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Where Taxpayers and Advisers Meet

Search found 51 matches

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by dotto
Fri Jan 31, 2020 4:08 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Split of gift and 7 year gift rule
Replies: 2
Views: 587

Re: Split of gift and 7 year gift rule

Thank you for your reply. The two promissory notes held against the new property owned by Son A are : 1 £95,000 Son B 2 £95,000 myself (parent) I have decided to hand over the amount of my promissory note to Son B so that he has a fairer share in the property. From your response, I understand this w...
by dotto
Wed Jan 22, 2020 11:32 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Split of gift and 7 year gift rule
Replies: 2
Views: 587

Split of gift and 7 year gift rule

1 My two sons and I were involved in building a house which was completed in 2016. The house is in the name of Son A and has 2 promissory notes, one in Son B's name and one for the same amount in my name. I would like to gift mine at this point but am not sure how. If I gift 50/50 to 2 sons, then di...
by dotto
Sun Nov 03, 2019 3:44 am
Forum: Income Tax
Topic: Who pays tax on rental income
Replies: 5
Views: 1743

Re: Who pays tax on rental income

Thank you for your response. I had a further search on the internet re my question and got the impression that it has to be the actual owner of the property who declares the rent. Do you know whether this is the case. We are all basic rate taxpayers, with my eldest son earning the most (the rent wou...
by dotto
Sat Nov 02, 2019 4:26 pm
Forum: Income Tax
Topic: Who pays tax on rental income
Replies: 5
Views: 1743

Who pays tax on rental income

We completed a self build house earlier this year as a family venture. This house is in my eldest son's name (there are promissory notes for loans on the house - one in my name and one in my youngest son's name each one amounting to around 17% each of the current market value) and we now rent it out...
by dotto
Mon Aug 26, 2019 11:57 am
Forum: Capital Gains Tax, CGT
Topic: CGT computation forms when half property was sold and repurchased
Replies: 4
Views: 11547

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

Thank you for your responses. 1 A valuation was carried out in 2008 when 50% was sold and was £135,000 (mortgage company valuer). 2 It seems there was no further valuation done in 2014 but I can't find any paperwork - only a brief spreadsheet I did at the time showing costs ie £Lender £199 admin fee...
by dotto
Sat Aug 24, 2019 11:41 am
Forum: Capital Gains Tax, CGT
Topic: CGT computation forms when half property was sold and repurchased
Replies: 4
Views: 11547

CGT computation forms when half property was sold and repurchased

I'm hoping someone is able to advise me complete my CGT forms. I sold a seaside flat on 16 8 19 which I had intended using in my retirement, but has been rented out on AST since purchase, and am attempting to prepare my CGT forms for submission next year. The story is Purchased flat for £50,000 in F...
by dotto
Wed May 22, 2019 3:17 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Share in bungalow question
Replies: 1
Views: 649

Share in bungalow question

I own a one third share in a bungalow, my two sons each having a third share. My eldest son shares the bungalow and pays the mortgage and insurance and my pension covers utility bills etc. My younger son lives elsewhere. My son's minimal "needs" are why he has stayed with me but I am now considering...
by dotto
Tue Apr 02, 2019 12:53 pm
Forum: Income Tax
Topic: Renting Property query
Replies: 7
Views: 650

Re: Renting Property query

Thank you - I would also like to hear other opinions on this. So at the moment it would seem from your advice that we would produce a tax return for 2019-20 but would not be able to claim for any of the work done prior to the start of the tenancy. However, you feel that the flooring, both that stuck...
by dotto
Tue Apr 02, 2019 12:14 pm
Forum: Income Tax
Topic: Renting Property query
Replies: 7
Views: 650

Re: Renting Property query

thank you for your advice. This is actually my son's house and he has been living in it unfinished (self build) for the last two years. This is not part of any business but my son's circumstances have changed and he has decided to rent out the house on a private basis. He is a basic taxpayer on low ...
by dotto
Tue Apr 02, 2019 9:56 am
Forum: Income Tax
Topic: Renting Property query
Replies: 7
Views: 650

Renting Property query

We started a tenancy in a house we own with no mortgage on 1st April 2019 which means the tenant will have been in the property for 4 days before the end of the tax year. I intended starting paying tax from year commencing 5 April 2019 but it occurred to me that we have spent quite a lot of money ge...

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