fullfatrr.com - View topic - Any tax experts out there??

Advertise on fullfatrr.com »

Forum · Gallery · Wiki · Shop · Sponsors

Home · FAQ · New Posts · My Posts · PMs · Search · Members · Map · Calendar · Profile · Donate · Register · Log In

Home > Off Topic > Any tax experts out there??

Page 1 of 1

Print this entire topic ·

Contraband

Member Since: 08 Nov 2010
Location: FIFE
Posts: 3700

Any tax experts out there??

My sons course finishes in June and he was threatening to come home !!
So, We have just bought him a flat. It's a repo at a silly price.
My question relates to capital gains tax.
The flat is in joint names, myself and my wife.. Being a student my son could not get a mortgage.
Some made up figures here for easy calculations...... If the flat cost 50k and we sell for 80k, then that's 30k that would be liable for CGT. BUT, if we can show that we have spent 10k on repairs would that be deducted from tax liability?
Also, as I put it in joint names can we claim 2x CGT allowance? Currently 10600 I believe..
Any advice appreciated thank you.. Previously..
Vogue SE TD6
Defender 90 2.4
Defender 110 TD5
Vogue 3.5 EFI

9th May 2012 1:57pm

DeRanged Rover

Member Since: 16 Feb 2012
Location: London
Posts: 379

2006 Range Rover Vogue SE Td6 Java Black

All on here ...

http://www.hmrc.gov.uk/cgt/property/calc-cgt.htm African Bush Junkie ... in London!

Stats:
2006 TD6 Vogue SE
1972-2015 DeRanged Rover
2001 P38 dHSE (SOLD)

9th May 2012 2:48pm

xjsracer44

Member Since: 30 Nov 2010
Location: Hertfordshire
Posts: 274

2007 Range Rover Vogue SE Supercharged Java Black

Yes, yes & yes

9th May 2012 2:49pm

Contraband

Member Since: 08 Nov 2010
Location: FIFE
Posts: 3700

Cheers.. I did read the HMRC website, but could find nothing on CGT for joint ownership. Previously..
Vogue SE TD6
Defender 90 2.4
Defender 110 TD5
Vogue 3.5 EFI

9th May 2012 3:00pm

Dixy

Member Since: 09 Apr 2009
Location: Somerset
Posts: 1110

capital gains, on a flat letters not necessarily in the right order

9th May 2012 9:54pm

Contraband

Member Since: 08 Nov 2010
Location: FIFE
Posts: 3700

What's funny?? Previously..
Vogue SE TD6
Defender 90 2.4
Defender 110 TD5
Vogue 3.5 EFI

9th May 2012 9:55pm

Page 1 of 1

All times are GMT + 1 Hour

Jump to

< Previous Topic | Next Topic >

Posting Rules

You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum