Tax Questions

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Unintended landlord tax advice by PaulRs1 Started by PaulRs1, 11-11-2014, 16:37 PM	6 responses 1,029 views 0 likes	Last Post by King_Maker 12-11-2014, 17:01 PM
Cgt by sq1 Started by sq1, 08-11-2014, 20:41 PM	12 responses 1,834 views 0 likes	Last Post by sq1 12-11-2014, 10:40 AM
Expenses deductable question (already installed/bought applience's) by Stock81 Started by Stock81, 05-11-2014, 15:54 PM	7 responses 903 views 0 likes	Last Post by JamesHopeful 11-11-2014, 22:27 PM
Buying a residential property with Ltd company and occupy as paying tenant by TommyGG Started by TommyGG, 30-10-2014, 15:07 PM	6 responses 1,163 views 0 likes	Last Post by jpkeates 10-11-2014, 13:42 PM
Self Assesment by sq1 Started by sq1, 07-11-2014, 14:08 PM	3 responses 727 views 0 likes	Last Post by jpkeates 09-11-2014, 11:12 AM
Cash basis vs Accruals basis: criteria for eligibility by ravi Started by ravi, 08-11-2014, 15:15 PM	4 responses 1,062 views 0 likes	Last Post by ravi 08-11-2014, 16:22 PM
CGT on an undervalue property purchase by karen2947 Started by karen2947, 07-11-2014, 11:45 AM	9 responses 1,594 views 0 likes	Last Post by JK0 07-11-2014, 17:07 PM
Mortgage on own home deductible? by MickyV Started by MickyV, 23-10-2014, 20:29 PM	21 responses 2,013 views 0 likes	Last Post by jt2007 07-11-2014, 16:53 PM
Tax bill coming by Edii Started by Edii, 03-11-2014, 21:14 PM	12 responses 1,495 views 0 likes	Last Post by Claymore 06-11-2014, 21:42 PM
illegal expense claims by jt2007 Started by jt2007, 05-11-2014, 16:20 PM	1 response 601 views 0 likes	Last Post by MisterB 06-11-2014, 19:59 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
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
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...
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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...
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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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