Tax Questions

		Statistics	Last Post
Sold house tax advice needed by phil.knowles Started by phil.knowles, 28-11-2006, 18:40 PM	9 responses 1,580 views 0 likes	Last Post by Tax Accountant 16-12-2006, 16:59 PM
cgt on land belonging to 2nd home by jane01 Started by jane01, 27-11-2006, 12:31 PM	4 responses 1,391 views 0 likes	Last Post by Tax Accountant 16-12-2006, 16:57 PM
Tax allowances - self managed property by Poolboy Started by Poolboy, 13-12-2006, 09:57 AM	4 responses 3,171 views 0 likes	Last Post by Tax Accountant 16-12-2006, 16:44 PM
Mortgage interest tax offset by chris.headon Started by chris.headon, 17-11-2006, 12:48 PM	5 responses 1,713 views 0 likes	Last Post by Tax Accountant 11-12-2006, 19:08 PM
Can capital repayments be offset against rent? by jase_31@hotmail.com Started by jase_31@hotmail.com, 11-12-2006, 14:30 PM	1 response 1,548 views 0 likes	Last Post by Tax Accountant 11-12-2006, 18:38 PM
UK citizen retuning from Hong Kong- tax effect? by gunther1 Started by gunther1, 01-12-2006, 21:00 PM	1 response 1,228 views 0 likes	Last Post by Tax Accountant 08-12-2006, 17:25 PM
Tax treatment of drive repair by johnjw Started by johnjw, 07-12-2006, 09:17 AM	3 responses 1,685 views 0 likes	Last Post by Tax Accountant 08-12-2006, 17:05 PM
Advice on Capital Gains Tax by riceyw Started by riceyw, 05-12-2006, 14:14 PM	3 responses 1,164 views 0 likes	Last Post by Tax Accountant 07-12-2006, 20:07 PM
CGT Timing by stephenp Started by stephenp, 06-12-2006, 11:58 AM	3 responses 1,266 views 0 likes	Last Post by Tax Accountant 07-12-2006, 20:05 PM
Capital Gains on my only (rented) house by tizza Started by tizza, 07-12-2006, 13:05 PM	1 response 1,110 views 0 likes	Last Post by Tax Accountant 07-12-2006, 19:25 PM

Reply to Removed 2nd kitchen to sell property but can I still claim install costs against CGT

by Gordon999

You 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
Removed 2nd kitchen to sell property but can I still claim install costs against CGT

by rugbyroom

Dear Forum,

When I purchased a property back in 2007, I had an upstairs bedroom converted into a small kitchen and bathroom to create a self contained ground floor flat and a second kitchen / bathroom for the other 3 bedrooms upstairs to use.

The council had no issue with the...
- Channel: Tax Questions
28-06-2022, 11:16 AM
Second home tax - should I divorce and re-marry?

by ReluctantLL2022

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...
- Channel: Tax Questions
28-06-2022, 21:20 PM
Reply to Second home tax - should I divorce and re-marry?

by jpkeates

I don't understand why that's an issue.

As long as the tax paid is the same as it would have been if you'd received the income, the issue is only technical.
If the result is that less tax has been paid, it's possibly fraud.

The CGT is based on the market value of the...
- Channel: Tax Questions
29-06-2022, 08:28 AM
Reply to Second home tax - should I divorce and re-marry?

by ReluctantLL2022

Doric,
My wife with her savings would be able to pass affordability on her own for a mortgage. In terms of deposit, how would the lender know that I gifted her money? How will the mortgage company know that I'll be living in the property and why would they care if the mortgage is being on time...
- Channel: Tax Questions
29-06-2022, 08:12 AM
Reply to Second home tax - should I divorce and re-marry?

by jpkeates

That doesn’t sound right.

If the OP is listed as the property owner whats stopping them from selling the property, other than their father not wanting them to, and what can possibly change that in future?...
- Channel: Tax Questions
29-06-2022, 07:33 AM
Reply to Second home tax - should I divorce and re-marry?

by DoricPixie

SDLT is based on beneficial ownership not legal ownership so even if you dispose of your legal ownership it sounds like you still want to remain a beneficial owner to get some money if/when the property is eventually sold meaning the higher rate of SDLT will still apply on the purchase of your family...
- Channel: Tax Questions
28-06-2022, 23:35 PM
Reply to Second home tax - should I divorce and re-marry?

by JK0

These all sound like mad schemes. I can't see how Dad can stop you evicting tenant and selling house.
- Channel: Tax Questions
28-06-2022, 21:38 PM
Reply to Second home tax - should I divorce and re-marry?

by Neelix

Well, the 2nd home stamp duty is only £30k , and if it was your first home it would be £10k

so you are looking to save £20 k

Best you sell your first home ?
- Channel: Tax Questions
28-06-2022, 21:30 PM
Reply to Removed 2nd kitchen to sell property but can I still claim install costs against CGT

by jpkeates

It is counter intuitive, I agree.
It was a special rule about not claiming for the original purchase of furniture introduced when the previous regime for furniture (10% of rent value per annum) was removed.

It means that, once again, company accounting and property investment accounting...
- Channel: Tax Questions
28-06-2022, 17:43 PM

Latest Topics