Tax Questions

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Not really a property question but very much tax-related... by calgontablet Started by calgontablet, 05-10-2012, 19:34 PM	6 responses 960 views 0 likes	Last Post by Claymore 09-10-2012, 12:19 PM
CGT on unequal shares by slopemaster Started by slopemaster, 06-10-2012, 15:43 PM	4 responses 1,089 views 0 likes	Last Post by slopemaster 09-10-2012, 11:54 AM
Previous tenants bills/council tax etc by yorkie58 Started by yorkie58, 05-10-2012, 07:37 AM	1 response 817 views 0 likes	Last Post by Gordon999 07-10-2012, 06:56 AM
First self assessment, allowable expenses question. by AndrewC Started by AndrewC, 03-10-2012, 09:55 AM	17 responses 2,355 views 0 likes	Last Post by AndrewC 06-10-2012, 13:06 PM
Transferring property in joint names. by stockport1965 Started by stockport1965, 05-10-2012, 15:21 PM	3 responses 945 views 0 likes	Last Post by TaxationPete 05-10-2012, 16:14 PM
Allowances by stockport1965 Started by stockport1965, 04-10-2012, 18:48 PM	4 responses 697 views 0 likes	Last Post by Thompsons 05-10-2012, 16:09 PM
repair or capital expense and solicitor costs on first tax statement by bigknickers Started by bigknickers, 05-09-2012, 20:55 PM	6 responses 1,008 views 0 likes	Last Post by TaxationPete 04-10-2012, 18:46 PM
Pre-letting expenditure - prior seven years by numero Started by numero, 04-10-2012, 11:22 AM	3 responses 920 views 0 likes	Last Post by numero 04-10-2012, 14:03 PM
Question on self-assessment by chocksaway Started by chocksaway, 02-10-2012, 13:49 PM	3 responses 676 views 0 likes	Last Post by TaxationPete 03-10-2012, 20:15 PM
huge tax bill on its way???!!! by marlene Started by marlene, 01-10-2012, 19:59 PM	5 responses 792 views 0 likes	Last Post by TEAP Vicky 02-10-2012, 22:18 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
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 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....
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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.
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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
Reply to Second home tax - should I divorce and re-marry?

by DoricPixie

It's why those couples who try to circumvent the higher rate of SDLT rules by having a joint borrower sole legal owner mortgages fail, because both joint borrowers have a beneficial interest as both of them took out the mortgage so they can both buy a property to live in regardless of how many people...
- Channel: Tax Questions
29-06-2022, 09:47 AM
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

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