Q:Hello everyone, new member and very impressed by what you all know. My question is….. I am thinking of getting planning permission on a part of my front garden. I may be able to build 3 low cost housing homes does anyone know how I stand in capital gains tax????, someone has told me if I rent them for two years I wont pay it????and is the gain the value on completion less build and land cost???? Thanks
SORRY WRONG FORUM!!!! REPEATED ON TAX FORUM
Q:I think I will have to pay capital gains tax on my house if I don,t sell it in 18 months time. Currently my daughter stays there with a few friends at a very cheap rent. I can no longer afford to do this. I need to sell it ideally, or rent it out through an estate agent for a reasonable rent. I have been told that although the house was worth 210.000 in March last year it is now lucky to get 180,000. Surely this can not be right, a drop of 30,0000 in 16 months. Can anyone advise me as th
Q:Me and my brother bought a house last august (in joint names) and have since refurbished the house (new full rewire, new full central heating system, dpc etc) and have now sold it on.
after all selling costs we have been left with just over ￡28K, 14K each but before we started we both put 5K each into an account to give us our 10K budget, which we stuck to.
As for the capital gains tax, do we have to declare the full 14K profit
or the 9K (9K = 14K minus the 5K tha
Q:I have a buy to let property which was my main home for eleven years, it has been rented out for the last eighteen months and has been valued at ￡180K on the open market. I mortgaged ￡109,000 eighteen months back on an interest only buy to let mortgage and now I'm considering selling at ￡150K, am I correct in thinking I will have to pay capital gains tax on the difference between the ￡150K and the original mortgage price of ￡109,000 or is it the original valuation figure at time of mort
Q:hi.
i wish to bring the proceeds of a recent spanish property sale back to the UK
(to pay off our mortgage etc.) i've paid the local taxes and fees and the compulsory 3% spanish capital gains tax. does anybody know if there's likely to be any UK tax i'll have to pay? thanks
Q:Hi All
The internet advice and forum advice available on capital gains tax seems a little confusing. May i explain my query and hope that someone can help enlighten me a little.
I hv been trying to sell my flat for 3 mnths (since the downturn – bad timing huh?) with no luck. I paid 40k for my flat and i think its probably worth around 90k now so i have built up around 50k equity. I have made 10k worth of improvements. I have lived there for 7 yrs. I also have 25k in savings. I
Q:I've recently remarried at the age of 66. My wife owns a property with a large mortgage and I wholly own my property. We currently live in her property, which is on the market. When it's sold – and hopefully a small profit is realised – we will immediately move to my property and sell it also. We will then used the combined assets to buy a new house. It's been suggested that she will be liable to Capital Gains Tax on her sale, Is this true? If so, is there any way the situation mig
Q:Hi
Back in 2000 I bought my first home – a nice 2 bed flat – and got a lodger in to help with expenses.
3 Years ago my boyfriend and I moved in together, while we rented my flat out to friends. 2 years ago we bought a house together, still with flat being rented out and we thought that we would rent it long term and I thought I better teach myself about tax after getting a lumpy bill last year.
I first wanted to get the income tax reduced out by maximising
Q:I have a property that I bought in 1992 and lived in until 1996. I've rented it since. I'm now going to put it on the market and will be liable to CGT if it sells. There is still a mortgage on the property. It seems a bit of a minefield, but my questions are:
How do I calculate what the property was worth in 1996?
Although my wife's name is not on the deeds, is it worth me going to the trouble and expense of putting her on the deeds so that we can get two lo
Q:With loans from family,we managed to pay our mortgage off in March 2006.We then bought another house in May 2006 but didn't move into it until October as we were decorating it and we had electricians and plasterers in.We then planned to rent out the our original home to help towards the mortgage and repay our families.However at round about the same time my sister split from her husband and needed a roof over her head.I said short term she could move into our empty house and just pay bills