Tax Questions

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IHT on property question by Bill31 Started by Bill31, 20-11-2019, 13:46 PM	17 responses 175 views 0 likes	Last Post by jpkeates 21-11-2019, 12:46 PM
Capital gains on selling House pre/post April 2020 by juwelkeeper Started by juwelkeeper, 16-11-2019, 05:38 AM	6 responses 183 views 0 likes	Last Post by juwelkeeper 19-11-2019, 19:43 PM
Cgt tax enquiry by Bill31 Started by Bill31, 15-11-2019, 21:10 PM	8 responses 174 views 0 likes	Last Post by jpkeates 19-11-2019, 14:15 PM
Jersey Bank interest on uk self-assessment form by royboy1 Started by royboy1, 19-11-2019, 05:29 AM	2 responses 65 views 0 likes	Last Post by Gordon999 19-11-2019, 10:22 AM
Is there any point in selling up and moving into 2nd home for the last 6 months? by Berkshire45 Started by Berkshire45, 18-11-2019, 07:37 AM	4 responses 94 views 0 likes	Last Post by jpkeates 19-11-2019, 09:29 AM
CGT sale of property and Form 17 by siara Started by siara, 15-11-2019, 12:17 PM	6 responses 113 views 0 likes	Last Post by Gordon999 19-11-2019, 03:41 AM
Should I have this document? by Cotton Started by Cotton, 08-11-2019, 13:37 PM	2 responses 81 views 0 likes	Last Post by Gordon999 18-11-2019, 13:14 PM
Why is this landlord selling up? by Flashback1966 Started by Flashback1966, 15-11-2019, 02:32 AM	3 responses 122 views 0 likes	Last Post by toys19 15-11-2019, 17:20 PM
Can I claim expenses incurred in repairing a property in preparation for letting it? by Rob H Started by Rob H, 14-11-2019, 17:07 PM	1 response 84 views 0 likes	Last Post by jpkeates 14-11-2019, 19:04 PM
SDLT / Mixed Use Query by Bilo Started by Bilo, 04-11-2019, 15:50 PM	2 responses 52 views 0 likes	Last Post by Bilo 09-11-2019, 11:09 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 CGT under the threshold once split with husband?

by AndrewDod

Why exactly don't you want to declare it? If you are submitting a return anyway....
- Channel: Tax Questions
09-04-2020, 00:06 AM
Reply to CGT under the threshold once split with husband?

by stuco

The £48000 figure is mentioned within the SA form. There is the option to submit a CGT form if you've disposed of a chargeable asset and it says something along the lines of if the value is more than £48000 (I'm assuming it equates to 4 x this years allowance) and you've made a gain over the allowance....
- Channel: Tax Questions
08-04-2020, 20:15 PM
Reply to Implications of Gifting a % of Property

by Gordon999

To answer your question - Capital gains tax is exempt on capital gains from disposal of main residence.

So gifting 50% of your current home ( main residence ) to your son will be free of sdlt and cgt. You can continue to stay in the property without paying rent because you still own...
- Channel: Tax Questions
08-04-2020, 16:11 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 CGT under the threshold once split with husband?

by Gordon999

The capital gains after sale of BTL property is calculated from "sale proceeds" minus "acquisition cost" including costs charged by estate agent and conveyancing solicitor costs.

For example : If the sale proceeds after deducting selling costs , was £78,000 and original...
- Channel: Tax Questions
08-04-2020, 15:53 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

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