Tax Questions

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CGT bill but how much by deanmartin1 Started by deanmartin1, 03-05-2016, 21:33 PM	1 response 440 views 0 likes	Last Post by TaxationPete 04-05-2016, 05:07 AM
SDLT Addl 3% - Main Residence Test by monsterp Started by monsterp, 28-04-2016, 21:07 PM	8 responses 1,167 views 0 likes	Last Post by monsterp 02-05-2016, 16:35 PM
Section 9A Enquiry nightmare, also involving sale of a BTL property by suzyt Started by suzyt, 02-05-2016, 13:55 PM	9 responses 521 views 0 likes	Last Post by jpkeates 02-05-2016, 16:35 PM
Where to send form 17 and declaration of trust to by ruth7862 Started by ruth7862, 01-05-2016, 13:23 PM	1 response 1,044 views 0 likes	Last Post by Gordon999 02-05-2016, 05:50 AM
Re - Mortgage conveyancing fees by philip cooper Started by philip cooper, 26-04-2016, 19:50 PM	8 responses 560 views 0 likes	Last Post by philip cooper 28-04-2016, 19:54 PM
Tenant Tax – Landlords Fight Back by moonbug Started by moonbug, 22-04-2016, 15:29 PM	5 responses 620 views 0 likes	Last Post by Hippogriff 28-04-2016, 12:55 PM
CGT calculation for UNmarried partners with different ownership & residency periods by militantconsumer Started by militantconsumer, 23-04-2016, 18:11 PM	8 responses 937 views 0 likes	Last Post by jpkeates 28-04-2016, 12:22 PM
Tax questions for a Newbie Landlord by djfactor Started by djfactor, 27-04-2016, 13:33 PM	1 response 338 views 0 likes	Last Post by jpkeates 27-04-2016, 15:21 PM
Relief for repairs while still resident? by DPT57 Started by DPT57, 27-04-2016, 06:54 AM	3 responses 291 views 0 likes	Last Post by jpkeates 27-04-2016, 13:50 PM
Pension to lower rental income.....is it an option? by Jempa Started by Jempa, 26-04-2016, 11:23 AM	3 responses 448 views 0 likes	Last Post by Gordon999 27-04-2016, 10:40 AM

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
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
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 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
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 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
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
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

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