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  1. Im an accountant who deals with a lot of individuals who are investing in BTL and those who have a property portfolio. Dealing with the tax compliance and advice. If anyone would like any advice please do not hesitate to contact me.
  2. Hi, wondering if anyone here can help me as I know there are lots of experience property people here! Bit of a long one but here goes....... I’m selling my large flat to buy a house. I have a plan in mind which is: to sell the flat to a property company that I own the company will need a mortgage to buy the flat the property company will then let out the flat at first, my wife and I will rent the flat from my company we will look for a house to buy once we find one we will move out and buy the house in our names then the flat will be let out
  3. Hello, I am wondering if the sourcing fees (and additional mortgage lender fees, mortgage broker fees, solicitor cost etc...) spent during the acquisition of a property can be deducted from the CGT bill when the same property is being sold? I am aware of SDLT being deductible but not sure about the lender/broker/solicitor/property sourcing fees. Thank you in advance for the advise. Regards Antoine
  4. Hi, wondering if anyone can help me with some knowledge. bought a property for £250k with partner in 07/2013 and occupied it until 01/2017. Moved abroad for work and let the property out from this date. Now returned to the UK and decided to sell up. Tenants move out end of 01/2020. Expected sale value £350k. Is there CGT to pay? Reading recent magazine and article (attached) suggests CGT tax situation would be considerably worse if sold in FY20? any feedback really appreciated. thanks
  5. Hi all I live in one half of a converted Victorian house in Scotland. If other half is purchased and I convert the house back into one, would cgt be payable once the flat is ‘disposed of’ ? I would continue to live in the house. thank you.
  6. I’d like some advice about whether I have calculated the CGT correctly in this situation. The property in question has a residential mortgage with permission to let which will now be paid off in full. It was a residential home for several years, then was rented out. It seems sensible now to change ownership before the end of this tax year with the expected changes to Private Residence Relief and Lettings Relief. I am hoping that someone can check my calculations below to see whether I have understood things correctly. Three quarters of the property will be gifted to others, with one
  7. Hi gang, you've been very helpful in the last, I'd love you to bend your brains to this... I lived in my house for 10 years, then got married to a lady who owns her own house, but made mine our PPR for the last year or so. Now we're going to move into hers, remortgage mine to LTB and let it out long term. She doesn't have an income and I'm self employed and tickle the higher tax rate, so it would make sense to transfer the equity at a 99% split in her favour. It'd cost £5500 SDLT to do so but we'd make an extra £2000 per year so that takes care of itself fairly soon. What are
  8. Hi, quick tax question for the people far more knowledgeable than me! i understand that an individual when selling a BTL property will pay capital gains tax - on the gain (excluding my allowance). i am a higher rate tax payer, so i understand this would be at 28%. if i hold a property within a ltd company and then sell it, i pay corporation tax - can someone tell me what the rates (%) are and is there such a thing as an allowance, like there is with CGT?? Many Thanks Marc
  9. Hi there, I have a good one to get the hive mind thinking. I potentially want to buy a house for my child. This isn't an IHT dodge or anything like that. It's actually just for personal reasons. She's a minor and would live in the house with her mother. In fact, my daughter doesn't even have to own it. She just has to live there with her mother. I'm trying to work out the most cost effective way (in the short / medium term) to make that work. Long term is probably less of an issue because it would be her main residence. I could b
  10. 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
  11. I recently set up an SPV to invest in property and capitalised it with 300k of personal funds. I purchased a London property for 700k and refurbished it (at a personal cost of 150k) with a view to resale. The balance of the property was financed on a commercial loan in the company name which now totals 500k. I personally cover the loan interest by extending the Director Loan account. The property is worth around 1.1m now (would have been more but for the slow-down in London). The total director loan is now around 450k. I would like to transfer A 50% SHARE/PART OF THE PROPERTY
  12. Should I sell this property? One of my properties is a 2-bed terrace in Bristol. It's my former home which I converted to a buy to let a couple of years ago. It has had good capital growth and is now valued at around £320k. The rent is £1,100 per month. The capital growth means there is a good amount of equity in the property (£160k). As my property investment knowledge has grown over the last couple of years, I have been considering whether this money would be put to better use elsewhere. I have tried to pull money out by remortgaging to invest further in other locations. However,
  13. 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
  14. 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
  15. Hi, I have a ltd co, currently with 4 properties within. I also have a btl property in my own name which I am considering transferring to the ltd co. I understand that I will be liable for the 3% stamp duty and potentially cgt on any gains based on current ‘market value’. However I am unclear who determines market value (please don’t say the market:) ) and what evidence is required as proof, so I can calculate the tax due? Any help appreciated Regards Dougie
  16. Hi everyone, Can I reduce my CGT by making a pension contribution? In this quarter's magazine it says that making a pension contribution increases the higher rate threshold by the gross value of the contribution, so would reduce CGT from 28% (higher) to 18% (basic) on that value. But my situation is this. Earned+rental income is approximately £20k - so I'm a basic rate taxpayer. This year, I have made a taxable gain (fater relief) of approximately £20k. So I am facing a CGT bill of 18% (basic rate) on £20k = £3,600. I was planning on making a gross pensi
  17. 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!
  18. All, I'm looking for some feedback and advice on my proposal to move property into an established property LTD company that I set up in 2013 for student pods. Although I will incur CGT and SDLT obligations I expect to manage that through separate capital losses and remortgaging. I would be withdrawing money from the company but that would be via the Directors Loan account which covers the debt the company owes me. I'm looking to transfer as I'm a higher rate tax payer looking to be more tax efficient by shifting from income tax to corporation tax. I've provided accurate fi
  19. Hi, I was considering adding my wife to the title of a buy-to-let I have. Does anyone know the tax implications if any? If I gift here half the value is there an CGT or stamp-duty implications? We currently live overseas, and my thought process, was it was better to have her name on the title in case anything happened to me, as well as tax benefits later on if se sell the place to have cgt tax free amount in both names. Thanks.
  20. I am having a little trouble finding examples so hoping someone could confirm my understanding or advise where I might be going wrong. Purchased Property 1 (London) in Oct 2012 and Lived in it for 2 years until Sept 2014. After which It has been rented out Purchased Property 2 (London) in April 2014 and It has been rented out to date. Between October 2014 and December 2015 I was traveling/working abroad. Since my return to the UK in Dec 2015 I have lived at my parents house. It is my intention to move into Property 2 in October 2017 a
  21. Are you looking to sell some of your residential property investments? Are you looking to reduce your CGT bill? The problem — 28% CGT is a lot of tax to payI 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
  22. Are you looking to sell some of your residential property investments? Are you looking to reduce your CGT bill? The problem — 28% CGT is a lot of tax to payI 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
  23. Hi All Does anybody know what happens to Capital Gains Tax Liability under the new rules after returning back to the UK ? We have bought several UK BTL properties whilst living overseas. As the new Non Resident CGT rules stated that property values would be re-based for CGT purposes from April 2015 we obtained estate agent valuations on all of them as at that date. My question is.... If we return to the UK without selling, can we continue to use these re-based 2015 values when we sell in the future? I tried to get straight answer from HMRC helpline but response was - 'The rule
  24. 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
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