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Started by howard.kidd, 06-06-2005, 15:27 PM
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Last Post Tax Accountant  
Started by benji, 05-06-2005, 09:25 AM
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Last Post Tax Accountant  
Started by Friston, 09-05-2005, 13:48 PM
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Last Post Tax Accountant  
Started by trio, 05-02-2005, 15:53 PM
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Last Post Tax Accountant  
Started by bbjjcc, 15-02-2005, 17:21 PM
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Last Post Tax Accountant  
Started by JDO, 19-02-2005, 13:46 PM
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Last Post Tax Accountant  
Started by MrWoof, 06-04-2005, 08:44 AM
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Started by josswallace, 11-05-2005, 16:33 PM
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Started by ctfrancis, 13-05-2005, 11:45 AM
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Started by nma, 24-02-2005, 12:43 PM
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  • Implications of Gifting a % of Property
    by Claymore
    Hi

    My main residence is unencumbered. I am thinking ahead (with the thought of the 7 year rule on inheritance tax).

    If I gift my son 50% of my property now - would I still be OK to live in the house?

    Would there be any immediate tax consequences of gifting him...
    18-03-2020, 15:29 PM
  • Reply to Implications of Gifting a % of Property
    by Gordon999
    To answer your question - Capital gains tax is exempt on capital gains from disposal of main residence.

    So gifting 50% of your current home ( main residence ) to your son will be free of sdlt and cgt. You can continue to stay in the property without paying rent because you still own...
    08-04-2020, 16:11 PM
  • Reply to CGT under the threshold once split with husband?
    by Gordon999
    The capital gains after sale of BTL property is calculated from "sale proceeds" minus "acquisition cost" including costs charged by estate agent and conveyancing solicitor costs.

    For example : If the sale proceeds after deducting selling costs , was £78,000 and original...
    08-04-2020, 15:53 PM
  • CGT under the threshold once split with husband?
    by stuco
    Hi hoping someone can clarify...

    I'm busy doing 2019-20 return. We sold a BTL during that year for £79500. As it was jointly owned between me and husband do I treat it as selling for £39750 for my part (and his) and therefore below the £48000 amount that you have to report on SA for...
    08-04-2020, 10:29 AM
  • Reply to Implications of Gifting a % of Property
    by Lawcruncher
    Things to consider:

    Think carefully before giving assets away as you do not know what the future holds.

    If you put an asset into trust or give it away as part of a tax planning exercise you are going to lose control over it.

    If you have fears about what may happen...
    07-04-2020, 15:54 PM
  • Reply to SA105 Property Expenses
    by jpkeates
    It's still an operating cost and still allowable.
    A very cautious person might allocate some of the cost as a capital item, but I wouldn't.

    Allowable costs are any costs incurred solely and exclusively for the business.
    Then you allocate them as either operational (allowed against...
    07-04-2020, 11:24 AM
  • SA105 Property Expenses
    by Pejayef
    Our tenants reported a leaking roof back in January which didn't actually recur again after the initial report, they moved out in February and while we were freshening up the house for the new tenants we had the roof inspected, and decided that rather than pay out for a patch job that we would replace...
    07-04-2020, 10:47 AM
  • Reply to SA105 Property Expenses
    by Pejayef
    Hi jpkeates, I understood that a repair could be counted, but we chose to replace the whole roof, rather than go for just a repair...
    07-04-2020, 11:15 AM
  • Reply to SA105 Property Expenses
    by jpkeates
    Why do you think the roof repair can't be claimed against tax?
    07-04-2020, 10:49 AM
  • Reply to Implications of Gifting a % of Property
    by Gordon999
    The IHT tax rate of 40% tax rate is currently charged on the estate value exceeding £325K ( first £325K is free of IHT tax ) . The £325K starting level for IHT tax may be raised to £500K level, if the family home is left to children of the deceased person.

    https://www.gov.uk/trusts-tax...
    07-04-2020, 08:54 AM
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