Tax Questions

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Does 'maintenance and repairs' include the cost of rat removal? by Thyrsis Started by Thyrsis, 03-10-2011, 16:27 PM	2 responses 736 views 0 likes	Last Post by Thyrsis 03-10-2011, 20:27 PM
Accountant advice needed for 2 co-owned properties by Jargonaut Started by Jargonaut, 23-09-2011, 17:15 PM	3 responses 1,356 views 0 likes	Last Post by Gordon999 02-10-2011, 05:11 AM
BTL funded by money raised against existing home, paperwork query by property mongrel Started by property mongrel, 30-09-2011, 08:03 AM	6 responses 1,394 views 0 likes	Last Post by property mongrel 01-10-2011, 19:29 PM
Accidental Landlord by maccer Started by maccer, 30-09-2011, 11:19 AM	1 response 872 views 0 likes	Last Post by Snorkerz 30-09-2011, 11:41 AM
First year ltd company accounts due by amz Started by amz, 13-09-2011, 07:03 AM	2 responses 1,137 views 0 likes	Last Post by newshow 30-09-2011, 02:47 AM
Using tax credits by spouse by MeltingPoint Started by MeltingPoint, 27-09-2011, 15:33 PM	2 responses 686 views 0 likes	Last Post by TaxationPete 27-09-2011, 16:05 PM
Should I transfer my rental property in my wife name to use her tax allowance. by NickShaw Started by NickShaw, 23-09-2011, 11:08 AM	7 responses 9,172 views 0 likes	Last Post by Telometer 26-09-2011, 08:27 AM
Tax on Residential Rental Property by porschespook Started by porschespook, 20-09-2011, 10:38 AM	8 responses 2,057 views 0 likes	Last Post by Telometer 21-09-2011, 09:23 AM
Moving back into a house that has been rented out - implications on allowable expense by eduay Started by eduay, 16-09-2011, 07:50 AM	2 responses 1,263 views 0 likes	Last Post by Telometer 19-09-2011, 15:24 PM
Statutory Lease Extension Expenses by Captain Started by Captain, 04-09-2011, 09:53 AM	2 responses 1,556 views 0 likes	Last Post by Captain 18-09-2011, 17:50 PM

Reply to Caught out by changes to Capital Gains Tax

by reluctantlandlord1976

Hi Andrew
First of all I've got an initial appointment to speak to an accountant on Friday!

Can I just check where you write ' ...at death 1/6th of the value of the whole would have been deemed to pass to you for CGT purposes as the survivors would share the whole'.

Does...
- Channel: Tax Questions
08-12-2021, 18:02 PM
Reply to Caught out by changes to Capital Gains Tax

by jpkeates

Even if probate wasn't mandatory, it would probably have been useful.
- Channel: Tax Questions
08-12-2021, 13:44 PM
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 AndrewDod

Yes this would be the case if it was jointly owned (not as tenants in common). The situation would be that at death 1/6th of the value of the whole would have been deemed to pass to you (for CGT purposes), as the survivors would share the whole.

So for the 3 periods you would be taken...
- Channel: Tax Questions
08-12-2021, 12:51 PM
Reply to Caught out by changes to Capital Gains Tax

by reluctantlandlord1976

jpkeates
There was no estate as such, property jointly owned - they were both retired at time of purchase living on small pensions, hence I bought with them so they could stay in the home they'd been renting from council from early 1950s to March 1982 at time of purchase. And I paid for the initial...
- Channel: Tax Questions
08-12-2021, 10:50 AM
Reply to Caught out by changes to Capital Gains Tax

by jpkeates

I don't know the historic thresholds, but it's bizarre that there's no probate for both of your parents, their estate has to be tiny for that to be possible nowadays.
It's probably too late for HMRC to do anything about that, but that process sets the values for CGT calculations later on, so it's...
- Channel: Tax Questions
08-12-2021, 10:28 AM
Reply to Caught out by changes to Capital Gains Tax

by reluctantlandlord1976

Morning Andrew
Thanks for your response early this morning and clarifying I have to make three separate calculations [the split wasn't clear on the CGT calculator].
I understand the query on the value but this is an ex council house on a council estate [I feel I have to defend it here as...
- Channel: Tax Questions
08-12-2021, 08:45 AM
Reply to Caught out by changes to Capital Gains Tax

by AndrewDod

As gordon indicates you need to consider it in three entirely separate parts, each have their own gain and calculation --

The part YOU owned before Death 1
The part YOU owned between Death 1 and Death 2
The part you owned after Death 2

Based on the values you give...
- Channel: Tax Questions
08-12-2021, 05:52 AM
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

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