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Found 14 results

  1. My mother in law, who is 93 years old has now come to live with us as she was no longer coping on her own. My husband (her son) is the only child. She has a will which leaves her property to him. Due to the circumstances she would like to gift the house to us now, which we would then like to rent out. We also however, need to make some improvements to our house to help accommodate her needs therefore we want to release some equity from her property. Facts: there is no mortgage on her property which is worth roughly £400,000 we need to release the equity as soon as possi
  2. Hi there, I wonder if anyone had an opinion on using ones CGT allowance when flipping a property. My accountant has said I should avoid using this allowance when buying a property with the intention to sell it (flip it) once refurbished as the profit made from the sale are income and not a Captial Gain. Does anyone have any experience with this? If treated as income tax, I am going to move the property into a Ltd Company (it is mortgage free) and take the Corp Tax hit. That way building up some history in the Ltd Co which commercial lenders like to see. Apologies if this topic
  3. Hi all, My siblings and I are the only beneficiaries in our father's will and are due to receive various assets including two properties, and a portion of another property. We are assessing our options with how to administer the estate, and have two options: 1. Receive all assets as per the will and be subject to IHT. 2. Step aside as beneficiaries and allow all assets to pass to our mother, meaning no IHT due as they were married. My mother would then gift the assets to us in full. Thinking specifically of the properties, I am hoping that as they are mortga
  4. So my brother currently owns a property with a JV partner and they are looking to sell. They currently have around £140,000 equity in the £280,000 property (50% LTV). They bought the property for £155,000 with a £30,000 deposit. If they were to sell now they would take approximately £140,000 out of the property (not including fees). If i understand it correctly this gives them a capital gains profit of £110,000 (£55,000 each). The question is, if they remortgaged to 75% LTV. Releasing £70,000 tax free and then sold the property later for the same amount they would recei
  5. Hi all, I may have asked this before as it has been an ongoing issue but I am looking to see if anyone knows why I am struggling to find a lender who is happy to touch ExPats who live in Australia for a remortgage. It wasn't an issue before as I have tapped equity in this property twice in the last 5 years but now it seems to be a big issue. I have plenty of equity at about 55% LTV which I could easily use to carry on building a portfolio if I could only release it. I guess second question might be that if I sold the property to release the equity what capital gains
  6. I have a question regatding what was said in the video titled; SHOULD YOU USE A LIMITED COMPANY TO INVEST IN PROPERTY? Rob mentioned in that video that anyone who has 8+ properties with no mortgage should consider going down the Ltd company route as there is less capital gains tax (CGT). II have the following questions; -Does that mean incorporating less than 8 properties means you pay more CGT? -Does that mean only those with 8+ properties get incorporation relief? I thought anyone can get incorporation relief as long as they trade their property for shares. -Is there
  7. I'm about to set out on the journey of property investment. My goal is to have 3 BTL properties of my own by the end of 2017. I have a home at the moment, worth 220k. Bought for 180k, two years ago. I would like to move out and buy a a smaller residential home, and start to let out my current one. I am trying to figure out the best way of doing it via a limited co. I have the opportunity to borrow deposit money or possibly the total amount from another company I am a Director in. My new company will buy the property from me (either outright or on a BTL mortg
  8. Hi folks, thought I'd try posing a complex tax question to you clever lot after having read some incredibly in depth advice given on other threads. You may want to get a cup of tea first... Circumstances: Grandparent (A) has left 75% estate to only child (B) and 25% split to grandchildren (C + D). The IHT has been paid and probate granted leaving in the estate a mortgage-free London home that is currently let out. Ownership is still up in the air. Immediate Aims: B wants to keep the property for the income and pay off children C + D by raising a 25% LTV mortgage (75% equity). C +
  9. I'm a Director for a property consultancy specialising in Compulsory Purchase. CGT roll over relief is available for CPO cases in certain circumstances, even for residential properties. We are looking for an accountants in London to do us an advice note on the subject that we can send to clients. We're happy for the company to advertise their own services in the advice note and because of that we're not looking at paying a fee for the provision of the note. If you're an accountant and interested, please e-mail danknowles@sawyerfielding.co.uk.
  10. The problem — 28% CGT is a lot of tax to pay I wrote an extensive article about the budget changes and how many residential property investors, especially higher rate taxpayers, have been targeted by George Osborne in the following ways: The reduction of mortgage interest relief to a basic rate taxpayer level of 20% The removal of the 10% wear and tear allowance The new 3% stamp duty land tax (SDLT) surcharge for additional properties There are many other issues identified within the article but the above three “features” can be crushing to the point where you can make a loss on yo
  11. Are you looking to sell a property and are you worried about capital gains tax (CGT)? Was it once your main home and if so, would you move back into the property? The problem — 28% CGT is a lot of tax Given the recent budget changes you may be thinking about selling one or more investment properties. The unfortunate thing is that as property prices increase — if that can be considered unfortunate — then so does the CGT payable when you sell and if you’re a higher rate taxpayer you’ll pay 28% on any gains. Let me first state that each person owning the property will get an annua
  12. Are you looking to sell a property and are you worried about capital gains tax (CGT)? Was it once your main home and if so, would you move back into the property? The problem — 28% CGT is a lot of taxGiven the recent budget changes you may be thinking about selling one or more investment properties. The unfortunate thing is that as property prices increase — if that can be considered unfortunate — then so does the CGT payable when you sell and if you’re a higher rate taxpayer you’ll pay 28% on any gains. Let me first state that each person owning the property will get an annual capital
  13. Budget announcement – March 2016 What has changed? Corporation tax – Corporation tax will eventually drop to 17%, which is significantly lower than basic rate tax bracket of 20%. Tax bands: – Personal Allowance will increase to £11,500, and the higher rate threshold will rise to £45,000 in April 2017 Read about more of the changers in this article - http://www.optimiseaccountants.co.uk/budget-announcement-march-2016v2-2/#.VwN_URMrJE4
  14. Hi, I have been trying to source a property and a mortgage for a few years now as I have the money to put a deposit on a BTL property. It took me a very long time and a few mortgage brokers but I have now got a mortgage offer and I'm ready to place an offer on a property. However, my problem is that as I want to start investing in property ASAP I'm only 21 years old and a university student with very little earnings - only part time work while at university. My mum has agreed to have her name used on the mortgage to buy the property but I will be providing deposit and costs of gett
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