Tax Questions

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expenses or capital gains on new btl ?? Grey area by Foxyuk Started by Foxyuk, 03-09-2017, 13:40 PM	3 responses 109 views 0 likes	Last Post by Gordon999 03-09-2017, 17:05 PM
Stamp duty rates for Limited Company by klinka01 Started by klinka01, 21-08-2017, 11:08 AM	3 responses 180 views 0 likes	Last Post by Gordon999 03-09-2017, 10:26 AM
Stamp duty surcharge for first time company purchase by nick_noal Started by nick_noal, 29-08-2017, 20:05 PM	2 responses 115 views 0 likes	Last Post by Gordon999 30-08-2017, 15:11 PM
Capital Gains Tax - incorrect property value on title doc by JCANNON Started by JCANNON, 26-08-2017, 10:00 AM	7 responses 254 views 0 likes	Last Post by JCANNON 29-08-2017, 10:40 AM
Capital Gains tax deductables by John Youngs Started by John Youngs, 27-08-2017, 14:05 PM	2 responses 201 views 0 likes	Last Post by Quadasia 28-08-2017, 10:38 AM
Moving to rented accommodation - Capital Gains Tax query by brianhurd Started by brianhurd, 25-08-2017, 11:28 AM	3 responses 108 views 0 likes	Last Post by brianhurd 25-08-2017, 17:23 PM
Can I offset the costs of refurbishment against income tax by embrams Started by embrams, 24-08-2017, 13:46 PM	1 response 182 views 0 likes	Last Post by JK0 24-08-2017, 14:03 PM
A question about Stamp Duty on a new home when moving from abroad by Galina Started by Galina, 23-08-2017, 12:04 PM	5 responses 96 views 0 likes	Last Post by Galina 24-08-2017, 09:24 AM
Tax deduction on account and maintenance works by max_co71 Started by max_co71, 21-08-2017, 23:59 PM	3 responses 123 views 0 likes	Last Post by jpkeates 22-08-2017, 10:26 AM
Capital Gains Tax Query by glyall Started by glyall, 21-08-2017, 10:28 AM	1 response 120 views 0 likes	Last Post by Gordon999 21-08-2017, 17:31 PM

Second home tax - should I divorce and re-marry?

by ReluctantLL2022

Hi,
Around 10 years ago, I bought my first property to live in. My dad helped me out and paid a 50% deposit to get me on the ladder. I'm listed as the owner on the summary of title land registry documents under the leaseholder/freeholder section.

After living in the property for...
- Channel: Tax Questions
28-06-2022, 21:20 PM
Reply to Second home tax - should I divorce and re-marry?

by DoricPixie

There’d be no point in attempting it as a married couple but unmarried couples would also be in for a nasty surprise since HMRC consider getting to occupy the property in such circumstances as a benefit....
- Channel: Tax Questions
29-06-2022, 15:00 PM
Reply to Second home tax - should I divorce and re-marry?

by DoricPixie

https://www.samconveyancing.co.uk/ne...lications-6085...
- Channel: Tax Questions
29-06-2022, 14:58 PM
Reply to Second home tax - should I divorce and re-marry?

by jpkeates

It's very unusual for a lender to be prepared to lend on a joint basis against a property owned by only one of joint borrowers.
And the additional SDLT would be payable if the two people were married anyway.

I can't imagine there are many instances of this ever happening.
- Channel: Tax Questions
29-06-2022, 13:38 PM
Reply to Second home tax - should I divorce and re-marry?

by ReluctantLL2022

Gordon999,
Good point on #1, I haven't calculated the capital gain, but I suspect it'll be more than £20K.

#2 sounds complicated - is this relatively straightforward to do with most lawyers?

"It's why those couples who try to circumvent the higher rate of SDLT rules...
- Channel: Tax Questions
29-06-2022, 13:20 PM
Reply to Second home tax - should I divorce and re-marry?

by Gordon999

R-2022

1. Have you calculated how much capital gains tax is payable after sale of the "first property" ? Since you lived at the property for a few years , the capital gain during " period of own residence" is not taxed.

So you pay tax on " the...
- Channel: Tax Questions
29-06-2022, 11:31 AM
Reply to Second home tax - should I divorce and re-marry?

by DoricPixie

Her solicitor, who will most likely also be acting for the mortgage lender, will want to know the source of the funds for the deposit. Not all lenders will accept a gifted deposit coming from someone who will live in the property but not named on the mortgage.

Yes because...
- Channel: Tax Questions
29-06-2022, 09:55 AM
Reply to Second home tax - should I divorce and re-marry?

by DoricPixie

It's why those couples who try to circumvent the higher rate of SDLT rules by having a joint borrower sole legal owner mortgages fail, because both joint borrowers have a beneficial interest as both of them took out the mortgage so they can both buy a property to live in regardless of how many people...
- Channel: Tax Questions
29-06-2022, 09:47 AM
Removed 2nd kitchen to sell property but can I still claim install costs against CGT

by rugbyroom

Dear Forum,

When I purchased a property back in 2007, I had an upstairs bedroom converted into a small kitchen and bathroom to create a self contained ground floor flat and a second kitchen / bathroom for the other 3 bedrooms upstairs to use.

The council had no issue with the...
- Channel: Tax Questions
28-06-2022, 11:16 AM
Reply to Removed 2nd kitchen to sell property but can I still claim install costs against CGT

by Gordon999

You can claim the cost of "removing kitchen and converting to utility room" before finding a buyer as an improvement expense .

Just claim this part and deduct this expense in your calculation of the taxable capital gain....
- Channel: Tax Questions
29-06-2022, 09:05 AM

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