Flat let for 2 years now not occupied by owner. Will it just be the 2 years let or the whole period when the owner is not occupying that counts for CGT?
Cgt periods when owner is liable
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CGT is payable unless Private Residential Relief is applicable, so you're liable for CGT for the entire period when the property wasn't your main residence.When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).
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Depends on rules operating when you sell. I'm expecting CGT rules to become more painful to pay for Covid-19 and Brex*****
Rules today are all very interesting but....I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...
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Reply to Let to buy and tax deductionsby jpkeatesSorry didn't see it was a holiday let,
I don't know the answer in that case....-
Channel: Tax Questions
07-03-2021, 18:52 PM -
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by mlod42I own my house and am thinking of either buying another house for holiday letting or doing a let to buy - remortgaging my house onto a holiday let mortgage and buying a different house to live in myself.
If I continue to live where I am, I understand that if I increase my residential mortgage...-
Channel: Tax Questions
07-03-2021, 11:49 AM -
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Reply to Let to buy and tax deductionsby mlod42Oh I see. Does that definitely apply to holiday lets too where the tax rules are more favourable than for normal lets?...
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Channel: Tax Questions
07-03-2021, 18:48 PM -
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Reply to Let to buy and tax deductionsby jpkeatesYou can't claim the cost of new furnishings (which includes white goods) like you can for replacements.
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Channel: Tax Questions
07-03-2021, 18:41 PM -
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Reply to Let to buy and tax deductionsby mlod42Also I suppose if I left things like my TV and washing machine at my current house and bought new ones at my new house if I did let to buy then I couldn't tax deduct the new ones so it might be worth moving them to the new place and buying new ones for my original house? It seems crazy if this is necessary...
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Channel: Tax Questions
07-03-2021, 15:08 PM -
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Reply to CORPORATION TAX Re: BUDGET 2021by jpkeatesThat would be unfortunate.
It wasn't included in any of the government documents I have read about the budget, where does this information come from?...-
Channel: Tax Questions
07-03-2021, 09:16 AM -
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by PradipAre you aware that any landlord that has 1 or more properties in a company, (investment company) regardless of the profit level, will have to pay corporation tax @25% from 2023.
The new limits and 19% rate only apply to TRADING COMPANIES and not INVESTMENT COMPANIES.
Is this...-
Channel: Tax Questions
06-03-2021, 23:04 PM -
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Reply to Accountantby Gordon999If you don't require face to face meeting with accountant and have only one BTL property , you could use an online company such as twd for self assessment . ( I have no connection with this company and not making any recommendation ).
https://twdaccounts.co.uk/services/self-assessment...-
Channel: Tax Questions
07-03-2021, 05:05 AM -
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by Bridge2020Any ideas how much an accountant would charge to do my self assessment ?
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Channel: Tax Questions
04-03-2021, 10:25 AM -
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Reply to CORPORATION TAX Re: BUDGET 2021by Gordon999Corporation tax is set to rise to 25% in April 2023, up from the current rate of 19%.
Rishi Sunak announced in the Budget that companies with profits of £50,000 or less would remain at the current rate of 19%.
There would then be a taper for firms earning above £50,000, with...-
Channel: Tax Questions
07-03-2021, 04:57 AM -
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