Asset Transfer

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  • November14
    replied
    Hi Amy

    As Gordon correctly states you need to be aware of the current tax implications of the country you are currently resident in as your first port of call, as this could be a major factor in any planning.

    There will certainly be an impact with regards to UK CGT if you own part of the properties and sell them when you resume residency in the UK again.

    If however, it is a straight transfer of ownership to your husband once you re enter the UK then their will be no CHT issues as Husband & Wife Transfers are exempt under CGT law.

    I would consult your Tax Advisor, who will be best placed to plan everything for you.

    Kind regards

    Terry

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  • Gordon999
    replied
    It may be better to make your inter-spouse transfer before you return to UK. And you need to consider the effect under tax laws of country where you are living

    http://www.hmrc.gov.uk/cgt/intro/gif...t-divorce.htmh

    But if you decide to sell , do it quickly as the tax rules for non-residents may be changed soon according to a report in Times Newspaper on 1st Nov .

    Leave a comment:


  • Amy945
    started a topic Asset Transfer

    Asset Transfer

    My husband and I moved abroad 10 years ago, but we retain a small number of UK rental houses which we've been hoping to sell. I may now have to return to the UK for personal reasons for a couple of years. Could anyone please tell me what the CGT implications would be if I transferred the houses to my husband now or if I transferred them after becoming UK resident again (on the basis that we still want to sell them)? Thank-you

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  • Is it an allowable expense or capital expense
    by shipboard
    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...
    24-05-2022, 10:04 AM
  • Reply to Is it an allowable expense or capital expense
    by Another Fine Mess
    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....
    24-05-2022, 16:30 PM
  • Reply to Is it an allowable expense or capital expense
    by gnvqsos
    I think the insurance company were right-the render must have been distressed to suffer storm damage. You can offset cost against income.
    24-05-2022, 14:36 PM
  • Reply to CGT query
    by Gordon999
    Hmrc rules allow transfers between spouses without cgt. The recipient spouse takes on the asset at the original purchase price.
    24-05-2022, 11:16 AM
  • Reply to Is it an allowable expense or capital expense
    by Gordon999
    I agree with jpk : it is a maintenance expense which is claimed against rental income....
    24-05-2022, 11:12 AM
  • Reply to Is it an allowable expense or capital expense
    by jpkeates
    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).
    24-05-2022, 10:53 AM
  • CGT query
    by vik238754
    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...
    23-05-2022, 19:37 PM
  • Reply to CGT query
    by jpkeates
    What you are planning to do is routine and HMRC will accept the change as a matter of routine admin.
    24-05-2022, 09:13 AM
  • Any property tax experts you can recommend please?
    by mpppen
    Hello,
    We have a small BTL portolio of five properties. Some are in our personal names and the latter ones in a property company we set up a few years' ago when the tax rules changed.

    I'd really like to find someone who can advise us of the best way of either bringing the personal...
    03-03-2022, 20:00 PM
  • Reply to Any property tax experts you can recommend please?
    by Trevor62
    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....
    23-05-2022, 17:36 PM
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