Tax Questions

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Capital gains tax allowance or on tax return for new roof ? by alice123 Started by alice123, 21-01-2021, 21:19 PM	9 responses 100 views 0 likes	Last Post by alice123 23-01-2021, 12:06 PM
Declaration of trust with wife to reduce tax liability? by Madmax86 Started by Madmax86, 18-01-2021, 09:07 AM	51 responses 665 views 0 likes	Last Post by Madmax86 23-01-2021, 11:59 AM
Tax figures? by ben100 Started by ben100, 20-01-2021, 09:59 AM	8 responses 192 views 0 likes	Last Post by ben100 21-01-2021, 10:00 AM
CT600 submission ixbrl by DaddyofTwo Started by DaddyofTwo, 09-10-2018, 18:37 PM	2 responses 67 views 0 likes	Last Post by Gordon999 20-01-2021, 21:27 PM
Tax on Sale of Lease Extension by Zajie Started by Zajie, 19-01-2021, 11:31 AM	7 responses 59 views 0 likes	Last Post by Zajie 19-01-2021, 13:59 PM
99% by Lawcruncher Started by Lawcruncher, 18-01-2021, 09:18 AM	3 responses 68 views 0 likes	Last Post by Gordon999 19-01-2021, 11:20 AM
Tax expense dates? by ben100 Started by ben100, 15-01-2021, 11:14 AM	19 responses 188 views 0 likes	Last Post by jpkeates 18-01-2021, 14:02 PM
Parents transferring property to children by dhoops97 Started by dhoops97, 16-01-2021, 14:32 PM	6 responses 143 views 0 likes	Last Post by Gordon999 18-01-2021, 03:17 AM
Another new kitchen and bathroom story- CGT by Celibin Started by Celibin, 16-01-2021, 06:40 AM	5 responses 130 views 0 likes	Last Post by Gordon999 17-01-2021, 07:22 AM
Ir??? by GrumpMonkey Started by GrumpMonkey, 15-01-2021, 20:48 PM	2 responses 36 views 0 likes	Last Post by GrumpMonkey 16-01-2021, 11:02 AM

Deed of trust for tax efficiency

by ThePalmist

Hi All,

New here and been receiving conflicting advice.

So I will try and be as informative as I can.

I have a consent to lease on a mortgaged property which I am currently renting out. Mortgage is in my name only and fixed in a 2.5% deal till 2023.

...
- Channel: Tax Questions
12-10-2020, 17:33 PM
Reply to Deed of trust for tax efficiency

by jpkeates

You need to confirm the change to HMRC using Form 17, and, from the details supplied, I think you've missed the deadline for doing that.
- Channel: Tax Questions
01-03-2021, 12:18 PM
Reply to Deed of trust for tax efficiency

by ThePalmist

Hi Folks,

So I have finally received confirmation that we are now tenants in common with Wife 99% and me 1%, this was filed with land registery on 29 December 2020. I am assuming there is nothing else to do, when the time comes to file return, I just take 1% of income in my tax return and...
- Channel: Tax Questions
01-03-2021, 12:05 PM
Reducing tax liability question.

by 1600e

I'll include all info incase it has a bearing!
I purchased a house way back in 1989 for 28.5k deposit of 7k so 21.5k mortgage(call this house A) My girlfriend (now my wife since 1998)moved in with me. 5 yrs later I found a house for sale around 1995 for 49.5k but the market was slow at the time...
- Channel: Tax Questions
28-02-2021, 15:31 PM
Reply to Reducing tax liability question.

by jpkeates

Gifts between spouses are tax free and the only costs are the costs of conveyancing.

You might want to consider gifting each other the properties, so that they are both in joint ownership.
If you do that as tenants in common, you can use a simple deed of trust to set the percentages...
- Channel: Tax Questions
01-03-2021, 11:09 AM
Reply to Reducing tax liability question.

by 1600e

Yes, 7k from house A.
house B is our home that we live in with our 2 children.
So, two rentals, A and C.
- Channel: Tax Questions
01-03-2021, 10:14 AM
Reply to Reducing tax liability question.

by Gordon999

Are you getting 7K from house A and what about house B ?
- Channel: Tax Questions
01-03-2021, 09:06 AM
CGT Sense check (& Question re. having earlier re-mortaged on my own home)

by Makgav

Good day,

I am about to sell my single letting property and I wondered if anybody could sense check my below logic (in case I am missing anything obvious...).

2010 Purchased £115k (part mortgaged £65k interest only)
2011 Renovations £30k
2012 - 2018 I let the...
- Channel: Tax Questions
04-01-2021, 21:47 PM
Reply to CGT Sense check (& Question re. having earlier re-mortaged on my own home)

by shoobydoo

Just an aside, have you been deducting the interest on the mortgage relating to your own home as an expense against the rental income?
- Channel: Tax Questions
28-02-2021, 16:46 PM
Reply to Default Property Sale - CGT - Non resident Tax Payer

by Neelix

Why don’t you think the value hasn’t gone up in 6 years ? Seems a very odd claim given how much home prices have risen...
- Channel: Tax Questions
28-02-2021, 16:29 PM

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