Agree the difference between operating expense and capital expense is " hard to see".
But if OP wants to minimise the capital gains tax bill, then OP must have some justification. I believe the minimum repair cost is "operating expense" and the extra cost is treated...
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23-01-2021, 05:05 AM
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Hi,
Can anyone help on this ? ive recently sold a property and in the process of submitting my CGT calculation, (yep 30 days deadline im aware of)
Had to totally replace all roof tiles, batons and gutterings including fascias ect ( and before anyone points it out YES we did...21-01-2021, 21:19 PM -
It is hard to see that a roof replacement is a capital expense, unless there was no roof before.
Perhaps the driveway if it really is replacing no driveway with something entirely different and new....23-01-2021, 01:52 AM -
I agree Gordon.
I've already decided to proceed down the deed of assignment route. Thanks all for your help, it's been a good discussion.22-01-2021, 22:32 PM -
Hi all
I'm new to this forum so please be gentle.gif "(grin)")
Background
I am sole owner of a BTL property (which is mortgaged).
I plan to assign 99% of the beneficial interest to my wife via a Declaration of Trust to use up her tax liability. I am a...18-01-2021, 09:07 AM -
Madmax86,
Solicitor firms are regulated under the Money Laundering Act by the UK Law Society , which does not allow its members to offer tax advice .
I suppose selling DOTs and DOAs to reduce tax payment is not the same business as offering tax advice.
Mortgage...22-01-2021, 22:04 PM -
This is for 2 unrelated parties tenants in common with beneficial ownership (rental and proceeds of sale) 100% to one party. They are selling up soon and want to know if the CGT will only fall on the beneficial party....02-11-2020, 08:01 AM
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When I transferred land into joint names they had some helpful video's with examples and how to complete the forms so check that out....22-01-2021, 21:59 PM
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We're an old fashioned lot here in the West Midlands.22-01-2021, 15:32 PM
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"Family law" covers matters such as divorce. separation, child custody, adoption and the like. Tax planning these days usually comes under the heading "private client".
As to whether you should engage a solicitor or accountant the following webpage gives a balanced view:...22-01-2021, 15:10 PM