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debbie franklin

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About debbie franklin

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    Property Tax Specialist

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  1. Grouping is great from a tax view point but we have had to unravel a few of these structures as the mortgage lenders in the letting company were not at all comfortable with it.
  2. Unfortunately you cannot backdate the unequal split, it is from the date the form 17 signed. My understanding is that you do not need to register the trust for it to be legally binding, you just send a copy to HMRC with the form 17. Deb
  3. unfortunately it is pro rated on a time basis over the period of ownership you also get the last 18 months plus letting relief currently and 12k annual exemption residential property gains are taxed at either 18% or 28% and is added to income to determine how much of the gain falls into the higher rate you need to get it calculated
  4. A property under £40k no SDLT either as individual or company. Property between £40k and £125k then only 3% either as a company or individual. Deb
  5. make sure you claim full tax relief for the interest paid on the funds you borrowed to lend to the company
  6. You deduct the repairs from the income rather than the tax owed. If this creates a loss it can be carried forward until used up against future rental profits whilst you still have the rental business.
  7. Am I right in thinking that there is an increase in the value from your Father's death due to the lifting of the life interest?
  8. Plus you may need to pay national insurance
  9. No need to correct Angela, you are right.
  10. I would add her below you move out, otherwise you will lose some of the private residence relief you have built up for CGT.
  11. not if you have lived in it throughout your ownership no debbie
  12. No, unless you personally own no property in your own name in which case you would escape the extra 3% rate. Debbie
  13. if in sole ownership sdlt will be massive
  14. if in an isa no as they are tax exempt
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