Tax Questions

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Switching mortgage to BTL and tax implications by dotcotton999 Started by dotcotton999, 08-04-2021, 19:52 PM	8 responses 126 views 0 likes	Last Post by Neelix 23-04-2021, 09:14 AM
Do I need to submit form17A at all? by londonrulz Started by londonrulz, 11-03-2021, 17:25 PM	7 responses 97 views 0 likes	Last Post by Gordon999 22-04-2021, 15:35 PM
MTD and an End to Accidental Landlords ? by landlord-man Started by landlord-man, 17-04-2021, 09:17 AM	12 responses 214 views 0 likes	Last Post by landlord-man 21-04-2021, 13:12 PM
Gift Property to avoid Stamp Surchage by wangw Started by wangw, 19-04-2021, 15:44 PM	6 responses 70 views 0 likes	Last Post by jpkeates 20-04-2021, 07:25 AM
Tax situation on money I paid for deposit by Thurrock1 Started by Thurrock1, 18-04-2021, 08:26 AM	3 responses 58 views 0 likes	Last Post by Thurrock1 18-04-2021, 11:49 AM
Limited Company and BBL by Cameron9988 Started by Cameron9988, 17-04-2021, 08:33 AM	4 responses 58 views 0 likes	Last Post by Gordon999 18-04-2021, 03:09 AM
Tax Exemption by jp13abk Started by jp13abk, 14-04-2021, 19:37 PM	2 responses 97 views 0 likes	Last Post by jp13abk 14-04-2021, 20:07 PM
Mtd by jase222 Started by jase222, 14-04-2021, 12:22 PM	2 responses 65 views 0 likes	Last Post by jpucng62 14-04-2021, 16:20 PM
CGT and tax returns by Lots on Started by Lots on, 02-04-2021, 09:46 AM	16 responses 224 views 0 likes	Last Post by Lots on 12-04-2021, 10:04 AM
spreadsheet by jase222 Started by jase222, 11-04-2021, 13:53 PM	3 responses 66 views 0 likes	Last Post by jpkeates 12-04-2021, 08:24 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!...
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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...
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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...
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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...
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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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