Tax Questions

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Future of Tax allowance for non resident landlords by Scaramanga Started by Scaramanga, 03-05-2021, 18:59 PM	3 responses 59 views 0 likes	Last Post by Gordon999 04-05-2021, 12:54 PM
Transfer of rental income to partner by Br23 Started by Br23, 29-04-2021, 19:12 PM	7 responses 168 views 0 likes	Last Post by jpkeates 03-05-2021, 16:00 PM
Rental Income tax by westonpc Started by westonpc, 28-04-2021, 14:20 PM	12 responses 198 views 0 likes	Last Post by westonpc 30-04-2021, 09:15 AM
Subletting and tax implications by goose1 Started by goose1, 25-04-2021, 08:48 AM	8 responses 85 views 0 likes	Last Post by Gordon999 30-04-2021, 05:29 AM
Capital Gains Tax basics by Henry248OG Started by Henry248OG, 23-04-2021, 08:05 AM	3 responses 85 views 0 likes	Last Post by Piffy 29-04-2021, 08:56 AM
Am I running a business? by ritfor Started by ritfor, 26-04-2021, 19:05 PM	11 responses 171 views 0 likes	Last Post by Piffy 29-04-2021, 08:43 AM
Quickbooks by jase222 Started by jase222, 25-04-2021, 07:43 AM	2 responses 49 views 0 likes	Last Post by Neelix 25-04-2021, 19:27 PM
Calculating mortgage interest for tax return by LisaMC Started by LisaMC, 25-04-2021, 08:23 AM	2 responses 62 views 0 likes	Last Post by LisaMC 25-04-2021, 13:00 PM
Move to LTD Company and by Hama Started by Hama, 19-04-2021, 20:36 PM	4 responses 89 views 0 likes	Last Post by Gordon999 24-04-2021, 11:53 AM
Completing tax return by dotcotton999 Started by dotcotton999, 22-04-2021, 15:29 PM	3 responses 83 views 0 likes	Last Post by Gordon999 23-04-2021, 09:47 AM

Reply to CGT and SDLT liabilities on sale and the definition of "main residence" when renting

by meehr

I am so sorry, I had a total brain freeze when replying first and read 2018 as 2015. It was 2015. I subsequently edited my post. Apols!...
- Channel: Tax Questions
13-06-2021, 18:09 PM
CGT and SDLT liabilities on sale and the definition of "main residence" when renting

by meehr

Hi folks, looking for thoughts on both CGT and SDLT considerations.

My spouse and I jointly own a one bed flat (property "b") that we moved out of five years ago for somewhere bigger; we now rent a three bed place (because we have a kid and couldn't afford to actually buy something...
- Channel: Tax Questions
12-06-2021, 19:38 PM
Need CGT help or do i ned an accountant

by Sara2

Mother died in 2007 left house to me and my 2 sibs it was family home and i lived in it until 1985 when i had my own house. My brother also lived in house at point mum died and he remained there until 2010 when not being able to sell the property i purchased whole of property by buying brother and...
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13-06-2021, 11:53 AM
Reply to Need CGT help or do i ned an accountant

by Gordon999

The CGT calculation is only for the duration of property ownership from 2010 to 2021. You moved out from the house in 1985 , so you cannot claim any residence period in family home.

Your Capital Gain = Sale proceeds - Purchase cost in 2010 - Renovation cost - Legal costs ( conveyancing...
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13-06-2021, 14:38 PM
Reply to Capital gain tax on property bought jointly but later changed into sole ownership.

by Gordon999

Since there is record of buying half share in 1999 and later buying out the other half share from ex-partner , the third calculation should be used.

If you have record of taking mortgage loan for £112,500 and no other records , use that figure as your purchase cost for second half sh...
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13-06-2021, 14:07 PM
Capital gain tax on property bought jointly but later changed into sole ownership.

by Jeniken

Hi Everybody,

Please could anybody help me the correct calculation on an investment property bought as joint tenants with a partner (we have never been married) in 1999 for £80,000.
We split up and I took out a mortgage for £112,500 and became the sole owner of the property. I have...
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12-06-2021, 12:48 PM
Reply to CGT and SDLT liabilities on sale and the definition of "main residence" when renting

by jpkeates

When you bought property b in 2018, the current regime was in place, so there must have been some discussion and a resolution of part of your posituation then.

As you already owned a (and had both lived there), there must be some record (or at least some indication) that b was your main...
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13-06-2021, 09:56 AM
Reply to CGT and SDLT liabilities on sale and the definition of "main residence" when renting

by meehr

Thanks jpkeats, that is super helpful. you are correct we both lived in both places after purchase as they were intended originally as homes.

We bought “property b” in 2015, yes - before the SDLT changes came into effect. So your steer on what constitutes “the main residence” is...
- Channel: Tax Questions
13-06-2021, 09:44 AM
Reply to Capital gain tax on property bought jointly but later changed into sole ownership.

by jpkeates

I am not 100% sure of either of those points, to be honest.
I think your partner would escape purely because of the time elapsed.
But you might be caught because you're relying on the time elapsed transaction, and I think that that might allow HMRC to bring it into play.
I've never...
- Channel: Tax Questions
13-06-2021, 09:33 AM
Reply to CGT and SDLT liabilities on sale and the definition of "main residence" when renting

by jpkeates

Your main residence is one of two things.
It's where you actually live, or, if you live in more than one place, it's where you've notified HMRC you wish to treat as your "main" home.
So it's a matter of fact in most cases, rather than a definition.
And today you clearly live...
- Channel: Tax Questions
13-06-2021, 09:26 AM

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