Tax Questions

Collapse

Forums Topics Posts Last Post
No forums found.
  •  
  • Filter
  • Time
  • Show
  • New Topics
Clear All
new posts
There are no conversations in this channel.
 
  • Filter
  • Time
  • Show
Clear All
new posts
Please log in to your account to view your subscribed posts.
  •  
  • Filter
  • Time
  • Show
  • Sort By
  • Order
Clear All
new posts
Topics Statistics Last Post
Started by lllccc, 05-01-2021, 23:38 PM
7 responses
100 views
0 likes
Last Post Gordon999  
Started by Nicolas10, 09-01-2021, 08:11 AM
9 responses
97 views
0 likes
Last Post Gordon999  
Started by armour, 08-01-2021, 09:31 AM
4 responses
57 views
0 likes
Last Post armour
by armour
 
Started by Celibin, 08-01-2021, 11:47 AM
1 response
51 views
0 likes
Last Post jpucng62  
Started by dhoops97, 01-01-2021, 14:48 PM
9 responses
173 views
0 likes
Last Post Gordon999  
Started by Gunsho, 06-01-2021, 15:07 PM
3 responses
40 views
0 likes
Last Post theartfullodger  
Started by clarrieblue, 10-03-2020, 15:15 PM
11 responses
114 views
0 likes
Last Post stuco
by stuco
 
Started by halfax, 06-01-2021, 13:03 PM
2 responses
31 views
0 likes
Last Post halfax
by halfax
 
Started by Celibin, 06-01-2021, 08:25 AM
1 response
56 views
0 likes
Last Post jpucng62  
Started by Claymore, 05-01-2021, 13:17 PM
3 responses
68 views
0 likes
Last Post Gordon999  
No topics found.

Latest Topics

Collapse

  • Reply to Declaration of trust with wife to reduce tax liability?
    by jpkeates
    You would still be penalised, but you might have some claim against the solicitor.

    Part of the problem would be if you haven't paid the solicitor and were simply discussing "preliminary matters".
    The solicitor isn't working for you, and, while they should only give proper...
    19-01-2021, 19:06 PM
  • Declaration of trust with wife to reduce tax liability?
    by Madmax86
    Hi all

    I'm new to this forum so please be gentle

    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
  • Reply to Declaration of trust with wife to reduce tax liability?
    by Madmax86
    I know it's a bizarre situation. I asked twice and have two emails of confirmations. My first reply was along the lines of "are you sure because this article states...." and they're reply was "yes I can confirm this does not affect your lender and they don't need to be notified"....
    19-01-2021, 15:54 PM
  • Reply to Declaration of trust with wife to reduce tax liability?
    by jpkeates
    Quite right.
    Missed that speed reading!

    If they say that HMRC will accept that arrangement, there's no reason for me to doubt it.
    Yes, pretty much.
    Your wife would probably have an annual tax return to complete, but other than that.

    I saw that in the other...
    19-01-2021, 15:40 PM
  • Reply to Declaration of trust with wife to reduce tax liability?
    by Madmax86
    No. This link you need to read the bit under the 'sole legal owner' heading. And the other link is about the deed of assignment and states it SHOULDN'T be used if you own the property as joint tenants. There is mention of form 17 but that wouldn't relate to me.



    Yes I know,...
    19-01-2021, 15:33 PM
  • Tax on Sale of Lease Extension
    by Zajie
    Hi All. I own the share of freehold to my flat and the flat below mine. The lessee of the flat below mine requested a lease extension which I granted in March 2020 and therefore need to report this on my 2019/20 tax return.

    I have had a look around and it seems that this should be reported...
    19-01-2021, 11:31 AM
  • Reply to Tax on Sale of Lease Extension
    by Zajie
    I own the share of freehold for that flat and this was done around 6 years ago for £12,500.

    Regarding selling the share of freehold I cannot sell the flat as I do not own it. The underlease owns the property and I just own their share of freehold which gives me the right to sell a lease...
    19-01-2021, 13:59 PM
  • Reply to Tax on Sale of Lease Extension
    by Gordon999
    For £16,750 capital gains, you can claim the personal capital allowance of £12,300 and pay cgt on the balance of £4450 at 18% = £800 ?
    19-01-2021, 13:16 PM
  • Reply to Tax on Sale of Lease Extension
    by Section20z
    As the premium was so low I don't think you will actually need to declare it because you probably haven't made gains more than your allowance. If you do declare you will need to show the calculation otherwise it will look odd to have a disposal with no acquisition cost.
    what share of freehold...
    19-01-2021, 13:12 PM
  • Reply to Tax on Sale of Lease Extension
    by Zajie
    Yes it was. And although they did not go down the statutory route we did agree on zero ground rent. My feeling is it can be done as all gain (it was only £16,750) as I am not sure that I can put any of the share of freehold cost against it as that would come into play when /if I sell the share of...
    19-01-2021, 12:56 PM
Working...
X