Tax Questions

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Tax implications of remortgaging home for a deposit on a BTL by Jerry777 Started by Jerry777, 20-06-2021, 18:58 PM	3 responses 121 views 0 likes	Last Post by Jerry777 27-06-2021, 19:01 PM
Declaration of Trust question by Savage87 Started by Savage87, 25-05-2021, 18:03 PM	28 responses 382 views 0 likes	Last Post by Lawcruncher 25-06-2021, 16:26 PM
Capital Gain Tax on main home, but let in the past by Gep Started by Gep, 18-06-2021, 17:32 PM	3 responses 81 views 0 likes	Last Post by Gordon999 20-06-2021, 14:05 PM
inherited house - best to sell or rent by Wobble1 Started by Wobble1, 17-06-2021, 20:32 PM	12 responses 162 views 0 likes	Last Post by Gordon999 20-06-2021, 13:57 PM
First time investor to a BTL planning for long future and father retirement by Nick constable Started by Nick constable, 18-06-2021, 10:09 AM	1 response 59 views 0 likes	Last Post by jpkeates 18-06-2021, 12:56 PM
IHT, CGT and Income tax avoidance by clairol Started by clairol, 16-06-2021, 16:40 PM	5 responses 117 views 0 likes	Last Post by jpkeates 17-06-2021, 09:38 AM
Capital gain tax on property bought jointly but later changed into sole ownership. by Jeniken Started by Jeniken, 12-06-2021, 12:48 PM	8 responses 100 views 0 likes	Last Post by jpkeates 15-06-2021, 15:03 PM
CGT and SDLT liabilities on sale and the definition of "main residence" when renting by meehr Started by meehr, 12-06-2021, 19:38 PM	5 responses 68 views 0 likes	Last Post by jpkeates 14-06-2021, 06:23 AM
Expenses Allowed against Capital Gains Tax by AJM2 Started by AJM2, 10-06-2021, 16:35 PM	2 responses 91 views 0 likes	Last Post by Gordon999 12-06-2021, 07:04 AM
Do I need to pay capital gains tax here? by Kr335 Started by Kr335, 10-06-2021, 19:04 PM	12 responses 156 views 0 likes	Last Post by Kr335 11-06-2021, 13:37 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...
- 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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