Tax Questions

		Statistics	Last Post
Tax situation on money I paid for deposit by Thurrock1 Started by Thurrock1, 18-04-2021, 08:26 AM	3 responses 57 views 0 likes	Last Post by Thurrock1 18-04-2021, 11:49 AM
Limited Company and BBL by Cameron9988 Started by Cameron9988, 17-04-2021, 08:33 AM	4 responses 53 views 0 likes	Last Post by Gordon999 18-04-2021, 03:09 AM
Tax Exemption by jp13abk Started by jp13abk, 14-04-2021, 19:37 PM	2 responses 93 views 0 likes	Last Post by jp13abk 14-04-2021, 20:07 PM
Mtd by jase222 Started by jase222, 14-04-2021, 12:22 PM	2 responses 58 views 0 likes	Last Post by jpucng62 14-04-2021, 16:20 PM
CGT and tax returns by Lots on Started by Lots on, 02-04-2021, 09:46 AM	16 responses 213 views 0 likes	Last Post by Lots on 12-04-2021, 10:04 AM
spreadsheet by jase222 Started by jase222, 11-04-2021, 13:53 PM	3 responses 61 views 0 likes	Last Post by jpkeates 12-04-2021, 08:24 AM
Buying a property from my Father by nick_noal Started by nick_noal, 08-04-2021, 20:38 PM	7 responses 104 views 0 likes	Last Post by Gordon999 10-04-2021, 22:44 PM
CGT On-Line Reporting Query by jghomer Started by jghomer, 09-04-2021, 12:38 PM	3 responses 51 views 0 likes	Last Post by jghomer 10-04-2021, 07:44 AM
Some tax questions for self assessment by leasee123 Started by leasee123, 07-04-2021, 22:17 PM	9 responses 111 views 0 likes	Last Post by leasee123 08-04-2021, 12:10 PM
Keeping Records 6 years ? by Piffy Started by Piffy, 04-04-2021, 08:32 AM	10 responses 150 views 0 likes	Last Post by Chester Perry 06-04-2021, 20:33 PM

Let Property Campaign advice

by Zackisback878

Hi All

I am new to the forum and looking for some advice on the above.

In 2009 my parents bought me a property to live in using an interest only mortgage (this however was against their residential home and not the one they bought for me). I lived in this property rent free...
- Channel: Tax Questions
05-05-2021, 14:01 PM
Reply to Let Property Campaign advice

by Gordon999

1. I think the rental income of £350 per month comes to £4200 per year.

In 2009, the Personal Allowance was around £6500 before starting to tax on the rental income.

So unlikely for Tax Office to be interested in mum's non-declaration of rental income £4200 which ...
- Channel: Tax Questions
08-05-2021, 00:56 AM
Stamp duty payable on transfer of equity of a mortgaged property?

by Snowynight

Hi all,

I own a property in my sole name and am currently completing a remortgage and transfer of equity to my partner with an unequal split. We'll submit the Form 17 alongside a Declaration of Trust to HMRC after the completion.

As it is a mortgaged property, although I'm...
- Channel: Tax Questions
05-05-2021, 17:48 PM
Reply to Stamp duty payable on transfer of equity of a mortgaged property?

by Gordon999

The rules for paying SDLT on transfers solely between spouses living together state :

From 22 November 2017, the higher rates rules disregard transactions solely involving the transfer of interests between spouses or civil partners while they are treated as living together on the date...
- Channel: Tax Questions
07-05-2021, 23:39 PM
Self assessment, mortgage interest - where does it go on the return now?

by davebhoy

Hi

Im doing a provisional self assessment tax return for 2021 so I can calculate what I can reduce my July payment on account to.

I can't find anywhere to put the mortgage interest payments. I remember there used to be a box the interest payments that were part of the allowance...
- Channel: Tax Questions
07-05-2021, 18:47 PM
Reply to Self assessment, mortgage interest - where does it go on the return now?

by Gordon999

Send a letter to the Tax Office to explain reason why you intend to reduce the July 2021 tax payment.
- Channel: Tax Questions
07-05-2021, 22:57 PM
Reply to Stamp duty payable on transfer of equity of a mortgaged property?

by Snowynight

Hm ok, thanks. My solicitor's argument was "We do not consider the existing mortgage to be taken as consideration for the transaction as Land Registry have previously advised us this is not a requirement, and as there is no actual money changing hands, the consideration should be taken as zero."...
- Channel: Tax Questions
07-05-2021, 22:26 PM
Reply to Stamp duty payable on transfer of equity of a mortgaged property?

by jpkeates

Yes.

Essentially your wife joining the mortgage means that this isn't a gift, it's a sale at 50% of the value of the mortgage for SDLT purposes....
- Channel: Tax Questions
07-05-2021, 16:51 PM
Reply to Stamp duty payable on transfer of equity of a mortgaged property?

by Snowynight

Thanks for the reply!

We are having a remortgage so my wife's name is added to the mortgage too, but I'll be the one who continues to pay the mortgage (with my account). Does this still mean a transfer of mortgage or not?...
- Channel: Tax Questions
07-05-2021, 14:36 PM
Reply to Stamp duty payable on transfer of equity of a mortgaged property?

by Snowynight

Yes, we are married....
- Channel: Tax Questions
07-05-2021, 14:34 PM

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