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Where Taxpayers and Advisers Meet

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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: 620

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: 358

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: 324

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...
by someone
Sat Dec 15, 2018 1:07 pm
Forum: Capital Gains Tax, CGT
Topic: Will I have to pay both CGT and 2nd home stamp duty?
Replies: 3
Views: 638

Re: Will I have to pay both CGT and 2nd home stamp duty?

My understanding is that this is a bit of a minefield - my wife and I are in a similar situation in having our "home" split across two flats so I have done a bit of research on this. (Note that all of this assumes that both are "residences." If only one is "livable in - e.g. you have removed the kit...
by someone
Tue Dec 04, 2018 9:59 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stressing my stamp duty was incorrect
Replies: 8
Views: 1142

Re: Stressing my stamp duty was incorrect

You said SDLT of 100 - today that would correspond to a mktval of 130000, so I guess the original price was 130k.

SDLT on that would have been 1300 back then.

So you're at worst 100 worse off and I think you've got no chance of proving you were badly advised.
by someone
Tue Dec 04, 2018 9:19 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stressing my stamp duty was incorrect
Replies: 8
Views: 1142

Re: Stressing my stamp duty was incorrect

Oh, and I've just looked up the SDLT rates for 2006/7. The tax couldn't possibly have been 100. It was zero (up to 125k) and then a minimum of 1250 from 125001 upwards. If you paid more than 62500 for your half share (even 1GBP more) then in the worst case you're only 150 pounds worse off now. If yo...
by someone
Tue Dec 04, 2018 9:07 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stressing my stamp duty was incorrect
Replies: 8
Views: 1142

Re: Stressing my stamp duty was incorrect

Hello. Lots of views but no ones really helped. The solicitor now has come back & said the original guy didn't give me the option back then & basically tough luck you've got to pay it now. Anyone know for sure if it was an option then or not. Even HMRC couldn't tell me! I will write them a letter b...
by someone
Fri Nov 30, 2018 1:05 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Higher rate SDLT
Replies: 5
Views: 848

Re: Higher rate SDLT

You are buying a 75 year lease. That lease is not itself subject to a lease so Condition B applies. Arguably Condition B may not apply to the share of freehold but I imagine the value of that is a tiny part of the price you are paying. (there may also be some legislation on this point, I don't know...
by someone
Tue Nov 20, 2018 2:38 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: SIPP drawdown
Replies: 1
Views: 2121

Re: SIPP drawdown

You cannot pay in and get the tax advantage. But your daughter can pay in from her own taxed income (which doesn't have to be 'surplus' - she can use gifts from you to subsidise her lifestyle.)

Personally, I'd chose an ISA over a pension if I were a basic rate taxpayer. YMMV.
by someone
Tue Nov 20, 2018 2:23 pm
Forum: Property Taxation
Topic: Landlords expenses uk, prior to letting.
Replies: 1
Views: 521

Re: Landlords expenses uk, prior to letting.

As noone else has replied I'll try. Expenses incurred prior to the first let, (within 7 years I think) that are wholly and exclusively incurred for letting can be claimed as if they were incurred on the first day of the letting business. (if you already have a letting business then they are accounte...

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