Tax Questions

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Can you offset mortgage over payments against tax? by adigaskell Started by adigaskell, 21-10-2011, 12:28 PM	3 responses 2,915 views 0 likes	Last Post by TaxationPete 21-10-2011, 13:46 PM
Tax on a BTL Repayment Mortgage by Dancoopbron1 Started by Dancoopbron1, 17-10-2011, 14:26 PM	4 responses 1,350 views 0 likes	Last Post by Gordon999 19-10-2011, 13:59 PM
Family House Inheritance Tax by AndyJohnson Started by AndyJohnson, 11-10-2011, 20:07 PM	8 responses 1,098 views 0 likes	Last Post by islandgirl 19-10-2011, 12:51 PM
Stamp duty on rent? by Ray111 Started by Ray111, 17-10-2011, 15:40 PM	2 responses 549 views 0 likes	Last Post by Telometer 17-10-2011, 16:19 PM
Rental Property expenses allowable when selling by thegrays2003 Started by thegrays2003, 17-10-2011, 11:07 AM	5 responses 1,851 views 0 likes	Last Post by thegrays2003 17-10-2011, 11:46 AM
Cheque presented after tax year end by johnjw Started by johnjw, 22-08-2011, 09:24 AM	10 responses 2,013 views 0 likes	Last Post by Telometer 17-10-2011, 11:29 AM
New property better to buy in lower tax payers name by ognum Started by ognum, 16-10-2011, 14:45 PM	2 responses 1,081 views 0 likes	Last Post by Telometer 17-10-2011, 11:28 AM
Tax return time again..... by bpascua Started by bpascua, 13-10-2011, 15:24 PM	0 responses 598 views 0 likes	Last Post by bpascua 13-10-2011, 15:24 PM
Help with tax return/receipts etc ? by bilabonic Started by bilabonic, 26-09-2011, 06:55 AM	11 responses 2,149 views 0 likes	Last Post by Tanush 13-10-2011, 11:50 AM
Trusts and Divorce implications by john deere guy Started by john deere guy, 30-09-2011, 10:32 AM	1 response 615 views 0 likes	Last Post by Gordon999 13-10-2011, 08:46 AM

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...
- Channel: Tax Questions
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...
- Channel: Tax Questions
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...
- Channel: Tax Questions
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,...
- Channel: Tax Questions
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...
- Channel: Tax Questions
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...
- Channel: Tax Questions
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
- Channel: Tax Questions
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...
- Channel: Tax Questions
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...
- Channel: Tax Questions
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
- Channel: Tax Questions
07-12-2021, 14:33 PM

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