LandlordZONE

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Dec, 2014

Friday

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  1. #11
    Join Date
    Sep 2007
    Location
    Merseyside
    Posts
    596

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    Quote Originally Posted by leaseholdanswers View Post
    Sorry to say this for the third time but that is wrong and its a common mistake.
    That's excellent to know. So it could be used to fund the painting (or whatever) which surely is a bonus to everyone. Presumably this expenditure could then be used to offset the gain then.

  2. #12
    Join Date
    Jun 2010
    Location
    Foundation trench for New Shed@ Ham on Rye
    Posts
    15,350

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    Quote Originally Posted by thevaliant View Post
    That's excellent to know. So it could be used to fund the painting (or whatever) which surely is a bonus to everyone. Presumably this expenditure could then be used to offset the gain then.
    No my point was that any expenditure is not subject to a trust ( unless of course one is in place) only the SC income is, whether under a trust or as is most common, by statute.

    As I understand it the sale of an asset can be accounted for against expenditure and any residue subject to CT, rather than CGT, if it is treated as a sale to another in a close or mutual company.

    The trick is to avoid any surplus on the day to day expenditure ( which is not normally subject to either as a close or mutual company) being hit by this.

    Given the likely value of the land in the uplift in the value of the flat to which it will be attached, the £400 to £600 for advice and basic accounts are likely worth it.
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers. More ramblings atleaseholdpropertymanager.blogspot.com

  3. #13

    Default

    Thanks for the advice everyone.

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