29

Mar, 2017

Wednesday

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  1. Replies
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    I'm not sure I quite agree with that. I suspect...

    I'm not sure I quite agree with that. I suspect that most people who have recently incorporated are 40% taxpayers who have done so primarily in order to benefit from being able to fully deduct...
  2. Firstly, as others have said, if you're happy...

    Firstly, as others have said, if you're happy there why on earth would you raise it? What would you expect to gain?

    Secondly, I am pretty sure that the council planning department doesn't even...
  3. Sorry, I didn't mean to sound brusque, but I'm...

    Sorry, I didn't mean to sound brusque, but I'm not sure that'd help me. The HMRC guidance says Where a transaction is entered into by joint purchasers the higher rates will apply if the transaction...
  4. Are you suggesting that my dad should transfer...

    Are you suggesting that my dad should transfer his 50% share entirely to my girlfriend in order to avoid the SDLT surcharge?

    Unfortunately, I am not sure that this'd work. Firstly, both me and my...
  5. Paying 3% SDLT surcharge on part transfer of my primary residence

    My primary residence is owned 50:50 by me and my father. It is the only property I have ever lived in as an owner-occupier.

    I am currently remortgaging it and we are transferring it into the joint...
  6. If it has existing use as a C4 at the time that...

    If it has existing use as a C4 at the time that the Article 4 direction came in, that's fine. If it's gone back to being used as a C3 house then it'll have lost its C4 status. No reason indeed why...
  7. People treat buying a house differently from...

    People treat buying a house differently from buying other items. If I were buying a toaster I would look at what the minimum spec of toaster was that met my needs, and then buy the cheapest toaster I...
  8. pilman, Thank you for the dissenting response....

    pilman,

    Thank you for the dissenting response.

    I have to say that when I read Planning Portal that was my initial interpretation, although I just couldn't really believe it given that the two...
  9. Thank you both. Very helpful.

    Thank you both. Very helpful.
  10. Can a dormer go on the side of a house under Permitted Development rights?

    I am thinking of buying a gable-fronted detached house house and I'd like to put dormers on each side of the roof, rather like in these pictures:...
  11. Replies
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    Exactly. Government took a policy decision to...

    Exactly.

    Government took a policy decision to have fewer people from investing in BTL property. The OP is deterred from investing. Therefore the Government's intervention appears to be working...
  12. The simplest way of paying off the capital of a...

    The simplest way of paying off the capital of a mortgage is to take out a capital repayment mortgage as opposed to an interest-only mortgage!

    Since you have an interest-only mortgage already in...
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    Neither of the two different council areas where...

    Neither of the two different council areas where I have direct experience of running HMOs (and which have Article 4 directions in place) act in the same way as andybenw's, so I'd guess that's the...
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    canarm, this blog post will clear up your...

    canarm, this blog post will clear up your confusion: http://comfortlettings.co.uk/news/2012/08/16/definition-of-a-hmo-house-in-multiple-occupation



    I don't think that would often be true, as in...
  15. Replies
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    Yes, it should be fine as a revenue expense...

    Yes, it should be fine as a revenue expense unless the plaster on the walls of the property was in such bad condition when you bought it that you couldn't realistically have let it like that -- in...
  16. My understanding is that what matters is whether...

    My understanding is that what matters is whether it is a true reflection of the actual situation or not.

    If your partner genuinely receives all the rent, and genuinely pays all the letting...
  17. See my posts numbers 2 and 5 on this thread. It...

    See my posts numbers 2 and 5 on this thread. It sounds like what you want is just to put some spare money each month into a stocks and shares ISA (probably highly diversified fund e.g. a global...
  18. Current typical BTL interest rates: 2%-4%...

    Current typical BTL interest rates: 2%-4% depending on LTV and other underwriting factors.
    Long-term annualised average nominal total return from global equities: lots of different estimates and...
  19. I'm sorry if I'm missing something, but surely...

    I'm sorry if I'm missing something, but surely the simplest way of doing this is just to start paying off your mortgage! Will your current mortgage not let you make capital repayments? Or can't you...
  20. Given you'd pay the same income tax on the money...

    Given you'd pay the same income tax on the money either way, what difference would it make to your tax situation even if you could deduct it from your property business and receive it as pay?
  21. Replies
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    As others have said, it completely depends on...

    As others have said, it completely depends on your own circumstances.

    I acquired my first BTL a full four years before I became an owner-occupier. There were various reasons for this, one of...
  22. Thanks again for your help. As I said, I do...

    Thanks again for your help.

    As I said, I do completely get why it would be really pushing it to deduct abortive capital-type expenses as revenue. On the revenue point, however, I've dug a bit...
  23. It's very common for the end of the fixed term...

    It's very common for the end of the fixed term (and commensurate ERC period) to be up to a month or so either side of the anniversary of the mortgage's completion. I think it's because the date is...
  24. jpkeates, Thank you for your thoughts. One...

    jpkeates,

    Thank you for your thoughts. One additional question on this bit:


    Is there any difference in your mind between costs which are revenue in nature and those which are capital in...
  25. Tax deductibility of particular financing costs

    I paid a re-mortgage valuation fee in mid-March, but the re-mortgage didn't complete until the end of April. Should that mortgage valuation fee be deducted against the earlier or later tax year? (I...
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