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Started by glyall, 21-08-2017, 10:28 AM
1 response
22 views
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Last Post Gordon999  
Started by klinka01, 21-08-2017, 11:38 AM
2 responses
19 views
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Last Post Gordon999  
Started by londonrulz, 02-08-2017, 13:02 PM
17 responses
176 views
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Last Post Kape65
by Kape65
 
Started by klinka01, 21-08-2017, 11:08 AM
1 response
18 views
0 likes
Last Post jpkeates  
Started by globularity, 17-08-2017, 22:13 PM
2 responses
84 views
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Last Post Gordon999  
Started by bhodgkiss, 17-08-2017, 06:22 AM
6 responses
84 views
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Last Post bhodgkiss  
Started by Dutchnick, 08-08-2017, 08:08 AM
2 responses
67 views
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Last Post Gordon999  
Started by bonon, 16-08-2017, 08:47 AM
2 responses
63 views
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Last Post jpkeates  
Started by lllccc, 14-08-2017, 00:35 AM
3 responses
76 views
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Last Post Gordon999  
Started by halfax, 09-08-2017, 09:57 AM
8 responses
105 views
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Last Post halfax
by halfax
 
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  • Capital Gains Tax Query
    glyall
    Hello,

    I am looking for help with regards to a query about CGT.

    First off, the situation. I own a flat in Dundee. It's been my main and only residence since September 2013 (nearly 4 years). I am planning to move to Edinburgh to be closer to my girlfriend. She owns a flat 50-50...
    21-08-2017, 10:28 AM
  • Reply to Capital Gains Tax Query
    Gordon999
    If you buy a cheap flat and re-sell after 6 months , the tax Office may decide the "profit is trading income" and subject to 20% or 40% income tax. You would have to live in the flat for atleast one year or longer to claim main residence and exemption for cgt..

    If you have a...
    21-08-2017, 17:31 PM
  • Clarification on ATED
    klinka01
    Hi guys,

    Just needing some clarification regarding the ‘annual tax on enveloped dwellings’ (ATED). From what I understand, there is a charge of £3500/ year for limited companies owning properties worth >£500,000.

    For arguements sake, if I bought a property for £499,000,...
    21-08-2017, 11:38 AM
  • Reply to Clarification on ATED
    Gordon999
    If you’re not sure which value band your property falls into, you may be able to ask HMRC for a Pre-Return Banding Check (PRBC) if:
    • you’re not due a relief that will reduce your ATED charge to nil
    • your property valuation falls within 10% of a banding threshold


    The 10% banding thresholds...
    21-08-2017, 17:03 PM
  • Will it trigger SDLT charges?
    londonrulz
    I was thinking through the process of informing HMRC about unequal shares of benefitors(in this case me and my spouse). As I understand, a form 17 along with evidence of unequal shares must be submitted. Evidence being declaration/deed of trust.

    Providing below details, will my spouse...
    02-08-2017, 13:02 PM
  • Reply to Will it trigger SDLT charges?
    Kape65
    If there is a mortgage on the property care must be taken only to transfer the net equity between the couple. Not only is a transfer of the mortgage interests likely to breach the terms of the mortgage with the lender, but being a transfer of an interest in land it could also trigger a stamp duty land...
    21-08-2017, 15:57 PM
  • Stamp duty rates for Limited Company
    klinka01
    A bit of background: I am interested in getting on to the buy-to-let property ladder, to give myself passive income on top of my daytime job. I intend to start a limited company so that I can save on some tax. As such, I will be buying any rental properties via the limited company.

    However...
    21-08-2017, 11:08 AM
  • Reply to Stamp duty rates for Limited Company
    jpkeates
    Yes, they're the same rates.
    The way they're accounted for can be different, though as a company doesn't have capital gains tax to account for.
    21-08-2017, 12:29 PM
  • Reply to Clarification on ATED
    leaseholder64
    https://www.gov.uk/guidance/annual-t...-your-property seems fairly clear already, but the way I read it (as someone without a personal interest):

    1) Open market value. If you paid for it at full market value, from an independent...
    21-08-2017, 11:56 AM
  • Do I have to pay capitol gains tax?
    globularity
    I am currently living with my parents and have rented my flat out, this is the only property I own, and I lived there 12 years renting and 1 year as an owner. I am happy to move back in if this helps me to not have to pay capitol gains. Just read somewhere if its your principle home theres no capitol...
    17-08-2017, 22:13 PM
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