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Nov, 2014

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  1. Replies
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    Agree with KingMaker. Probably revenue expenses....

    Agree with KingMaker. Probably revenue expenses.
    The big cases to decide whether pre trading expenditure is capital or revenue is Odeon Cinemas and Law Shipping. Less important, but still relevant...
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    391

    Taper relief and Indexation Allowance have now...

    Taper relief and Indexation Allowance have now been abolished for individuals.
    Everyone has an annual exemption of £10,900 (2013/14). Below this no CGT is due.
    CGT is due at 18% for lower rate...
  3. Replies
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    1,704

    The word "potentially" is the key. It would be...

    The word "potentially" is the key. It would be wrong to say that all expenditure for up to 7 years is allowable if you are living in the property. Equally, it is wrong to say that just because you...
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    Simon, I am not sure what you mean by the URL...

    Simon,
    I am not sure what you mean by the URL for this. Do you mean the BIM references or PIM references.
    Or do you mean the references to the legislation?
    I am assuming, because you say you are a...
  5. Replies
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    1,704

    This is incorrect. There is nothing in the...

    This is incorrect.
    There is nothing in the legislation to prevent a property that has previously been used as a residence from becoming an investment property. The property is brought into the...
  6. Replies
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    1,704

    It is misleading to say that you cannot claim...

    It is misleading to say that you cannot claim for pretrading expenditure if you are living in the property. In some cases it is possible to do so.
    The restriction for claiming expenditure in a...
  7. Replies
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    453

    HMRC now accept that changing single glazed...

    HMRC now accept that changing single glazed windows to double glazed windows is not an improvement. http://www.hmrc.gov.uk/manuals/bimmanual/BIM46904.htm
  8. Transfers between married couples and civil...

    Transfers between married couples and civil partnerships can be done without incurring any capital gains tax. The transferee simply takes over the cost of the asset.
    However, as you are not married...
  9. You can purchase the property in whatever...

    You can purchase the property in whatever proportions you want. If it results in less tax being payable if you buy the property, then that is what you do.
    The answer to how best to transfer the...
  10. Replies
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    Normally, pre trading expenditure is allowable if...

    Normally, pre trading expenditure is allowable if it would have been allowable after rental commenced.
    However, relief under these rules is not allowable if the property is your own property before...
  11. Replies
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    The main cases to decide whether pre trading...

    The main cases to decide whether pre trading expenditure is revenue or capital expenditure is the Law Shipping case and the Odeon Cinema case.
    In the Law Shipping case, the acquisition price was...
  12. I have not seen the transcript of this case, so I...

    I have not seen the transcript of this case, so I did not realise that the Kings were not married at the time. However, the issue seems to be the surrendering of the entitlement to the income by the...
  13. Have a look at the case Kings v King for...

    Have a look at the case Kings v King for assessment of jointly held property where all rental income was paid to wife. Discussion about it...
  14. Found a discussion mentioning this case. ...

    Found a discussion mentioning this case. http://www.accountingweb.co.uk/anyanswers/joint-rental-income-0#comment-2714
  15. HMRC are correct and no formal doumentation is...

    HMRC are correct and no formal doumentation is actually required. HMRC brought a case to the then tribunal system (Kings v King) about what the Kings regarded as joint rental income. The Kings...
  16. There are two ways to work out your profit from...

    There are two ways to work out your profit from the rent a room scheme if your total receipts are above the exemption limit (currently £4,250)
    You can choose between either of them.
    1. You work...
  17. Replies
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    735

    I have seen this a couple of times on this board...

    I have seen this a couple of times on this board and it is inaccurate to say that if you use a letting agent to manage your properties, travel between home and property are not allowable.
    First of...
  18. The new boilers would be a revenue expense and...

    The new boilers would be a revenue expense and deductible from profits for the year, whilst the improvement would be a capital expense and deductible from sales proceeds when you sell.
  19. Replies
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    You are right Dottie. There is inequality in the...

    You are right Dottie. There is inequality in the DRR.
    The legislation requires a man to be incapacitated in order for the occupation to qualify for the relief.
    For women, it only requires them to...
  20. Replies
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    Yes, you are right. If the taxpayer already has...

    Yes, you are right. If the taxpayer already has salary/other income of £20k he will pay no more on the dividend of £5k.
    And, yes, the company has already paid tax on 20% of its profits. So to get...
  21. Replies
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    720

    If you gift the flat to your son you will pay...

    If you gift the flat to your son you will pay capital gains tax on the difference between the market value at the date of gift and acquisition price.
    You will get PPR for the period you lived there...
  22. Replies
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    Yes it is possible to do as you suggested, but it...

    Yes it is possible to do as you suggested, but it may not always be beneficial.
    A company pays tax at 20% (on profits below £300,000) on indexed capital gains.
    An individual’s capital gains tax may...
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    As another poster has said, the reason you get...

    As another poster has said, the reason you get multiple and differing answers, is that there are multiple and different scenarios to consider.
    Although you are just thinking of CGT and IT, there...
  24. Replies
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    Look at both the Law Shipping case and the Odeon...

    Look at both the Law Shipping case and the Odeon Cinema case.
    If you say that the premises were being made "fit for occupation" then I would guess that the Law Shipping case was most likely to apply...
  25. You can remortgage up to the value when first...

    You can remortgage up to the value when first let, and the whole of the mortgage interest is deductible.
    For example.
    You buy a property for £120,000 with a mortgage of £90,000.
    You remortgage a...
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