Capital Gains Tax Change April 2020
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£5 says almost all landlords will be somewhere not complying with some aspect of the well over 100 laws & regulations governing LL/T matters: Probably minor infringement, unintentional: I'm certain it's true for me & my esteemed lettings agents!
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This has been in the news for sometime so should not really come as a shock. It is our duty as LLs to remain abreast of the changes in law so make sure you read articles on sites such as this, regularly, to keep up to date.
If you missed this piece of legislation are you aware of the changes to EPC regulations, electric safety checks, mortgage relief, licensing regulations in your area? The PRS is no longer a place to make easy money with no knowledge of the law!
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Capital Gains Tax Change April 2020
As from April 6th 2020 any capital gains tax due on property sales has to be paid within 30 days of the sale of the property, only found this out yesterday on the news section on landlord zone.Tags: None
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Latest Activity
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by AndrewDodCan't see any reason this would be an insured event. Agree it is not a capital expense at all....
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Channel: Tax Questions
25-05-2022, 09:25 AM -
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by shipboardI rent out a single property, during the winter storms the brickwork was damaged and the cheapest option to repair it was to render the Gable end and rear of the property. I tried to claim on the insurance but they maintained it was due to wear and tear, I am of course disputing this. My question is...
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Channel: Tax Questions
24-05-2022, 10:04 AM -
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If you dont mind me suggesting, If your Insurance Company is rejecting your claim you could get in touch with a Chartered Loss Assessor who would argue with the Insurance Company Loss Adjuster, its worth a phone call to one.
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Channel: Tax Questions
24-05-2022, 16:30 PM -
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by gnvqsosI think the insurance company were right-the render must have been distressed to suffer storm damage. You can offset cost against income.
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Channel: Tax Questions
24-05-2022, 14:36 PM -
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Reply to CGT queryby Gordon999Hmrc rules allow transfers between spouses without cgt. The recipient spouse takes on the asset at the original purchase price.
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Channel: Tax Questions
24-05-2022, 11:16 AM -
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by Gordon999I agree with jpk : it is a maintenance expense which is claimed against rental income....
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Channel: Tax Questions
24-05-2022, 11:12 AM -
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by jpkeatesI'd say that's a maintenance cost and would be allowed against income.
It would affect the value of the property, but only to restore it to the level that it was at prior to the damage (plus the general positive effect of any large maintenance work).-
Channel: Tax Questions
24-05-2022, 10:53 AM -
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Reply to CGT queryby jpkeatesWhat you are planning to do is routine and HMRC will accept the change as a matter of routine admin.
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Channel: Tax Questions
24-05-2022, 09:13 AM -
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by vik238754Hello. Since 2013 my wife and I own a property as tenants in common where the beneficial interest split is 90% her and 10% me. We are now looking to sell the property. I have a large CGT loss and using the HMRC CGT calculator I have calculated that if I change the split to 70% me and 30% my wife...
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Channel: Tax Questions
23-05-2022, 19:37 PM -
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by Trevor62I like the Idea of knowing that my children will get my property oneday but would like to avoid as much interaction from these legal people as possible....
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Channel: Tax Questions
23-05-2022, 17:36 PM -
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