Q:Dear All,
I am hopefully on course to sell a secondary property which I bought just over 6 years ago as an investment. It has done well but after calculating the buying & selling expenses, Taper relief and my wife and my own exemptions, we still have a decent ￡11K capital gains tax bill to pay.
I have enhanced the property by having it fully decorated and I think that will add to the expenditure but will not reduce the tax bill by much overall and now seek to ask three ques
Q:Dear Martin,
Exactly what can I claim on buying and selling a house to net against capital gains tax ?
I
Q:I am getting divorced. I live in the family home with our 4 children. My ex lives in one flat of a property divided into 3 flats that we jointly own. We lived in a flat in that same property for 5 years when first married (in 1984). He moved back there last February. We now need to sell at least one flat. As one flat is now his main residence are we liable for capital gains? Any advice about what best to do with the other two flats? Should we delay divorce until all 3 are sold to maximise tax
Q:I have let my home for a year while travelling Europe. I now want to sell it.
I own a second house which I also let.
Do I have to pay capital gains tax on the home which I am now selling?
Q:Hi,
My mother-in-law inherited her fathers estate upon his death back in Feb 2002. This estate, including a small house totalled less than the IHT allowance limit at the time so no IHT was payable. They have rented the property out until now and would now like to sell the property.. The property has increased in value by about 60k in the last 4 years, so I would like to know if capital gains tax is only payable on the price increase (i.e. 60k).. ??
If this is the case then coul
Q:I have rented out my previous property since March 2004 (actually moved out December 2003)
Property was worth ￡130,000 then, but now is worth ￡180,000+. I have had same tenants who are keen to stay long term currently paying ￡500 PM including rates (NI)
I thinking about selling property (as BTL investment with tenants in situ) before the 3 year deadline to avoid paying any Capital Gains tax because I lived in it.
How do I work out what Capital Gains I would pay
Q:Hi all new user here!
Having just bought my first house at the age of 25 which is a bit of a wreck! I am planning on doing it up and then selling it making a profit, and moving onto another to do the same. As each house I renovate will be my main residence will I be except from capital gains tax? Taking into account that this is not my full time employment.
Is there a time limit of how long I have to live in the house or a restriction on how many times I can do this?
Q:Hi,
I'm currently looking at turning my principal residence into a buy-to-let – my partner and I have lived there for 3 years but now live in a flat.
This house was purchased with a joint mortgage – on sale, does that mean both myself and my partners CGT allowance will count towards it? Similarly, I'm a higher rate tax payer, my partner is not – how is the CGT calculated?
If anyone could give me an example of a house purchased at ￡130k and sold at ￡1
Q:Can anyone help think I have got myself into a right mess. Bought a small flat 11 years ago as my main residence and lived in it for 5 years then met my husband (who stayed in a different area) and rented with him for 2 years, and rented out my flat. Then we bought a property together so in total I have been renting out my flat for 7 years and not declared it to the taxman as at the time my financial adviser said I wasn't making enough profit on flat to pay tax – how naive was I ? Also