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Topics Statistics Last Post
6024kingedward1
inter spousal transfer & CGT by 6024kingedward1
Started by 6024kingedward1, 21-08-2009, 12:30 PM
33 responses
7,073 views
0 likes
 Last Post TaxationPete
by TaxationPete
02-11-2009, 10:26 AM  
bushelp
tax paid on rental property by bushelp
Started by bushelp, 02-11-2009, 08:49 AM
2 responses
1,409 views
0 likes
 Last Post theartfullodger
by theartfullodger
02-11-2009, 10:04 AM  
parsonsa
CGT on property sold by voluntary acquisition by parsonsa
Started by parsonsa, 01-11-2009, 17:50 PM
3 responses
963 views
0 likes
 Last Post Telometer
by Telometer
02-11-2009, 09:45 AM  
JDO
Capital or revenue costs? by JDO
Started by JDO, 29-10-2009, 18:25 PM
2 responses
2,195 views
0 likes
 Last Post Telometer
by Telometer
30-10-2009, 14:25 PM  
budgie13
Furnished v part-furnished by budgie13
Started by budgie13, 29-10-2009, 21:57 PM
1 response
1,472 views
0 likes
 Last Post TaxationPete
by TaxationPete
30-10-2009, 09:44 AM  
tuggybear50
New house, guidance please - first post! by tuggybear50
Started by tuggybear50, 26-10-2009, 22:57 PM
8 responses
1,347 views
0 likes
 Last Post jeffrey
by jeffrey
28-10-2009, 21:22 PM  
outtahere
Nominating property as principal private residence by outtahere
Started by outtahere, 20-10-2009, 17:11 PM
5 responses
5,715 views
0 likes
 Last Post TaxationPete
by TaxationPete
28-10-2009, 19:38 PM  
yellcom
Buying commercial premises; when is VAT due and what rate? by yellcom
Started by yellcom, 28-10-2009, 17:10 PM
1 response
2,195 views
0 likes
 Last Post jeffrey
by jeffrey
28-10-2009, 17:51 PM  
6024kingedward1
CGT on sale of property owned in un-equal shares by 6024kingedward1
Started by 6024kingedward1, 28-10-2009, 15:04 PM
1 response
844 views
0 likes
 Last Post TaxationPete
by TaxationPete
28-10-2009, 15:29 PM  
MaryQK
Income Tax form- how to treat rent arrears as bad debts? by MaryQK
Started by MaryQK, 25-10-2009, 16:00 PM
2 responses
2,463 views
0 likes
 Last Post theartfullodger
by theartfullodger
27-10-2009, 14:59 PM  
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  • tax / cgt question for renovating property
    by DroidEgg
    I purchased a shell of a house that was structurally sound but needed complete refurbishment. The house had been ransacked many items. eg All the radiators & copper pipe had been ripped from the walls.
    A builder completed all the work from start to finish. The final cost was an all-in job...
    02-07-2022, 10:33 AM
  • Reply to tax / cgt question for renovating property
    by Gordon999
    The underlying principle is that the cost of buying a property in good condition is clearly capital expenditure. Hence the cost of buying a dilapidated property and putting it in good order is also capital expenditure....
    02-07-2022, 17:21 PM
  • Reply to tax / cgt question for renovating property
    by dp17
    See the following property income manual, from HMRC , may be of some help.

    https://www.gov.uk/hmrc-internal-man...manual/pim2030...
    02-07-2022, 16:19 PM
  • Reply to tax / cgt question for renovating property
    by Section20z
    It may certainly be beneficial to allocate some of those expenses to running costs, electrical work required for the NEIC certainly is solely for the letting. Depends how much profit you are likely to make though, you'll have to do some sums .
    02-07-2022, 13:00 PM
  • Reply to tax / cgt question for renovating property
    by Gordon999
    If you purchased a building shell , and had the builder carry out the refurbishment work , then enter all expenses as an improvement in your records. You paid the builder by cheque and should have kept bank statements to show all payments .

    No need to break down the cost into operating...
    02-07-2022, 11:59 AM
  • Reply to tax / cgt question for renovating property
    by jpkeates
    I'd suggest that based on that description, all of the work was probably capital.
    02-07-2022, 10:43 AM
  • Reply to CGT query
    by Gordon999
    I believe your solicitor has to prepare a Deed of Trust which transfers 60 % interest in the property from wife to you.

    You need to make clear to your solicitor that Deed is for HMRC only and not for registration at Land Registry

    After signing the Deed , you...
    01-07-2022, 16:51 PM
  • CGT query
    by vik238754
    Hello. Since 2013 my wife and I own a property as tenants in common where the beneficial interest split is 90% her and 10% me. We are now looking to sell the property. I have a large CGT loss and using the HMRC CGT calculator I have calculated that if I change the split to 70% me and 30% my wife...
    23-05-2022, 19:37 PM
  • Reply to CGT query
    by vik238754
    The existing declaration states 10:90 beneficial interest not legal interest
    01-07-2022, 13:06 PM
  • Reply to CGT query
    by Gordon999
    The Declaration changing the beneficial interest to 70:30 is prepared only for showing to the Tax Office .

    The existing registration of 10% :90% legal interest at Land Registry does not change and the Mortgage Lender has already accepted this situation. .
    01-07-2022, 12:18 PM
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