Tax Questions

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Capital Gains Tax question? by rugbyroom Started by rugbyroom, 16-11-2017, 14:20 PM	4 responses 220 views 0 likes	Last Post by leaseholder64 16-11-2017, 17:47 PM
Shared Ownership: 99:1 ownership by landforce Started by landforce, 06-11-2017, 20:12 PM	6 responses 808 views 0 likes	Last Post by Gordon999 15-11-2017, 13:56 PM
Should I complete a BTL property before or after the budget? by nick_noal Started by nick_noal, 14-11-2017, 18:06 PM	5 responses 123 views 0 likes	Last Post by jpkeates 15-11-2017, 09:28 AM
Pre-letting expenses - Windows by evsy Started by evsy, 11-01-2010, 23:23 PM	15 responses 4,046 views 0 likes	Last Post by bluebonnie 13-11-2017, 17:11 PM
CGT liability by splodge2001 Started by splodge2001, 12-11-2017, 21:06 PM	4 responses 99 views 0 likes	Last Post by jpkeates 13-11-2017, 10:04 AM
Scottish BTL by jambo Started by jambo, 01-11-2017, 13:08 PM	1 response 95 views 0 likes	Last Post by Gordon999 07-11-2017, 10:20 AM
Interest on a credit card by philip cooper Started by philip cooper, 03-11-2017, 19:30 PM	3 responses 134 views 0 likes	Last Post by jjlandlord 04-11-2017, 13:23 PM
Filling in my first self assessment for 2016/17 by RedHitman Started by RedHitman, 01-11-2017, 21:25 PM	6 responses 210 views 0 likes	Last Post by jpkeates 02-11-2017, 15:40 PM
Setup letting agency to manage my properties by Skag Started by Skag, 16-10-2017, 17:38 PM	14 responses 625 views 0 likes	Last Post by CaveMan 02-11-2017, 08:41 AM
Uneven rental income split by Paul B Started by Paul B, 18-10-2017, 08:42 AM	9 responses 262 views 0 likes	Last Post by bhodgkiss 31-10-2017, 19:56 PM

Reply to Caught out by changes to Capital Gains Tax

by reluctantlandlord1976

JP Keates
I wasn't aware that refurbishment deductions only applied in terms of letting out the property. On the CGT calculator it asked 'How much have you spent on improvements since you became the property owner'.....

Here's the timeline:

March 1982 - 1992 3 Owners,...
- Channel: Tax Questions
07-12-2021, 18:01 PM
Reply to Caught out by changes to Capital Gains Tax

by reluctantlandlord1976

JP Keates et al - thank you very much for your assistance. I have this afternoon emailed an accountant to try and get an appointment urgently. I hadn't realised it was all so complicated and it was remiss of me to not be aware of the CGT changes made in 2020 due to not renting out the property. Thanks...
- Channel: Tax Questions
07-12-2021, 17:28 PM
Reply to Caught out by changes to Capital Gains Tax

by jpkeates

Refurbishment while you were living there is only allowable against CGT if it was solely and exclusively for the business, so if it was to prepare the property to be let, it would be OK.
If it was simply to improve what was then your home, it fails the basic test.

Get yourself to...
- Channel: Tax Questions
07-12-2021, 16:22 PM
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...
- Channel: Tax Questions
06-12-2021, 13:51 PM
Reply to Caught out by changes to Capital Gains Tax

by AndrewDod

The probate resets a lot of the stuff, but my main response was unapproved
- Channel: Tax Questions
07-12-2021, 15:36 PM
Reply to Caught out by changes to Capital Gains Tax

by AndrewDod

You are really short on detail:

Date (year & month) bought in joint names ______ (what % was yours then)
Date it converted to your sole name ______ (presumable date of death of parent 2?)
Declared vale at probate _________
Capital expenses between date of probate 2...
- Channel: Tax Questions
07-12-2021, 15:33 PM
Reply to Caught out by changes to Capital Gains Tax

by reluctantlandlord1976

We were all joint owners. Bought it with parents. I lived there for 10 years before buying own home. I became sole owner upon their deaths. Rented out since 2007-2019. Empty last two year as trying to sell. Hence I was off the landlord radar. I am now extremely worried by your statement that refurbishment...
- Channel: Tax Questions
07-12-2021, 14:53 PM
Reply to Caught out by changes to Capital Gains Tax

by AndrewDod

Let us know the exact timescale and money involved year by year - I am sure some kind person (or even myself) with do a calculation for you so that you can assess the risks involved
- Channel: Tax Questions
07-12-2021, 14:33 PM
Reply to Caught out by changes to Capital Gains Tax

by AndrewDod

When you lived there did you OWN it (ot did your parents own it). Ownership by your parents and residence by them is irrelevant to your CGT calculation. Sounds as if it was rented out all the time that you owned it.

Highly unlikely that over that timescale the CGT would be negligible "up...
- Channel: Tax Questions
07-12-2021, 14:32 PM
Reply to Caught out by changes to Capital Gains Tax

by Gordon999

It seems to me your capital gains tax problem is rather complex and requires some help from a tax accountant. But before contacting the tax accountant , you need to collect all of the information.

(a) Your "total capital gain" = your property sale proceeds ( Jan 2021)...
- Channel: Tax Questions
07-12-2021, 14:09 PM

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