Anybody any ideas on someone bought a property in 85 for 50k and now selling it for 180k. The property was never his main home but always to let. No plans on buying a new property, has other business and properties. Does he have to pay tax(CGT) on 130k, no adjustments or anything for things like the value of money was 10* in 85? Can he offset losses on his other properties or loss made in his business against the CGT due on sale of this prop.?
The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
Thanks, Kris That's not for a client but for my father-in-law..same as my other post on B&B. It just looks a bit unfair (I know such as life) 50k was a lot of money in '85, it might looks like they made a lot of money on it but I think they actually did not comparing 50k than and 180k now (value of it) is pretty similar... Not doing SA returns myself yet.
You're right, I guess someone has to pay for those who do nothing to provide for themselves. Might as well be those who have been responsible and made a wise investment to pay for their own retirements.
The views expressed in this post are my own personal (HRA protected) views, and are not representative of any organisation I have any involvement with.
the allowance is an annual allowance, not per property. If the property is owned by two people or more (if he had transferred 50% to his wife that would have been handy) then each person gets the allowance.
Any enhancement costs? Double glazing, central heating, costs to get the property in a lettable state (which shouldn't have been claimed against revenue). Solicitors fees, estate agents fees? Pretty sure all that can be deducted first.
