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Started by rkelly, 08-01-2014, 20:48 PM
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Started by buffalo747, 30-12-2013, 17:35 PM
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by jt2007
 
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  • Capital Gains Tax
    by LVA
    Apologies if this has been covered in this website but I've looked and cannot find...

    I bought my flat in 1997, rented it out in 2001 (ish), returned to live in it in March 2020. Its approx 27 years ownership and 7 ish years living in it.

    My accountant tells me the CGT...
    16-08-2022, 12:59 PM
  • Reply to Capital Gains Tax
    by Gordon999
    The capital gains is charged at 18% or 28 % rate, and this depends on your job income, which is taxed at 20% or 40% .

    Assuming the capital gains tax rate is about 25% average , your total gain is probably around 4 x £50K = £200K ( or over. )

    If you are married...
    18-08-2022, 11:26 AM
  • Overseas
    by jase222
    Hi,
    I will be moving to Spain for between 6-9months and I will obviously be paying my taxes and I spoke to a Spainish tax accountant who said the authorities won’t be interested in anybody who stays for less than a year as long as you can prove you pay tax in your own country? I’ve never heard...
    17-08-2022, 08:05 AM
  • Reply to Overseas
    by jpkeates
    I suspect that the accountant wasn't citing the regulations, he was explaining the reality....
    18-08-2022, 11:18 AM
  • Reply to Giving/Gifting House to Kids
    by Tony-Edwards
    It wasn't meant to question HMRC - it was a response to the rude and thoughtless comments made by some....
    18-08-2022, 09:51 AM
  • Giving/Gifting House to Kids
    by Tony-Edwards
    Elderly parents in early 80s, one in not so good health.

    Lived in the same home (no mortgage etc) for 50+ years - now worth approx £180,000 - £200,000 and they have minimal savings.

    Looking ahead, if one has to go into care (or council provided home care) I understand there...
    11-08-2022, 11:12 AM
  • Reply to Giving/Gifting House to Kids
    by Tony-Edwards
    gnvqsos,

    Seriously? - the investment was to provide several annual holidays. We're talking 50 years ago, not last week.

    Unfortunately, no they didn't have a spare £1,000 lying around for unforeseen circumstances
    18-08-2022, 09:07 AM
  • Reply to Capital Gains Tax
    by AndrewDod
    I think the point that is being missed here is that inflation *is itself* a type of tax.

    It is a tax on savings (on people who try to save so they they or their disabled child can cope without having to lean on the state instead of smoking it away).

    Put simply, government...
    17-08-2022, 20:20 PM
  • Reply to Capital Gains Tax
    by gnvqsos
    I believe CGT did adjust gains in line with the RPI and also had taper relief. This was rejected in the late 90s by GB.
    17-08-2022, 18:33 PM
  • Reply to Overseas
    by jase222
    I sorted that out but but was surprised by his comments, I know all about Spainish residency as been there before , I am waiting for confirmation.
    17-08-2022, 16:41 PM
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