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Where Taxpayers and Advisers Meet

Search found 49 matches

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by dotto
Sun May 07, 2017 6:34 pm
Forum: Capital Gains Tax, CGT
Topic: CGT confusion
Replies: 2
Views: 474

CGT confusion

I apologise in advance if this question is muddled. I purchased a leasehold flat in 2000 for £50,000 which was rented out. At that time CGT was tapered each year the property was owned. The cgt tax relief changed in 2008 and rather than lose the relief my partner bought half the flat so that I could...
by dotto
Sat Sep 24, 2016 1:42 pm
Forum: Property Taxation
Topic: Eligibility for reduction in Council Tax
Replies: 0
Views: 389

Eligibility for reduction in Council Tax

We bought a bungalow in 2010 and obtained planning permission to build two detached houses on part of the garden area. One plot was sold and my son built a house for himself on the other plot. The land for the plots was removed from the bungalow's title deeds. The removal of the land will have reduc...
by dotto
Thu Dec 10, 2015 2:16 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Sale of flat by father to sons - short lease implications
Replies: 1
Views: 452

Sale of flat by father to sons - short lease implications

My ex-husband has got himself into financial difficulties. He has offered to sell/gift (half:half) a flat to my sons for £200,000. My sons would raise a buy to let mortgage for £100,000 and my ex would gift the other £100,000 to them. However, the flat has a short lease of 60 years so is in truth no...
by dotto
Wed Jun 11, 2014 9:22 am
Forum: VAT & Excise Duties
Topic: Zero rate for new build trenches work?
Replies: 1
Views: 409

Zero rate for new build trenches work?

We have employed a company to dig the trenches and lay the ducting for bringing utility services to two new self builds. This involved excavating 36 metres down the private access road. They are charging VAT for this work. I am not sure at this stage whether any of the VAT would be reclaimable. The ...
by dotto
Mon Jun 09, 2014 9:04 pm
Forum: Capital Gains Tax, CGT
Topic: CGT LOSS - SELF ASSESSMENT TAX FORM
Replies: 3
Views: 537

Re: CGT LOSS - SELF ASSESSMENT TAX FORM

Hi
It was a rental property. I have another and have completed the property income page of the tax form but am unsure as to whether the previous cgt losses automatically transfer over to the following year or whether I need to do something.

Thank you
by dotto
Mon Jun 09, 2014 4:04 pm
Forum: Capital Gains Tax, CGT
Topic: CGT LOSS - SELF ASSESSMENT TAX FORM
Replies: 3
Views: 537

CGT LOSS - SELF ASSESSMENT TAX FORM

Sorry to ask such an inane question but I have been waiting on the phone for an HMRC tax adviser for half an hour. The question is: I made a cgt loss on a property sold in 2012-13. I am in the process of completing my tax form for 2013-14 and have nothing about which to notify HMRC regarding cgt. Do...
by dotto
Thu Feb 20, 2014 10:34 am
Forum: Capital Gains Tax, CGT
Topic: CGT implications Transfer of Equity
Replies: 3
Views: 661

Re: CGT implications Transfer of Equity

From asking around I think the following might apply Sale price less original buying price and less expenses ( including 2 sets of conveyancing fees + sellling agent fee + lease extension cost ) = 130K - 50K - ( conveyancing fee (assume 2% = 2600 ) - selling agent ( assume 1500 ) -1500 - extension (...
by dotto
Tue Feb 18, 2014 10:15 am
Forum: Capital Gains Tax, CGT
Topic: CGT implications Transfer of Equity
Replies: 3
Views: 661

CGT implications Transfer of Equity

I hope someone can help with this: 1 Purchased leasehold flat in 2000 for £50000 to rent out with a BTL mortgage. 2 Flat Valued at £130,000 in 2008 at which time the BTL was approx. £57000 3 Partner bought into flat in March 2008 and BTL mortgage adjusted accordingly (increased to £83000). Partner p...
by dotto
Mon May 13, 2013 10:44 am
Forum: Capital Gains Tax, CGT
Topic: CGT on sale of part of building plot
Replies: 1
Views: 450

CGT on sale of part of building plot

This is a follow up to a previous email in the hope that by making the situation clearer, someone is able to offer an answer to my question. 1 My two sons and I have equal ownership in a property with a long garden. We have detailed planning permission for 2 houses on the garden. 2 Our property and ...
by dotto
Fri May 03, 2013 8:32 pm
Forum: Capital Gains Tax, CGT
Topic: Plots, self build, joint ownership CGT
Replies: 2
Views: 520

Re: Plots, self build, joint ownership CGT

Thank you for your response. The other house jointly owned by my sons is a buy to let which my youngest son is currently renovating for re-letting. He will then return back to the bungalow. If they build the new house they will move into it lock stock and barrel and would hope to continue to reside ...

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