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If you are left a piece of land with planning permission and you sell are you liable to any tax (CGT etc.)? Does it make any difference if you are high/low tax bracket?
You need the asset valued at the date of the gift. You need to use a qualified surveyor. Yes your IT tax postion will effect the CGT 18% or 20%.
How long have you been the owner of the land. Regards Peter
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.
I 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...
I'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).
Hello. 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...
I 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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