New tax rules 20/21

  • Filter
  • Time
  • Show
Clear All
new posts

  • Gordon999
    I would suggest that you or your MP write a letter to the HMRC and Chancellor of the Exchequer asking for the new limits on PPR and LR to start from April 2021 due to the coronavirus lockdown..

    Leave a comment:

  • jpkeates
    I haven't seen anything about it.
    I would be putting a lot of pressure on getting that exchange done!

    Leave a comment:

  • larry7
    started a topic New tax rules 20/21

    New tax rules 20/21


    I’m well aware of the new limits to private residence relief and that Lettings relief is being abolished from 20/21. We have therefore been working towards an exchange of the property we are selling before the end of the current tax year. Everything was set for it to happen until one of the solicitors got sick in corona and it now looks like it will be impossible to exchange before the end of next week. This has severe financial implications for us missing out on PRR and LR.

    I have not found anything on the topic but does anyone know if there is any guidance on whether HMRC will allow an extension of the old tax rules due to the current crisis?

    Many thanks.

Latest Activity


  • Capital gains tax changes afoot?
    by Bobthebiker
    So it seem the chancellor has ordered a review of capital gains tax, payIng special attention to the reliefs and allowances To see if it’s fit for purpose, the Covid clawback starts here maybe.
    14-07-2020, 21:05 PM
  • Reply to Capital gains tax changes afoot?
    by theartfullodger
    Yes, the location of the Tory magic money tree is finally known!

    Those with savings, securities and property.

    No doubt they'll all continue voting for Bozo
    15-07-2020, 06:33 AM
  • CGT & Gifting
    by Kape65
    If I were to gift unencumbered properties to my adult children what would be their baseline for calculating CGT? Would it be zero (the price they paid) or would it be the price I paid or would it be based on market value when gifted? Or none of the above?
    13-07-2020, 15:12 PM
  • Reply to CGT & Gifting
    by gnvqsos
    I think you can reduce liability for CGT by deducting the costs of renovations,and costs associated with purchase eg survey fees,conveyancing fees etc.It may be possible to deduct legal fees resulting from the gift made...
    14-07-2020, 16:35 PM
  • Reply to CGT & Gifting
    by Kape65
    Thanks for the replies, all clear now.
    14-07-2020, 11:24 AM
  • Reply to CGT & Gifting
    by Gordon999
    The Donor has liability for cgt after making the gift. The capital gain is calculated by the market value at July 2020 less price paid.

    The Donee has liability for cgt after selling the gift . The capital gain is calculated from the sale proceeds less the market value at July 2020 .
    14-07-2020, 07:02 AM
  • Reply to CGT & Gifting
    by AndrewDod
    Don't forget you need to declare the gift and pay the relevant tax within 30 days. So you need to supply that information now....
    14-07-2020, 00:14 AM
  • Reply to Moving overseas - forms to submit to HMRC
    by tatemono has a whole lot more which might be useful.

    Bear in mind that just because you get rent paid gross doesn't mean you won't eventually end up...
    13-07-2020, 20:57 PM
  • Moving overseas - forms to submit to HMRC
    by JamesHopeful
    I'm about to move overseas for a couple of years.

    I know that I need to submit an NRL1 to allow my letting agent to continue to pay my rent to me gross. However, do I need to submit any other forms at this stage? (e.g. a form informing HMRC that I'm going overseas in the first place?)...
    05-07-2020, 15:43 PM
  • Reply to tax allowance for new tiles on roof
    by Mrs Mug
    2 years ago, we had a complete new roof, new facsias and soffits, and new guttering fitted for our own home. Never even thought about mentioning it to the insurance or mortgage provider. Why did you?...
    13-07-2020, 17:17 PM