
Mon Jan 28, 2019 3:40 pm
Forum: Income Tax
Topic: Buy to let interest deductions 2017/18
Replies: 7
Views: 501

Re: Buy to let interest deductions 2017/18

Hello someone Interesting. Are you saying that the tax credit on the 25% of finance costs should be claimed even if there's no (net) property income? i didn't mean to say that no - and the answer to your question is no you can't claim tax credit if there is no property profit. Thanks for the update...
by someone
Sun Jan 27, 2019 7:18 pm
Forum: Income Tax
Topic: Buy to let interest deductions 2017/18
Replies: 7
Views: 501

Re: Buy to let interest deductions 2017/18

Hello Bonners Yes this this the case - with regard to 25% - you get a 20% tax credit on this amount to set against tax you pay on the property income itself or most other taxed income - you cannot set credit against tax on savings income or dividend income though. Interesting. Are you saying that t...
by someone
Mon Jan 21, 2019 8:12 pm
Forum: Capital Gains Tax, CGT
Topic: Cap Gains Tax
Replies: 7
Views: 439

Re: Cap Gains Tax

Do I need to inform HMRC of the sale anyway? Thanks If you have to do a tax return then you will need to include it (IIRC, disposals of assets over 4x the CGT allowance must be disclosed) If you don't have to do a tax return then you don't need to tell HMRC as no tax is due. But it might make sense...
by someone
Mon Jan 21, 2019 2:25 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: one main residence one btl: flipping, selling and buying a new residence
Replies: 2
Views: 368

Re: one main residence one btl: flipping, selling and buying a new residence

You might want to look at Ellis v HMRC [2013]. It would appear, from that, that if you first convert the BTL to a residence, and then make a CGT election prior to disposing of your current residence, you might be able to finesse your way around the 'quality of occupation' issues. Depending on whethe...
by someone
Mon Jan 21, 2019 10:14 am
Forum: Capital Gains Tax, CGT
Topic: Main residence election
Replies: 1
Views: 245

Main residence election

If a main residence election is back dated, can a subsequent election be backdated to before the date the previous election was made? e.g. Main residence election made 1st August 2018 to make property A main residence from 1st August 2017. (A and B both being residences) Can a new election be made m...
by someone
Sat Jan 12, 2019 10:59 am
Forum: Income Tax
Topic: 80% tax for property income on self assessment tax return
Replies: 3
Views: 293

Re: 80% tax for property income on self assessment tax return

What's your tax code? A normal code would mean your employment income tax was too low. Assuming no pension (watch out for pension allowance tapering at incomes over 150K) and no gift aid contributions then your tax code ought to be close to 0T for your employment tax to be correct. between 130 and 1...

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