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Started by bobcat, 18-09-2016, 08:16 AM
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  • stamp duty liability in this situation
    by mind the gap
    Thanks in advance for any clarification anyone is able to give. This will make the difference between being able to register as a Red Cross volunteer - or not.

    The situation : we own our own home and have lived in it for 30 years. We also own two other properties, bought as buy to lets...
    29-03-2020, 10:31 AM
  • Reply to stamp duty liability in this situation
    by mind the gap
    Thank you!
    29-03-2020, 18:09 PM
  • Reply to stamp duty liability in this situation
    by jpkeates
    There is a down side, but I'm not sure it's enough to stop you doing it.

    The house you're selling would attract CGT for the period when it wasn't your main residence.
    And, as you're renting where you live, there's no offsetting that with a reduction in CGT for that property.
    ...
    29-03-2020, 11:39 AM
  • New tax rules 20/21
    by larry7
    Hi,

    I’m well aware of the new limits to private residence relief and that Lettings relief is being abolished from 20/21. We have therefore been working towards an exchange of the property we are selling before the end of the current tax year. Everything was set for it to happen until...
    29-03-2020, 08:35 AM
  • Reply to New tax rules 20/21
    by jpkeates
    I haven't seen anything about it.
    I would be putting a lot of pressure on getting that exchange done!
    29-03-2020, 11:33 AM
  • New Landlord - Self Assessment Help
    by mrdiy88
    Hi Guys,

    My wife and myself bought a property in December 2018. It needed repairs and other work such as:

    1) A New roof (Tiles felt and battens) due to porous tiles
    2) A new kitchen as it was in a bad state of repair and no one would spruce it up
    3) A new bathroom,...
    28-03-2020, 15:56 PM
  • Reply to New Landlord - Self Assessment Help
    by jpkeates
    There are two types of expenses allowable for tax for a landlord, operational and capital.
    Operational expenses are allowed against income and capital expenses deducted from any capital gain for CGT on disposal.

    A lot of the expenses that you have listed would be at least partially...
    28-03-2020, 16:13 PM
  • Implications of Gifting a % of Property
    by Claymore
    Hi

    My main residence is unencumbered. I am thinking ahead (with the thought of the 7 year rule on inheritance tax).

    If I gift my son 50% of my property now - would I still be OK to live in the house?

    Would there be any immediate tax consequences of gifting him...
    18-03-2020, 15:29 PM
  • Reply to Implications of Gifting a % of Property
    by Claymore
    jpkeates,

    That's lovely, thank you so much!
    24-03-2020, 01:50 AM
  • Reply to Implications of Gifting a % of Property
    by jpkeates
    That's another reason to use a trust,
    The trust becomes the beneficial owner of the property, so it moves out of your estate for income tax purposes (over seven years).

    You and your son would be the beneficiaries of the trust, so should anything happen to either of you, the trust...
    23-03-2020, 14:32 PM
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