13 - June 2019
If you might want to sell a property cheaply to a family member make sure you read this first.
Posted by : Pro-Taxman
View : 388
Comment : 0
At first sight, the calculation of a capital gain or loss on the disposal of an asset is relatively straightforward – simply the difference between the amount received for the sale of that asset and the cost of acquiring (and, where relevant) enhancing it, allowing for the incidental costs of acquisition and disposal. However, as […]
02 - May 2019
SDLT and first-time buyers
Posted by : Pro-Taxman
View : 319
Comment : 0
Stamp duty land tax (SDLT) is payable where you buy a property in England or Northern Ireland and the amount paid is more than a certain amount. SDLT does not apply in Scotland, where Land and Buildings Transaction Tax (LBTT) applies instead, nor in Wales, where Land Transaction Tax (LTT) is payable. As far as […]
02 - May 2019
Putting property in joint name – beware a potential SDLT charge
Posted by : Pro-Taxman
View : 361
Comment : 0
There are a number of scenarios in which a couple may decide to put a property which was previously in sole name into joint names. This may happen when the couple start to live together, get married or enter a civil partnership. Alternatively, it may occur if the couple take advantage of the capital gains […]
02 - May 2019
What makes a property a residence?
Posted by : Pro-Taxman
View : 311
Comment : 0
Capital gains tax private residence relief is available where a property is occupied as the taxpayer’s only or main residence. The question of what constitutes ‘occupation as a residence’ was considered recently by the Tribunal, with perhaps surprising results. Quality not quantity There is no minimum period of residence that is needed for private residence […]
02 - May 2019
Airbnb-type lets – is rent-a-room relief available?
Posted by : Pro-Taxman
View : 287
Comment : 0
Many homeowners have taken advantage of sites such as Airbnb to let out a spare room on a temporary basis or their whole property while they are away. In most cases, as long as the associated conditions are met, hosts can enjoy rental income of up to £7,500 tax-free under the rent-a-room scheme. This continues […]