Tax Questions

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Rics valuatiom for retrospective house price- is there any other way? by Cavan Started by Cavan, 31-03-2017, 12:33 PM	4 responses 358 views 0 likes	Last Post by Cavan 01-04-2017, 15:46 PM
Freeholder Tax Liability - Lease Extension by comm1985 Started by comm1985, 30-03-2017, 12:42 PM	1 response 602 views 0 likes	Last Post by Gordon999 01-04-2017, 12:43 PM
Letting under market value to a friend by Sarah2909 Started by Sarah2909, 25-03-2017, 17:57 PM	4 responses 684 views 0 likes	Last Post by DPT57 29-03-2017, 16:21 PM
Property in Ltd Company by Claymore Started by Claymore, 21-03-2017, 22:32 PM	8 responses 578 views 0 likes	Last Post by John Duff 29-03-2017, 15:54 PM
Record keeping for landlord by freddycd15 Started by freddycd15, 28-03-2017, 22:27 PM	2 responses 420 views 0 likes	Last Post by theartfullodger 29-03-2017, 14:39 PM
BTL - First property by Emanresu Started by Emanresu, 27-03-2017, 16:51 PM	5 responses 426 views 0 likes	Last Post by Emanresu 29-03-2017, 06:42 AM
Company and stamp duty by kelbol Started by kelbol, 25-03-2017, 07:41 AM	8 responses 544 views 0 likes	Last Post by LJP 28-03-2017, 22:33 PM
Can I move into flat and then sell it without incurring 3% SD tax? by Sunflowers82 Started by Sunflowers82, 13-03-2017, 20:32 PM	9 responses 850 views 0 likes	Last Post by Gordon999 28-03-2017, 04:39 AM
mortgage tax relief by selondon Started by selondon, 27-03-2017, 08:17 AM	1 response 373 views 0 likes	Last Post by loanarranger 27-03-2017, 10:39 AM
Tax by Farais Started by Farais, 24-03-2017, 22:41 PM	1 response 364 views 0 likes	Last Post by loanarranger 25-03-2017, 07:21 AM

Reply to Removed 2nd kitchen to sell property but can I still claim install costs against CGT

by Sydaton

do you have an opinion, Gordon999, as to whether,they can claim the original cost of the kitchen install against their CGT as well?...
- Channel: Tax Questions
29-06-2022, 16:19 PM
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
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 Gordon999

R-2022,

In #2 , I proposed the "company" buys the property from you and the company becomes the owner of the property. The Company has no funds and borrows the £240K ; 50% mortgage loan from Bank and 50% loan from you ( director's personal loan ). The bank loan is...
- Channel: Tax Questions
29-06-2022, 15:07 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

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