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Found 13 results

  1. Dear Property Forum, I have a property, un-mortgaged, no chain and used to be our primary house. However, we've now rented it for 2 years to good tenants who have asked whether they can extend for a further 2 years. The yield on the property is 4.5% on a value of £700k. Is there a market for selling tenanted properties of this value, and if there is how do I access it? Or, do I keep the property tenanted and incur capital gains in the future upon selling? My preference as it stands is to sell the property without capital gains. Any help and advice would be most
  2. Hi, I'm looking at selling a property that was gifted and am trying to determine if CGT needs paying on it. Property was gifted in September 2016 to 2 people split 50/50 ownership. Value in 2016 ~250k Value now 2019 ~265k So based on 7.5k profit (15k / 2), minus costs ~3k each and minus CGT allowance (12k per person) I work out that no CGT would be payable. However the property has been let for most of that period (Feb 2017 - now). So I'm not sure how this works CGT wise. Question: I'm getting a little confused if we would get letting relief and residence rel
  3. Sure I've seen the answer to this somewhere, but can't find it on here anywhere or from Googling. We're approaching the end of our first tax year as a limited company and have a few property purchases under our belt. Although the accountant will do the submission, I'd like to get my paperwork correct beforehand, so, of the legal costs of the purchase, what is allowable as an in year expense and which only count towards the capital gains in years to come? Thinking of things like stamp duty; searches; solicitor fees; additional fees for ltd company mortgage; bankruptcy checks etc, etc.
  4. mike potter

    Mikke

    Capital Gains Couple of queries - 1 - Is the '£11k freebe' mentioned in all Capital Gains allowances discussions, just the standard state allowance everybody gets before paying any tax, or an additional allowance on top? 2 - Does annual overall inflation (RPI or CPI not just housing inflation indexes) not have any impact on Capital Gains? If annual inflation RPI/CPI equals say 3%PA, and I buy at £200k (including all expenses) and sell 10 years later at say £250k, even without compounding the interest, I would need £260k to have the buying power of the £200k 10 years ago, so
  5. Hi, I have a loss of about £50k in capital gains losses. Am I right in understanding that HMRC no longer allow losses to be carried forward indefinitely and I will just have to kiss that money goodbye? One option is to sell other properties which would allow me to use the loss before it "expires", but doesn't seem like a very smart idea in general... Are there any other options that I'm missing? This is a pretty bitter pill to swallow if I can't use the losses as and when I wish to sell up in future. Many thanks!
  6. Hi everyone, Need some urgent advise so if anyone can help I'd really appreciate it? So here is the situation and scenario... Home owner with a mortgage with large area of land which is all part of my property Applied for, paid and successful in planning application for a 2nd house to be built on that land. So Planning Permission for a 2nd house has been granted. Developer made us an offer to purchase the house and the land... we accepted the deal although it was 20k lower then we expected. 11 weeks later he is now telling us we need to split th
  7. Good afternoon I had a question regarding capital gains allowances. I am a higher tax payer, but my wife is on a lower band. I am buying a property with which I'd hope in the next few years I'll be able to take out £22000ish (2 peoples CGT allowances). If the mortgage was placed in my wife's name only (for income tax reasons), and I put my self on the mortgage nearer the selling time ( to get two CGT allowances) would I be subject to paying stamp duty again? On the other hand, if I placed myself on the mortgage now but owned say 10% o
  8. Hi all, Can anybody recommend a good accountant who has significant knowledge and preferably experience of property investing themselves in the Northampton/Milton Keynes area? I have found a couple of local ones through Google but would value a recommendation. Many thanks, Wes.
  9. Hi I am remortgaging my portfolio and have a couple of queries re Capital Gains Tax. 1 As I am releasing equity on an increased valuation, will I be liable for Capital Gains ? If so at what rate ? 2. One of the properties we lived in for 11 years, then let it for 15 years. Does this mitigate the tax ? We have been a little out of touch on the latest tax developments and so would appreciate any advise/help Thank you Andrew West A.West Property 01223 277277
  10. Do you own assets that will eventually be passed on to your children? Are you worried about inheritance tax? The problem — capital gains tax (CGT) & inheritance tax (IHT) Many parents throughout the UK wish to transfer assets to their children now to avoid inheritance tax (IHT) in the future and we receive many calls from clients and non-clients who have heard about lifetime transfers. Basically, if you transfer assets up to the IHT threshold and survive for seven years after the transfer, then that transfer will not form part of the IHT liability upon your passing. Unfortunately
  11. Do you own assets that will eventually be passed on to your children? Are you worried about inheritance tax? The problem — capital gains tax (CGT) & inheritance tax (IHT)Many parents throughout the UK wish to transfer assets to their children now to avoid inheritance tax (IHT) in the future and we receive many calls from clients and non-clients who have heard about lifetime transfers. Basically, if you transfer assets up to the IHT threshold and survive for seven years after the transfer, then that transfer will not form part of the IHT liability upon your passing. Unfortunately, howeve
  12. Hi everyone, We've just moved home and have rented out our old place. I'm about to remortgage to release some equity and was thinking of adding my wife to the deeds. As it was a residential property previously I don't think I am liable to any capital gains tax. Is this correct? Are there any other implications to my wife and I tax wise?
  13. The government announced that it will charge capital gains tax (CGT) on gains made by non-residents disposing of UK residential property, from April 2015. The charge will come into effect in April 2015 and apply only to gains arising from that date. Does anyone know how the value of your property will be determine on April 2015? Should a valuation of your property be assessed around this date? Any recommendations on the best way to do so? Thanks. DT
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