Tax Questions

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Interest deductable on holiday let mortgage ? by 5urrey Started by 5urrey, 14-07-2016, 14:21 PM	2 responses 707 views 0 likes	Last Post by 5urrey 20-07-2016, 10:25 AM
Can anyone please suggest a good tax advisor in London by silentray Started by silentray, 14-07-2016, 06:44 AM	3 responses 659 views 0 likes	Last Post by loanarranger 16-07-2016, 04:59 AM
New landlord advice - CGT & maintanence offset tax by Toptime Started by Toptime, 14-07-2016, 09:36 AM	4 responses 657 views 0 likes	Last Post by DPT57 15-07-2016, 09:06 AM
Can I claim for a driveway repair / renewal by PaulRs1 Started by PaulRs1, 11-07-2016, 19:18 PM	3 responses 441 views 0 likes	Last Post by PaulRs1 12-07-2016, 12:43 PM
Properties purchased for less than £40k by Marksmith1 Started by Marksmith1, 10-07-2016, 11:46 AM	10 responses 1,372 views 0 likes	Last Post by jpkeates 12-07-2016, 10:51 AM
Additional Property Stamp Duty by bob369 Started by bob369, 10-07-2016, 13:29 PM	1 response 319 views 0 likes	Last Post by Gordon999 11-07-2016, 11:37 AM
Selling property and question about loss while waiting for sale to go through by g373 Started by g373, 05-07-2016, 12:59 PM	5 responses 611 views 0 likes	Last Post by Gordon999 07-07-2016, 15:45 PM
Deed of trust 100/0%, Private Residence Relief and Letting Relief by Metanet Started by Metanet, 06-07-2016, 14:25 PM	6 responses 744 views 0 likes	Last Post by Gordon999 07-07-2016, 15:31 PM
Transfer 1% ownership - CGT Impact by Centre13 Started by Centre13, 06-07-2016, 12:59 PM	3 responses 431 views 0 likes	Last Post by Gordon999 07-07-2016, 15:19 PM
Newby Tax inquiry by 3Ms Started by 3Ms, 06-07-2016, 14:11 PM	4 responses 487 views 0 likes	Last Post by 3Ms 06-07-2016, 16:06 PM

CGT under the threshold once split with husband?

by stuco

Hi hoping someone can clarify...

I'm busy doing 2019-20 return. We sold a BTL during that year for £79500. As it was jointly owned between me and husband do I treat it as selling for £39750 for my part (and his) and therefore below the £48000 amount that you have to report on SA for...
- Channel: Tax Questions
08-04-2020, 10:29 AM
Implications of Gifting a % of Property

by Claymore

Hi

My main residence is unencumbered. I am thinking ahead (with the thought of the 7 year rule on inheritance tax).

If I gift my son 50% of my property now - would I still be OK to live in the house?

Would there be any immediate tax consequences of gifting him...
- Channel: Tax Questions
18-03-2020, 15:29 PM
Reply to Implications of Gifting a % of Property

by Lawcruncher

Things to consider:

Think carefully before giving assets away as you do not know what the future holds.

If you put an asset into trust or give it away as part of a tax planning exercise you are going to lose control over it.

If you have fears about what may happen...
- Channel: Tax Questions
07-04-2020, 15:54 PM
SA105 Property Expenses

by Pejayef

Our tenants reported a leaking roof back in January which didn't actually recur again after the initial report, they moved out in February and while we were freshening up the house for the new tenants we had the roof inspected, and decided that rather than pay out for a patch job that we would replace...
- Channel: Tax Questions
07-04-2020, 10:47 AM
Reply to SA105 Property Expenses

by jpkeates

It's still an operating cost and still allowable.
A very cautious person might allocate some of the cost as a capital item, but I wouldn't.

Allowable costs are any costs incurred solely and exclusively for the business.
Then you allocate them as either operational (allowed against...
- Channel: Tax Questions
07-04-2020, 11:24 AM
Reply to SA105 Property Expenses

by Pejayef

Hi jpkeates, I understood that a repair could be counted, but we chose to replace the whole roof, rather than go for just a repair...
- Channel: Tax Questions
07-04-2020, 11:15 AM
Reply to SA105 Property Expenses

by jpkeates

Why do you think the roof repair can't be claimed against tax?
- Channel: Tax Questions
07-04-2020, 10:49 AM
Reply to Implications of Gifting a % of Property

by Gordon999

The IHT tax rate of 40% tax rate is currently charged on the estate value exceeding £325K ( first £325K is free of IHT tax ) . The £325K starting level for IHT tax may be raised to £500K level, if the family home is left to children of the deceased person.

https://www.gov.uk/trusts-tax...
- Channel: Tax Questions
07-04-2020, 08:54 AM
Rent aroom property relief.

by calista

Hi Qick Q i cant find the answer online..

Can i claim rent a room relief on a rent of 300pounds a month at my first property where I live. 3600 a year.

I rent a second property 1200 pcm, where I do not live and would not claim the rent a room relief- or rather i pay tax normally...
- Channel: Tax Questions
31-03-2020, 12:10 PM
Reply to Rent aroom property relief.

by Gordon999

The rent-a-room scheme (rent below £7500 ) applies to a room in your own home.

https://www.gov.uk/government/public...-a-room-scheme
- Channel: Tax Questions
06-04-2020, 19:50 PM

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