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Started by pintman, 26-11-2011, 19:18 PM
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  • Caught out by changes to Capital Gains Tax
    by reluctantlandlord1976
    I appreciate 'ignorance' is no excuse, however there are some mitigating factors, i.e. due to illness etc.

    1. Previous family home rented out - terrible tenants - left owing rent, bad repairs etc. [usual story for some] subsequently property not let for 2 years for a number of reasons while...
    06-12-2021, 13:51 PM
  • Reply to Caught out by changes to Capital Gains Tax
    by reluctantlandlord1976
    Thank you Gordon, didn't see your response this afternoon. I will look at this with fresh eyes tomorrow as it's late now.
    I've put some figures in my reply to a post just now but answers below to your questions.

    a] £80k Jan 2021 sale price.
    b] As property purchased before...
    08-12-2021, 00:55 AM
  • Reply to Caught out by changes to Capital Gains Tax
    by reluctantlandlord1976
    Andrew, apologies only just seen your post [was it awaiting approval did you say?] answers are:

    Purchased March 1982 as joint tenancy - so equal split of 33 1/3% each party
    Parent 2 died September 2007 - as joint tenancy I inherited their share - so at this point I own 100% of property...
    08-12-2021, 00:41 AM
  • Reply to Caught out by changes to Capital Gains Tax
    by reluctantlandlord1976
    JP Keates
    I wasn't aware that refurbishment deductions only applied in terms of letting out the property. On the CGT calculator it asked 'How much have you spent on improvements since you became the property owner'.....

    Here's the timeline:

    March 1982 - 1992 3 Owners,...
    07-12-2021, 18:01 PM
  • Reply to Caught out by changes to Capital Gains Tax
    by reluctantlandlord1976
    JP Keates et al - thank you very much for your assistance. I have this afternoon emailed an accountant to try and get an appointment urgently. I hadn't realised it was all so complicated and it was remiss of me to not be aware of the CGT changes made in 2020 due to not renting out the property. Thanks...
    07-12-2021, 17:28 PM
  • Reply to Caught out by changes to Capital Gains Tax
    by jpkeates
    Refurbishment while you were living there is only allowable against CGT if it was solely and exclusively for the business, so if it was to prepare the property to be let, it would be OK.
    If it was simply to improve what was then your home, it fails the basic test.

    Get yourself to...
    07-12-2021, 16:22 PM
  • Reply to Caught out by changes to Capital Gains Tax
    by AndrewDod
    The probate resets a lot of the stuff, but my main response was unapproved
    07-12-2021, 15:36 PM
  • Reply to Caught out by changes to Capital Gains Tax
    by AndrewDod
    You are really short on detail:

    Date (year & month) bought in joint names ______ (what % was yours then)
    Date it converted to your sole name ______ (presumable date of death of parent 2?)
    Declared vale at probate _________
    Capital expenses between date of probate 2...
    07-12-2021, 15:33 PM
  • Reply to Caught out by changes to Capital Gains Tax
    by reluctantlandlord1976
    We were all joint owners. Bought it with parents. I lived there for 10 years before buying own home. I became sole owner upon their deaths. Rented out since 2007-2019. Empty last two year as trying to sell. Hence I was off the landlord radar. I am now extremely worried by your statement that refurbishment...
    07-12-2021, 14:53 PM
  • Reply to Caught out by changes to Capital Gains Tax
    by AndrewDod
    Let us know the exact timescale and money involved year by year - I am sure some kind person (or even myself) with do a calculation for you so that you can assess the risks involved
    07-12-2021, 14:33 PM
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