Hi,
Around 10 years ago, I bought my first property to live in. My dad helped me out and paid a 50% deposit to get me on the ladder. I'm listed as the owner on the summary of title land registry documents under the leaseholder/freeholder section.
After living in the property for...
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Channel: Tax Questions
28-06-2022, 21:20 PM -
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by Gordon999R-2022,
In #2 , I proposed the "company" buys the property from you and the company becomes the owner of the property. The Company has no funds and borrows the £240K ; 50% mortgage loan from Bank and 50% loan from you ( director's personal loan ). The bank loan is...-
Channel: Tax Questions
29-06-2022, 15:07 PM -
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by DoricPixieThere’d be no point in attempting it as a married couple but unmarried couples would also be in for a nasty surprise since HMRC consider getting to occupy the property in such circumstances as a benefit....
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Channel: Tax Questions
29-06-2022, 15:00 PM -
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by jpkeatesIt's very unusual for a lender to be prepared to lend on a joint basis against a property owned by only one of joint borrowers.
And the additional SDLT would be payable if the two people were married anyway.
I can't imagine there are many instances of this ever happening.-
Channel: Tax Questions
29-06-2022, 13:38 PM -
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Gordon999,
Good point on #1, I haven't calculated the capital gain, but I suspect it'll be more than £20K.
#2 sounds complicated - is this relatively straightforward to do with most lawyers?
"It's why those couples who try to circumvent the higher rate of SDLT rules...-
Channel: Tax Questions
29-06-2022, 13:20 PM -
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by Gordon999R-2022
1. Have you calculated how much capital gains tax is payable after sale of the "first property" ? Since you lived at the property for a few years , the capital gain during " period of own residence" is not taxed.
So you pay tax on " the...-
Channel: Tax Questions
29-06-2022, 11:31 AM -
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by DoricPixieHer solicitor, who will most likely also be acting for the mortgage lender, will want to know the source of the funds for the deposit. Not all lenders will accept a gifted deposit coming from someone who will live in the property but not named on the mortgage.
Yes because...-
Channel: Tax Questions
29-06-2022, 09:55 AM -
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by DoricPixieIt's why those couples who try to circumvent the higher rate of SDLT rules by having a joint borrower sole legal owner mortgages fail, because both joint borrowers have a beneficial interest as both of them took out the mortgage so they can both buy a property to live in regardless of how many people...
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Channel: Tax Questions
29-06-2022, 09:47 AM -
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by Gordon999You can claim the cost of "removing kitchen and converting to utility room" before finding a buyer as an improvement expense .
Just claim this part and deduct this expense in your calculation of the taxable capital gain....-
Channel: Tax Questions
29-06-2022, 09:05 AM -