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Started by Stu2222, 15-01-2018, 16:57 PM
2 responses
27 views
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Last Post Kape65
by Kape65
 
Started by Dan_Manchester, 16-01-2018, 20:20 PM
1 response
28 views
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Last Post Gordon999  
Started by columbo, 19-01-2018, 14:20 PM
7 responses
66 views
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Last Post Gordon999  
Started by UH-lettings, 24-12-2017, 18:23 PM
6 responses
201 views
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Last Post UH-lettings  
Started by AJ1, 17-01-2018, 14:35 PM
6 responses
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Last Post AJ1
by AJ1
 
Started by samsam, 16-01-2018, 14:40 PM
3 responses
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Last Post theartfullodger  
Started by Alice88, 14-01-2018, 05:54 AM
3 responses
113 views
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Last Post Gordon999  
Started by TRQUIZ, 07-10-2017, 12:13 PM
10 responses
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Last Post Stu2222
by Stu2222
 
Started by TomNelson, 14-01-2018, 15:58 PM
3 responses
128 views
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Last Post jpkeates  
Started by bhodgkiss, 11-01-2018, 13:04 PM
3 responses
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Last Post bhodgkiss  
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Latest Topics

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  • SDLT impact of varying ownership % of jointly held with spouse mortgaged property
    Stu2222
    Hi All

    I've been through many of the historic posts but haven't found a clear answer to this point (but happy to be pointed in the right direction).

    I jointly hold a mortgaged investment property with my wife, 50/50 as joint tenants and both on the BTL mortgage. 50% of the...
    15-01-2018, 16:57 PM
  • Reply to SDLT impact of varying ownership % of jointly held with spouse mortgaged property
    Kape65
    Don't use the word 'gifted'! You aren't gifting her anything, you are transferring another 49% of the debt to her. If she owns other property and the 49% is above 40k then she will have to pay at least 3% surcharge on the full amount.
    20-01-2018, 23:34 PM
  • Reply to SDLT impact of varying ownership % of jointly held with spouse mortgaged property
    Gordon999
    If you + wife are registered as "joint tenants" at Land Registry , the Tax Office will automatically assume that each "joint tenant" is entitle to 50% of the rental income.

    You can change the distribution of income to 1%: 99% by producing a "Declaration of Trust"...
    19-01-2018, 19:56 PM
  • VAT on professional fees - commercial to residential planning application
    Dan_Manchester
    Evening all,

    We have recently submitted a planning application to convert a small commercial unit in a couple of new apartments. As I understand it the building work will be zero-rated for VAT as we are creating dwellings were none were previously.

    The planners have requested...
    16-01-2018, 20:20 PM
  • Reply to VAT on professional fees - commercial to residential planning application
    Gordon999
    VAT is chargeable by the company providing service to you. The VAT charge is not decided by you.

    You have to register as developer with the HMRC VAT office so that you can claim back VAT paid to the company for the building work and supply of building materials. VAT paid for professional...
    19-01-2018, 19:35 PM
  • Capital Gains Tax !
    columbo
    Ok you clever people , I could make this very long but I will try and keep it short , How do you no or find out if you have to pay this tax ? I have a few property,s and would like to sell the largest one but have been told if I'm not the payer of the bills I only have 18 months and then its not my...
    19-01-2018, 14:20 PM
  • Reply to Capital Gains Tax !
    Gordon999
    If you have lived in the property for 21 years out of 23 years , the tax office will give exemption to capital gains tax for 21 years + 18 months from date of moving out. So only the gain for last 6 months is taxable.

    If your capital gain over 23 years gives you £460,000 profit which...
    19-01-2018, 19:16 PM
  • Reply to Capital Gains Tax !
    columbo
    Thank you .
    19-01-2018, 16:49 PM
  • Reply to Capital Gains Tax !
    AndrewDod
    Then your CGT bill will almost certainly be zero.

    Unless it is an extremely expensive property and increased in value by at least a million or so (given two basic CGT exemptions) -- if that is the case you will need to look at precise numbers.

    Can you prove it was your only...
    19-01-2018, 16:46 PM
  • Reply to Capital Gains Tax !
    columbo
    Thanks for your replys , The house was our main living house until 2 years ago when we down sized ,we never rented the house out as tried to sell it but it fell threw a couple of times so no we never rented this house , Our tax records are all complete and up to date with the other propertys , We don't...
    19-01-2018, 16:27 PM
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