This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 51 matches

Go to advanced search

by dotto
Sat Nov 10, 2018 1:20 pm
Forum: Property Taxation
Topic: Gifting or selling BTL to sons
Replies: 2
Views: 749

Gifting or selling BTL to sons

I am 70 yrs old and have owned a flat in a seaside town for 20 years, which I had intended retiring to. My buy to let mortgage term ended in March this year. I informed the lender that I was trying to sell the property and the lender increased the mortgage term by 12 months and increased the interes...
by dotto
Sun May 07, 2017 7:40 pm
Forum: Capital Gains Tax, CGT
Topic: CGT confusion
Replies: 2
Views: 513

Re: CGT confusion

Many thanks for your reply which is very clear and helpful
by dotto
Sun May 07, 2017 6:34 pm
Forum: Capital Gains Tax, CGT
Topic: CGT confusion
Replies: 2
Views: 513

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: 418

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: 481

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: 441

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: 591

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: 591

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: 710

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: 710

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...

Go to advanced search