Tax Questions

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What expenses to deduct against taxable letting income? by Nel Started by Nel, 04-05-2009, 10:20 AM	2 responses 1,510 views 0 likes	Last Post by theartfullodger 04-05-2009, 11:46 AM
Any CGT if rent-out main residence (for 2yrs.) then sell? by discopete Started by discopete, 01-05-2009, 13:30 PM	2 responses 2,817 views 0 likes	Last Post by TaxationPete 01-05-2009, 15:12 PM
Any property tax advisors in Scotland? by leannedon@hotmail.com Started by leannedon@hotmail.com, 01-05-2009, 09:39 AM	2 responses 879 views 0 likes	Last Post by TaxationPete 01-05-2009, 11:59 AM
BTL mortgage(interest only) by totalltohang Started by totalltohang, 29-04-2009, 07:09 AM	1 response 1,104 views 0 likes	Last Post by TaxationPete 29-04-2009, 09:11 AM
Is mortgage interest deductible against rent income? by carl67 Started by carl67, 28-04-2009, 12:05 PM	2 responses 9,296 views 0 likes	Last Post by fletchj 28-04-2009, 13:30 PM
council tax IT deduction for property I still use by smallfishbigpond Started by smallfishbigpond, 27-04-2009, 22:03 PM	2 responses 776 views 0 likes	Last Post by smallfishbigpond 28-04-2009, 10:22 AM
New company to own/manage BTLs- tax advantage? by shirleyb Started by shirleyb, 26-04-2009, 16:52 PM	3 responses 1,053 views 0 likes	Last Post by Telometer 27-04-2009, 09:15 AM
UK tax on UK company owning villas in Brazil to rent? by kevin jee Started by kevin jee, 17-04-2009, 10:35 AM	4 responses 1,104 views 0 likes	Last Post by kevin jee 23-04-2009, 12:28 PM
New landlord - BTL property by starM Started by starM, 20-04-2009, 18:17 PM	10 responses 2,585 views 0 likes	Last Post by starM 22-04-2009, 21:01 PM
Tax declaration if rent income is less than rent paid-out? by Maga Started by Maga, 22-04-2009, 13:52 PM	3 responses 1,514 views 0 likes	Last Post by TaxationPete 22-04-2009, 18:47 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 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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