Marriage tax explanation please

  • Filter
  • Time
  • Show
Clear All
new posts

    Marriage tax explanation please

    What is it? And how does it apply creation of a new flat on an existing building

    I think you've got confused. There is no marriage tax of which I'm aware. Do you mean 'marriage value' as in a leasehold property with a lease of less than 80 years? Or perhaps you're referring to the rules on the new 3% stamp duty increase for second homes, which can in some circumstances penalise married couples?


      Or the marriage allowance - see
      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...


        Marriage Vaule is what I mean, and it is in relation to, the granting of a new lease on a newly created top floor flat.


          Marriage value


            When the remaining lease term drops below 80 years the property starts to lose more value each year than it used to. Thats probably all you really need to know. If you want the full technical explanation you can google it


              I am interested in how 'marriage value' applys to a newly created lease as apposed to an extension of an existing lease


                Why would you create a new lease of less than 80 years? Speak to the Leasehold Advisory Service. They have a very good helpline.


                Latest Activity


                • Can I Rent My Private BTLs to my own Ltd Company?
                  by Crunchie
                  I own 5 buy to let HMOs in my private name with mortgages and have to pay the higher rate of income tax. My properties are my only source of income.

                  Can I set up a Ltd Company and rent my properties to it for a rental that is less than the higher rate tax band, say £45,000 total? The tenants...
                  09-08-2020, 20:25 PM
                • Reply to Tax to Pay on Lease Extension
                  by divadee
                  We paid 18,000 for the freehold and had legal costs of approx 2k for the purchase. This was 4 years ago though. Can we still offset purchase price over income 4 years later?...
                  09-08-2020, 20:20 PM
                • Tax to Pay on Lease Extension
                  by divadee
                  Myself and partner own the freehold to the building we live in, this is in the form of a limited company. We were accidental freeholders as the previous freeholder wanted to sell and no one else living here wanted to buy it so we bought it to have some control over the service charges etc....
                  07-08-2020, 09:48 AM
                • First time self assessment calculation before submittnig?
                  by Advice seeker
                  Hi all

                  This might be a simple one, or not.

                  Can someone please advise if this seems correct?

                  For 2019-2020 I have the following on the HMRC form:

                  £9715 income
                  £2558 total allowable expenses

                  Profit £7517

                  I believe mortgage...
                  15-07-2020, 20:04 PM
                • Reply to First time self assessment calculation before submittnig?
                  by Advice seeker
                  Thanks JP, good to know.

                  Does it make a difference I have never actually lived there?

                  In a nutshell, was family home, to keep certain over sentimental family members happy, it wasn't touched for ten years, literally, until the council threatened a forced purchased. Even when...
                  09-08-2020, 15:46 PM
                • Reply to CGT evidence
                  by Gordon999
                  Since you live in the house for 4 years plus you can claim 9 months after moving out as your main residence period = roughly 5 years .

                  You will have to pay cgt for last 5 years whilst under rental . I suggest you pay for a "high valuation" for your property in Aug 2015...
                  09-08-2020, 11:40 AM
                • CGT evidence
                  by PaulRs1
                  Hi All,

                  I’m an accidental landlord and about to sell the house. Lived in it for 4 years and rented it out for 6 (with the intention of moving back, which never happened)

                  im aware I need to pay CGT and can claim improvement costs, I basically bought a wreck and renovated it...
                  08-08-2020, 13:25 PM
                • Reply to First time self assessment calculation before submittnig?
                  by jpkeates
                  You sound to have about £300,000 in gain, spread over 21 years, with 11 of them in a business.
                  You can feed the values into any CGT calculator around, but the CGT is likely to be £40-44k.

                  The longer it stays in the business, the lower the proportion of CGT will be (but the gain...
                  09-08-2020, 09:46 AM
                • Self assessement questions
                  by Logical.Lean
                  I'm just doing my wife and my self assessment.

                  We own a property together in the a 90/10 % split.

                  The first question online is whether my income from property is greater than £1000.


                  I've itemized all costs and interest etc on a spreadsheet...
                  08-08-2020, 15:44 PM
                • Reply to Self assessement questions
                  by Logical.Lean
                  It's 3750 each, if the house is jointly owned.

                  I've just read the guidance, and I'd misread it before.

                  right I'll ignore it....
                  09-08-2020, 08:14 AM