tax rules

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    tax rules

    Hi, im an engineer not a an accountant . I would just like someone to answer some questions about tax?. Any body help me?

    #2
    Try the Tax forum below, although as this is LandlordZONE, it tends to focus on tax to do with property and letting - but it's worth a try.

    Or try the MoneySaving Expert Tax forum?

    Good luck.
    'Pause you who read this, and think for a moment of the long chain of iron or gold, of thorns or flowers, that would never have bound you, but for the formation fo the first link on one memorable day'. Charles Dickens, Great Expectations

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      #3
      You should buy a copy of the Daily Mail Tax Guide or Daily telegraph Tax Guide from W H Smiths.

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      • Reply to Caught out by changes to Capital Gains Tax
        by jpkeates
        You have to make the return to tell HMRC there is no tax to pay, if that's the case.
        There is no option not to tell HMRC....
        09-12-2021, 09:58 AM
      • Caught out by changes to Capital Gains Tax
        by reluctantlandlord1976
        I appreciate 'ignorance' is no excuse, however there are some mitigating factors, i.e. due to illness etc.

        1. Previous family home rented out - terrible tenants - left owing rent, bad repairs etc. [usual story for some] subsequently property not let for 2 years for a number of reasons while...
        06-12-2021, 13:51 PM
      • Reply to Caught out by changes to Capital Gains Tax
        by Gordon999
        I think Andrew is correct .

        You start with 1/3 interest ( in 1982 valued at £6500 ? ) plus 1/6 interest from parent1 ( valued at £20K ?) plus 1/2 interest from parent 2 ( valued at £60K ? ). This probably takes your total entry cost to around £40K.

        Your total capital...
        09-12-2021, 09:47 AM
      • Reply to Caught out by changes to Capital Gains Tax
        by reluctantlandlord1976
        Hi Andrew
        First of all I've got an initial appointment to speak to an accountant on Friday!

        Can I just check where you write ' ...at death 1/6th of the value of the whole would have been deemed to pass to you for CGT purposes as the survivors would share the whole'.

        Does...
        08-12-2021, 18:02 PM
      • Reply to Caught out by changes to Capital Gains Tax
        by jpkeates
        Even if probate wasn't mandatory, it would probably have been useful.
        08-12-2021, 13:44 PM
      • Reply to Caught out by changes to Capital Gains Tax
        by AndrewDod
        Yes this would be the case if it was jointly owned (not as tenants in common). The situation would be that at death 1/6th of the value of the whole would have been deemed to pass to you (for CGT purposes), as the survivors would share the whole.

        So for the 3 periods you would be taken...
        08-12-2021, 12:51 PM
      • Reply to Caught out by changes to Capital Gains Tax
        by reluctantlandlord1976
        jpkeates
        There was no estate as such, property jointly owned - they were both retired at time of purchase living on small pensions, hence I bought with them so they could stay in the home they'd been renting from council from early 1950s to March 1982 at time of purchase. And I paid for the initial...
        08-12-2021, 10:50 AM
      • Reply to Caught out by changes to Capital Gains Tax
        by jpkeates
        I don't know the historic thresholds, but it's bizarre that there's no probate for both of your parents, their estate has to be tiny for that to be possible nowadays.
        It's probably too late for HMRC to do anything about that, but that process sets the values for CGT calculations later on, so it's...
        08-12-2021, 10:28 AM
      • Reply to Caught out by changes to Capital Gains Tax
        by reluctantlandlord1976
        Morning Andrew
        Thanks for your response early this morning and clarifying I have to make three separate calculations [the split wasn't clear on the CGT calculator].
        I understand the query on the value but this is an ex council house on a council estate [I feel I have to defend it here as...
        08-12-2021, 08:45 AM
      • Reply to Caught out by changes to Capital Gains Tax
        by AndrewDod
        As gordon indicates you need to consider it in three entirely separate parts, each have their own gain and calculation --

        The part YOU owned before Death 1
        The part YOU owned between Death 1 and Death 2
        The part you owned after Death 2

        Based on the values you give...
        08-12-2021, 05:52 AM
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