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Where Taxpayers and Advisers Meet

Search found 6538 matches

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by King_Maker
Wed Sep 02, 2015 7:47 pm
Forum: Capital Gains Tax, CGT
Topic: Reporting CGT on large grounds
Replies: 4
Views: 1224

Re: Reporting CGT on large grounds

In these circumstances, I always recommend obtaining a Professional Valuation - preferably from someone who is prepared to defend your case before HMRC.
by King_Maker
Mon Aug 31, 2015 10:24 am
Forum: Property Taxation
Topic: Buy to Let with Step Father as tenant
Replies: 3
Views: 953

Re: Buy to Let with Step Father as tenant

I assume you have calculated whether you have made a profit (rent less allowable expenses) for the relevant tax years?

There is no requirement to advise rental losses to HMRC.

If the property is let at a commercial rent, any losses are automatically set against any future profits.
by King_Maker
Sat Aug 29, 2015 4:17 pm
Forum: Property Taxation
Topic: Rental income transferred to wife
Replies: 13
Views: 2153

Re: Rental income transferred to wife

King maker Can you expand on the CGT issues The OP has not stated whether the property in question has always been an investment property or merely become one after he has moved out (having been his home/main residence). If the latter, PPR (Principal Private Residence) and LR (Lettings Relief) coul...
by King_Maker
Sat Aug 29, 2015 4:06 pm
Forum: Capital Gains Tax, CGT
Topic: Trust query
Replies: 2
Views: 648

Re: Trust query

"Natural love and affection" is often used as a Recital in a Deed of Gift.
by King_Maker
Fri Aug 28, 2015 6:40 pm
Forum: Property Taxation
Topic: Rental income transferred to wife
Replies: 13
Views: 2153

Re: Rental income transferred to wife

You may need to review the CGT position, if you have ever lived in the house as your home.
by King_Maker
Sat Aug 22, 2015 9:53 am
Forum: Property Taxation
Topic: Selling land or building tax concern
Replies: 12
Views: 2285

Re: Selling land or building tax concern

A company may be advantageous, if you do not need all the profit immediately.

I suggest you obtain professional advice asap.
by King_Maker
Sat Aug 22, 2015 9:49 am
Forum: Capital Gains Tax, CGT
Topic: CGT on selling an off plan property
Replies: 4
Views: 929

Re: CGT on selling an off plan property

It might be prudent to have a Memorandum to confirm your original intentions - otherwise the gain/profit could be subject to Income Tax (and NI) as a property trader. If CGT is the appropriate tax, each of you will pay 18%, 28% (or a mixture of both) depending on your circumstances (including income...
by King_Maker
Sat Aug 22, 2015 9:41 am
Forum: Income Tax
Topic: Employed and self Employed at same time
Replies: 1
Views: 444

Re: Employed and self Employed at same time

Both.

Tax and NI are calculated separately (different rules), but amalgamated to establish the over liability for the tax year.
by King_Maker
Fri Aug 14, 2015 9:19 am
Forum: Property Taxation
Topic: Splitting PPR in to 2 properties
Replies: 4
Views: 1388

Re: Splitting PPR in to 2 properties

If the retained property(s) are rented out for a reasonable length of time, then CGT would be payable at a maximum of 28% on the relevant gain(s). If the transactions were treated as property development, then Income Tax at a maximum of 45% would be due - plus NI. You need to take professional advis...
by King_Maker
Fri Aug 14, 2015 9:11 am
Forum: Capital Gains Tax, CGT
Topic: Tax return CGT help needed
Replies: 28
Views: 4292

Re: Tax return CGT help needed

I. It seems that you have made a Loss.

2. If so, it is not available to carry forward - as it relates to PPR and LR.

3. It is reportable in your Tax Return.

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