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Where Taxpayers and Advisers Meet

Search found 51 matches

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by Dev_1
Mon Mar 02, 2020 9:11 pm
Forum: Capital Gains Tax, CGT
Topic: CGT Calculation Help
Replies: 3
Views: 653

Re: CGT Calculation Help

Thank you for your reply. Yes I am aware of the new rules around lettings relief that’s the reason why we are acting now. I get everything you have kindly said, apart from her base costs. Is there a reason why both her base cost amounts have been divided by 4 as oppose to 2?. I was under the impress...
by Dev_1
Sat Feb 29, 2020 11:58 pm
Forum: Capital Gains Tax, CGT
Topic: CGT Calculation Help
Replies: 3
Views: 653

Re: CGT Calculation Help

Should have mentioned that my mother is planning on transferring her remaining share to me, making me 100% owner that’s why the above is required.
by Dev_1
Sat Feb 29, 2020 11:54 pm
Forum: Capital Gains Tax, CGT
Topic: CGT Calculation Help
Replies: 3
Views: 653

CGT Calculation Help

Hi Is anyone able to assist with calculating if any CGT is due, we are awaiting exact valuations which have been done but may take a week to come through. I have kindly received a reply previously however these are revised figures and just wanted them checked and any reply would be very much appreci...
by Dev_1
Wed Feb 26, 2020 8:14 am
Forum: Property Taxation
Topic: Transferring rental income to spouse
Replies: 2
Views: 489

Transferring rental income to spouse

Morning, Is it possible to transfer rental income to spouse via a declaration of trust?. If so any suggestion how one should read & how is it defined for how long my partner would be entitled to the rent. Would we be able to state this I.e 12 months, 18 months, 24 months. Apart from the declaration ...
by Dev_1
Sun Feb 23, 2020 10:21 am
Forum: Capital Gains Tax, CGT
Topic: Simple query
Replies: 2
Views: 364

Re: Simple query

Thank you, that helps.
Many thanks
by Dev_1
Sat Feb 22, 2020 5:02 pm
Forum: Capital Gains Tax, CGT
Topic: Simple query
Replies: 2
Views: 364

Simple query

Hello, Was wondering if someone would be able to answer the below. Does a 50% transfer of equity on the main/only family residence to son need to be reported to HMRC (capital gains tax summary). This was a gift and no money exchanged hands. The property was mother’s house throughout ownership and co...
by Dev_1
Fri Feb 14, 2020 8:23 pm
Forum: Capital Gains Tax, CGT
Topic: CGT
Replies: 0
Views: 366

CGT

Hello, I need professional advice in relation to CGT, relates to what I have posted previously in this forum. I will be conducting the retrospective valuations, and will be responsible for organising these. I require the advice prior to April when the letting relief changes. Degree of urgency due to...
by Dev_1
Fri Jan 31, 2020 7:08 pm
Forum: Capital Gains Tax, CGT
Topic: CGT Help
Replies: 7
Views: 871

Re: CGT Help

Hello, Thank you very much for your reply, that is very kind of you. I have understood everything up and till 2006. Where I am getting lost and confused about is the 2010 transaction the transfer of equity. I understand the fact that there is no tax to pay for this transaction but I am confused how ...
by Dev_1
Thu Jan 30, 2020 9:28 pm
Forum: Capital Gains Tax, CGT
Topic: CGT Help
Replies: 7
Views: 871

Re: CGT Help

Sorry to be a pain is anyone able to assist. I am having a nightmare trying to figure out how we work out the base costs we are confused on the facts that would there be a base cost when mother + father first purchased house together, then when father passed away and the passing of the property to m...
by Dev_1
Thu Jan 30, 2020 9:21 am
Forum: Capital Gains Tax, CGT
Topic: CGT Help
Replies: 7
Views: 871

Re: CGT Help

The transactions details for the property are below I would be extremely grateful if you would be able give any thoughts on how much CGT if any would be due. 1:-First purchased in 1986 by mother and father. Purchase price - £72,000 Costs associated - £1,500 2:- Property passed to mother through surv...

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