You know this new 'expense'..?

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  • Hippogriff
    replied
    Well, saw the Budgie!, and at least the bigger (15+) Landlords now appear to be in the same boat as lil' ole me.

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  • Hippogriff
    replied
    Originally posted by andybenw View Post
    Of course if 3% were to become 10% or 20% all would be well in the world, as legislation is always correct.

    (Note, those who haven't read mine and Hippos recent discussion in another thread will not get tbe joke.)
    Well, it would be correct and agreed to... I would not be buying any property, though. I'm in the throes of buying my last one and we're hoping to avoid the 3%, but the Vendor has agreed to drop his price by that amount if we do not. Still a bit edgy about it. Sadly, I learned from my Solicitor today that his Solicitor has "gone bust"... verified as I walked past their office today! Spanner, meet Works.

    Leave a comment:


  • andybenw
    replied
    Of course if 3% were to become 10% or 20% all would be well in the world, as legislation is always correct.

    (Note, those who haven't read mine and Hippos recent discussion in another thread will not get tbe joke.)

    Leave a comment:


  • theartfullodger
    replied
    Ah Winnie: Son of an immigrant.... (for the avoidance of doubt, great son & great war-time leader...)

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  • loanarranger
    replied
    As Churchill might have said

    " We will fight them on the Rugby field, we will challenge them on the Cross channel ferries and most of all we will block up the Channel Tunnel"
    Vive la Angleterre

    Leave a comment:


  • Hippogriff
    replied
    Wow. I was kinda kidding / having a laugh. Ideally, it would be nice to have it as an allowable expense when it's incurred... but if there's ever real chance to count it, legally, that's nice. That £3,000 is [almost] immediately nearly halved.

    Always good to keep some money back to fight the French, just in case.

    Leave a comment:


  • theartfullodger
    replied
    Yes, AIUI, against CGT when you sell, against CURRENT RULES. Not for Income Tax (which was only brought in December 1798 to pay for fighting the French.......plus ça change..)
    see e.g.
    http://www.telegraph.co.uk/finance/p...e-profits.html

    But FK what the chancellor may do this budget or all the other budgets between now & when you sell.. (either to the advantage of wicked landlords or to their disadvantage...)

    Property, it's a long-term game....

    Leave a comment:


  • Hippogriff
    started a topic You know this new 'expense'..?

    You know this new 'expense'..?

    This new SDLT that is expected to hit us very shortly... 3%... so a £100,000 house will cost you £103,000... is that extra £3,000 an allowable expense? It's an expense incurred through purchase of the property and running of the business...

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  • Tax implications of remortgaging home for a deposit on a BTL
    by Jerry777
    Hi

    I would be grateful if anyone could help with this query.

    I am remortgaging my home to raise a deposit for a BTL property, and I wondered when I submit my SA tax return, if I would be entitled to a tax credit for the interest on the residential mortgage in the same way as...
    20-06-2021, 18:58 PM
  • Need CGT help or do i ned an accountant
    by Sara2
    Mother died in 2007 left house to me and my 2 sibs it was family home and i lived in it until 1985 when i had my own house. My brother also lived in house at point mum died and he remained there until 2010 when not being able to sell the property i purchased whole of property by buying brother and...
    13-06-2021, 11:53 AM
  • Reply to Need CGT help or do i ned an accountant
    by Gordon999
    I suggest you send a letter by recorder delivery :

    Tax Ref: xxxxx xxxxx

    Dear Tax Inspector,

    I am the owner of a btl property at 88 Garden terrace , Toy Town .

    I wish to inform you that my rental tenant stopped paying rent in Sept 2019 .
    ...
    20-06-2021, 14:18 PM
  • Capital Gain Tax on main home, but let in the past
    by Gep
    Hi all,
    I'm thinking about selling my flat and trying to workout how much capital gain tax I would have to pay.
    ​​Accordingly to the HMRC website the rate is 28% if you let the property out, but I'm currently living there so I'm not sure.

    I've owned the property for 10 years:...
    18-06-2021, 17:32 PM
  • Reply to Capital Gain Tax on main home, but let in the past
    by Gordon999
    The first period used as main residence is 3 years plus 9 months after moving away. The second period as main residence is 2 years.

    So out of 10 years ownership , the total capital gain is apportioned 5 years plus 9 months as "main residence and 4 years and 3 months under rental...
    20-06-2021, 14:05 PM
  • inherited house - best to sell or rent
    by Wobble1
    Hi all,

    My father sadly passed away in February, I already owned half of his house as tenants in common via my mothers will (passed several years before), although I didn't live there with him. Have my own house nearby. I am sole beneficiary of his will, and as well as everything else,...
    17-06-2021, 20:32 PM
  • Reply to inherited house - best to sell or rent
    by Gordon999
    If you want to keep both houses and rent out one house, you should visit 3 local estate agents and make enquiries with lettings manager :
    to check out the following info :

    1. What is the rental demand for property in your district or street area ? flats or houses ? furnished...
    20-06-2021, 13:57 PM
  • Reply to inherited house - best to sell or rent
    by Gordon999
    1. If you decide to sell father 's house now, the capital gain will come mainly from your own half share .

    If the capital gain on your half share is around £50K , the cgt tax may be around £50K less £12K allowance = £38K at 18% = £7K .

    The capital gain on the half...
    20-06-2021, 13:32 PM
  • Reply to Capital Gain Tax on main home, but let in the past
    by Gep
    Thank you!
    19-06-2021, 18:59 PM
  • Reply to inherited house - best to sell or rent
    by ram
    CGT is shown in post 8 ( i am no expert in CGT )

    Even if you let a house, it still has to be cleared of EVERYTHING, YES EVERYTHING. maybe even furnished with furniture that has stickers on saying fire proofish. empty cupboards, dressers, under the stars, garage, potting shed, tidy the garden,...
    19-06-2021, 13:20 PM
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