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Where Taxpayers and Advisers Meet

Search found 20 matches

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by anjo56
Fri Jan 26, 2018 4:42 pm
Forum: Property Taxation
Topic: Plan to get son on property ladder - will it work?
Replies: 5
Views: 757

Re: Plan to get son on property ladder - will it work?

Thank you very much. Good to know!
by anjo56
Thu Jan 25, 2018 9:44 am
Forum: Property Taxation
Topic: Plan to get son on property ladder - will it work?
Replies: 5
Views: 757

Plan to get son on property ladder - will it work?

Hi We are considering purchasing a BTL with our son to get him on the property ladder, with a joint mortgage (mum,dad and son) of £210k where son’s “share” of the mortgage will be under £40k. The £140k deposit will be a gift without reservation from parents. Apart from mortgage payments, when we ret...
by anjo56
Mon Jan 22, 2018 9:32 am
Forum: Income Tax
Topic: Bank Charges Allowable Expenses forTax Purposes?
Replies: 2
Views: 1021

Re: Bank Charges Allowable Expenses forTax Purposes?

It is a dedicated account purely receiving rent and funding property expenses. Thanks very much for the reply.
by anjo56
Sun Jan 21, 2018 6:03 pm
Forum: Income Tax
Topic: Bank Charges Allowable Expenses forTax Purposes?
Replies: 2
Views: 1021

Bank Charges Allowable Expenses forTax Purposes?

Hi
Am finalising my Self Assessment. Can I include any bank/overdraft charges as expenses to be set against rental income?
Thank you.
by anjo56
Sat Dec 09, 2017 7:49 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift without reservation
Replies: 5
Views: 876

Re: Gift without reservation

Apologies in delay for thanking you for latest information.
by anjo56
Sat Dec 09, 2017 7:46 pm
Forum: Income Tax
Topic: Self Assessment on Rental Income for Property Jointly Owned
Replies: 2
Views: 1636

Self Assessment on Rental Income for Property Jointly Owned

Daft as this sounds now, I have been filing genuinely declared rental income/costs on my Self Assessment since 2009. Problem is the property is jointly-owned with my husband. When applying for a new BTL mortgage product, I was asked to submit forms SA302 confirming the rental income had been declare...
by anjo56
Thu Nov 30, 2017 11:34 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift without reservation
Replies: 5
Views: 876

Re: Gift without reservation

Sorry, I've just had a couple of extra thoughts I'd welcome feedback on. To get the cash for our son, my husband and I would be capital raising against a BTL property. Would we both have to survive for 7 years from gift date for the sum to be protected from IHT liability? If one/both of us didn't wh...
by anjo56
Thu Nov 30, 2017 8:40 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift without reservation
Replies: 5
Views: 876

Re: Gift without reservation

Thanks very much for the very clear reply. I am quite happy for this to be a gift. Much appreciated.
by anjo56
Wed Nov 29, 2017 8:39 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift without reservation
Replies: 5
Views: 876

Gift without reservation

I am new to this Forum so apologies if this is a really naïve question! I have a BTL property with a very low LTV ratio and would like to capital raise against it - £300-£350k. I would like to give this to my son as a deposit to get him on the property ladder. He is a student and working part-time s...

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