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....
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by rugbyroomDear 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 -
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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 -
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by jpkeatesI 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 -
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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 -
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by jpkeatesThat 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 -
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by DoricPixieSDLT 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...
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Channel: Tax Questions
28-06-2022, 23:35 PM -
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by JK0These all sound like mad schemes. I can't see how Dad can stop you evicting tenant and selling house.
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Channel: Tax Questions
28-06-2022, 21:38 PM -
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by NeelixWell, 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 -
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by jpkeatesIt 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 -