I am just completing the purchase of a property as joint tenants (my wife and I) this will be an investment property and will be rented out to supplement both my pension and my wife's pension. I have further rental properties which are owned again in equal shares with my wife. I am currently looking at inheritance tax planning (my wife and I are in our late 60s) and plan to gift some of my assets to my son and daughter in equal shares to hopefully comply with the 7 year rule.
If I gift the last purchase within 3 years would I be able to reclaim the SDLT?
I rent out 6 separate fields. 5 are used for grazing of horses and the 6th is used for dog exercising. The income derived is split between 2 people as a partnership. The land is formally registered with DEFRA and we receive a farming subsidy where the business address is my home address. The land in question is actually about 100 miles from my home address, it has no facilities ( ie no water, electric) it is just fields.
I personally administer rent collection, completing forms for Defra and any general enquiries from my home office where I have my PC, internet, phone etc.
I make occasional visits to the land for inspection purposes and also to check data for my Defra submission.
The land was recently put up for sale and I have used agents local to the land to administer the sale. I also appointed a local solicitor to issue tenancy notices. Clearly this has involved an increase in visits to liaise and brief the sales team.
I have always viewed my place of work as my home address where the business is registered with Defra and all day to day admin is carried out. Is this correct ( my home is my place of work) and leading from that my occasional but essential mileage particularly of recent date briefing the sales team is then presumably an allowable expense.
I was gifted a 25% share in 20 acres of agricultural land in 2011. I sold this in December 2022 and there was clearly a gain. Do I declare the gain in my normal self assessment for tax year 2022/2023? or is this done now and independent of anything else?
In terms of assessing the gain...I have a valuation dated 2008 which I can uplift to 2011 and there have been capital improvements by the addition of some stable buildings...these have attributed to an increase in the sale value but presumably the build cost of the substantial 2 buildings can be offset against the gain as a capital improvement.
My business partner is the nominated partner for Accounts and tax returns ( there are just 2 of us}. The SA 800 for 20/21 has been completed and returned on time in line with our end of year accounts. However I have noted a mistake ( I only saw the accounts when the SA 800 was submitted) which has turned a small profit into a small loss.( circa +£1500 to - £1500) I have asked my partner to revise the SA 800 and make contact with HMRC. Despite contacting my business partner twice she has failed to make the necessary amendments and contact accordingly. Can I intervene? and submit the correct figures? The business is to be wound down during 22/23. financial year and the partnership dissolved