Tax Questions

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pre-rental expenses are capitol or revenue? by bowsden Started by bowsden, 12-01-2019, 21:33 PM	7 responses 151 views 0 likes	Last Post by bowsden 17-01-2019, 12:17 PM
First BTL allowable expenses by richo106 Started by richo106, 15-01-2019, 09:27 AM	1 response 123 views 0 likes	Last Post by jpkeates 15-01-2019, 14:37 PM
Storage Cost tax deductable? by Flashback1966 Started by Flashback1966, 11-01-2019, 18:11 PM	1 response 47 views 0 likes	Last Post by jpkeates 12-01-2019, 09:54 AM
Tax free allowaance of £1000 on rental income? by bowsden Started by bowsden, 07-01-2019, 20:06 PM	5 responses 362 views 0 likes	Last Post by bowsden 09-01-2019, 20:47 PM
Is Council Tax a deductible expenses when property empty prior to letting by terryallan Started by terryallan, 02-11-2012, 15:52 PM	4 responses 4,450 views 0 likes	Last Post by jpkeates 09-01-2019, 09:28 AM
Tax expense office at home by wealdman Started by wealdman, 08-01-2019, 11:18 AM	3 responses 119 views 0 likes	Last Post by jpkeates 08-01-2019, 14:08 PM
Do I need to fill out self assessment? (profit less than £2500) by bowsden Started by bowsden, 06-01-2019, 17:15 PM	12 responses 419 views 0 likes	Last Post by bowsden 07-01-2019, 19:25 PM
Cost Vs Benefit of Tax Advice by Niscars Started by Niscars, 04-01-2019, 08:54 AM	6 responses 129 views 0 likes	Last Post by jpkeates 07-01-2019, 13:11 PM
income tax relief by grampsy Started by grampsy, 07-01-2019, 10:36 AM	1 response 58 views 0 likes	Last Post by jpkeates 07-01-2019, 11:09 AM
Where is my £1900? by JK0 Started by JK0, 06-01-2019, 22:36 PM	1 response 113 views 0 likes	Last Post by JK0 07-01-2019, 09:32 AM

SDLT relief for multiple dwellings

by BIGGYBIBIG

Hello everyone,
I have had an offer accepted on a property purchase, subject to a surveyors report of £395,000 in England.

I am currently looking at surveyors but i just wanted to know where i stand in terms of stamp duty, costs etc.

I have phoned 5 different solicitors...
- Channel: Tax Questions
10-08-2022, 19:20 PM
Reply to SDLT relief for multiple dwellings

by BIGGYBIBIG

Thank you, so am i right in saying Because I already own a property it would be 3% which is the higher rate band?
As the SDLT relief for multiple dwellings would still apply but at the higher rate bracket?...
- Channel: Tax Questions
10-08-2022, 23:25 PM
Reply to SDLT relief for multiple dwellings

by DoricPixie

As you already own a residential dwelling which is presumably worth over £40,000 the higher rate of SDLT will apply to your multiple dwelling SDLT calculation.

https://www.gov.uk/hmrc-internal-man...ual/sdltm09766
- Channel: Tax Questions
10-08-2022, 22:50 PM
Reply to SDLT relief for multiple dwellings

by BIGGYBIBIG

I don`t make the rules my friend,,, i could easily have bought a block of flats the other day,,, tenanted by most of them for over 5 years 10 years 12 years etc,,, all long term but the state of the place i would not let my dog live like that,,, if it were all about money that would have been a great...
- Channel: Residential Letting Questions
10-08-2022, 19:44 PM
Reply to SDLT relief for multiple dwellings

by AndrewDod

I don't know the answer, but if true this would be an absolute outrage.

Some little kid buying their own home where granny left them a quarter of a house that is rented out pays 3% additional tax

Someone who buys 8 properties pays 1%

Pity us all
- Channel: Residential Letting Questions
10-08-2022, 19:32 PM
Passing it on

by royw

I'm about to make a will and would like to check my assumptions are correct. Beneficiaries are OH (we're married) and DD. Some BTLs are in my sole ownership, others are joint tenants with OH. There is a large CGT liability on all of them if I were to sell. DD is an adult but IMO a bit too young for...
- Channel: Tax Questions
10-08-2022, 14:16 PM
Reply to Passing it on

by SouthernDave

DD!!? This isn’t mums net you know...
- Channel: Tax Questions
10-08-2022, 19:07 PM
Reply to Passing it on

by jpkeates

The IHT threshold would be £650k.
The other £350k applies for the disposal of the main residence only.

Just been dealing with exactly all this.
- Channel: Tax Questions
10-08-2022, 17:44 PM
Reply to Passing it on

by Neelix

Not sure I agree with this.

As a married person on the first death the estate can pass to the surviving partner meaning the IHT threshold on their death will be £1 million, then on their death ........
- Channel: Tax Questions
10-08-2022, 17:32 PM
Reply to Passing it on

by AndrewDod

1 - yes you can and will pay duplicate tax (assuming both types are due)
2- Yes
3- Yes
4-regard as effectively two items -- 50% with base value as per your probate value (need a formal assessment), other 50% with initial purchase value (whether by you or spouse. For the first half...
- Channel: Tax Questions
10-08-2022, 16:38 PM

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