Tax Questions

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Transfer of beneficial interest by SALL Started by SALL, 05-12-2012, 10:24 AM	2 responses 2,199 views 0 likes	Last Post by Wight Knight 23-12-2012, 22:20 PM
solar panels on a btl and tax implications by megotbigears Started by megotbigears, 19-12-2012, 08:32 AM	4 responses 2,003 views 0 likes	Last Post by bandontherun 21-12-2012, 21:49 PM
I want to let oversee Property by NewJane Started by NewJane, 16-12-2012, 11:09 AM	2 responses 551 views 0 likes	Last Post by Gordon999 16-12-2012, 23:31 PM
Tax on Freehold Company income from selling a lease extension by simon_m_day Started by simon_m_day, 30-11-2012, 16:36 PM	7 responses 4,037 views 0 likes	Last Post by simon_m_day 16-12-2012, 23:11 PM
New to letting by dj5283745 Started by dj5283745, 14-12-2012, 10:16 AM	2 responses 697 views 0 likes	Last Post by Mrs Mug 14-12-2012, 15:09 PM
Software by Cameron9988 Started by Cameron9988, 13-11-2012, 20:00 PM	2 responses 870 views 0 likes	Last Post by Diesel9a1 13-12-2012, 11:25 AM
can backdate expense by megotbigears Started by megotbigears, 12-12-2012, 10:01 AM	2 responses 1,235 views 0 likes	Last Post by megotbigears 12-12-2012, 18:55 PM
what evidence do I need for future Capital Gains Tax? by Kristy Started by Kristy, 10-12-2012, 21:45 PM	5 responses 1,552 views 0 likes	Last Post by Thompsons 11-12-2012, 20:53 PM
Rental Loss for Year - Still need to declare? + permisable expenses by uk316 Started by uk316, 09-12-2012, 19:15 PM	5 responses 864 views 0 likes	Last Post by Mr Green 10-12-2012, 09:42 AM
Rental Income Loss by roger3 Started by roger3, 07-12-2012, 17:34 PM	4 responses 849 views 0 likes	Last Post by roger3 08-12-2012, 11:10 AM

Reply to SDLT relief for multiple dwellings

by Gordon999

You are buying one title, not buying 5 separate titles...
- Channel: Tax Questions
11-08-2022, 17:35 PM
SDLT relief for multiple dwellings

by BIGGYBIBIG

Hello everyone,
I have had an offer accepted on a property purchase, subject to a surveyors report of £395,000 in England.

I am currently looking at surveyors but i just wanted to know where i stand in terms of stamp duty, costs etc.

I have phoned 5 different solicitors...
- Channel: Tax Questions
10-08-2022, 19:20 PM
Reply to SDLT relief for multiple dwellings

by BIGGYBIBIG

Again taken from HMRC website it states if (6 or more dwellings which mine is 8) it may be treated as a non residential transaction for the purposes of SDLT so will owning my own home have any effect on this?? Presumably i am thinking 1% minimum would still apply?

SDLTM29905 - Relief for

...
- Channel: Tax Questions
11-08-2022, 17:22 PM
Reply to SDLT relief for multiple dwellings

by BIGGYBIBIG

whilst you are correct in most cases however that is not taking into account SDLT relief for multiple dwellings
here is a copy and paste from HMRC own website, hence the reason for the post

Example
You buy 5 houses for £1 million.
£1 million divided by 5 is £200,000....
- Channel: Tax Questions
11-08-2022, 16:39 PM
Reply to Giving/Gifting House to Kids

by jpkeates

That's part of why it's worth getting professional advice - sometimes paying some CGT at 18% is more appealing than IHT at 40%.

But lots of people don't have to pay any IHT at all, and if the bulk of the estate is a £200k property it would be well under the threshold at which any tax is...
- Channel: Tax Questions
11-08-2022, 15:15 PM
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...
- Channel: Tax Questions
11-08-2022, 11:12 AM
Reply to Giving/Gifting House to Kids

by Neelix

Hum,

We know a family where the dad got a dementia diagnosis at the age of about 66 - he lived another 12 years. The cash assets of the parents were split 50/50 and these went quickly. There is a 50% charge on the house, that the wife can live in for life but can't downsize because 50%...
- Channel: Tax Questions
11-08-2022, 15:10 PM
Reply to Giving/Gifting House to Kids

by Lawcruncher

Indeed.

These days getting professional advice does not always ensure the best advice and the advice can be very expensive. What clients whose main asset is their home should be told is:

· It is a myth that "the council can take your home to pay for care".
...
- Channel: Tax Questions
11-08-2022, 14:57 PM
Reply to Giving/Gifting House to Kids

by Neelix

I'd rather my parents lived in comfort during their last years ............... clearly you don't seem to care....
- Channel: Tax Questions
11-08-2022, 14:54 PM
Reply to Giving/Gifting House to Kids

by Tony-Edwards

At least there is a maximum lifetime amount of IIRC £86,000 now that the council can rob.

But with a property worth £180,000, by the time they've had 2 x £86,000 there's not much left is there.
- Channel: Tax Questions
11-08-2022, 14:50 PM

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