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.
...
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Reply to Deed of trust for tax efficiencyby jpkeatesYou 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.
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Channel: Tax Questions
01-03-2021, 12:18 PM -
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Reply to Deed of trust for tax efficiencyby ThePalmistHi 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 -
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by 1600eI'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 -
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Reply to Reducing tax liability question.by jpkeatesGifts 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 -
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Reply to Reducing tax liability question.by 1600eYes, 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 -
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Reply to Reducing tax liability question.by Gordon999Are you getting 7K from house A and what about house B ?
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Channel: Tax Questions
01-03-2021, 09:06 AM -
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by MakgavGood 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 -
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by shoobydooJust an aside, have you been deducting the interest on the mortgage relating to your own home as an expense against the rental income?
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Channel: Tax Questions
28-02-2021, 16:46 PM -
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by NeelixWhy 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...
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Channel: Tax Questions
28-02-2021, 16:29 PM -