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  • Capital Gain Tax Overseas Agricultural Land

    My uncle has sold Agricultural land in India. He has filled tax return in India and it was exempt due to agricultural land. Land has always been used for agricultural purposes by another farmers while he was living in UK. He is living in UK from past 20 years. He is domicile in UK. Would he need to file Capital Gain Tax (CGT) in UK ? Does he need to pay any CGT even it was agricultural and as they are mainly exempt ? Would he falls under 10% or 20% tax rate as this is agricultural land.
  • Capital Gain Tax

    My friend Mr John owns a property in documents which is owned 50 & 50 to his wife. He got divorced and sold the property. Court ordered to pay 70% to wife and 30% to himself. Does he need to report 50% part in Capital Gain tax even he will be receiving 30% of the procced ? Or can he report 30% only as the procced he is getting is 30%
  • Money Exchange Business

    I send money abrod to my personal account for exampl £1000 at exchange rate of 100 and then send the money back when the rate has reduced lets say 90 so I am saving £10.00 which I will count as my profit and will pay the tax. I would like to find out until I have declared this in the self assessment, I do not need to do anything tax wise?
  • Residence Letting relief Capital Gain Tax CGT

    I understand letting relief can only be claimed if the 1) house was residence 2) You lived in the property and let out part of the home Question is will the letting relief will be available for when the whole house was let. I lived in the property for 15 years and let out a room. Bought the second home and move out. Then for next 13 years property was privately let whole house. Now I have sold the property, Will I be able claim £40000 allowance (or lower of three rules) for the time I let it as whole or will it just be allowed for the period of time I lived and let part of the property? Secondly, The property is joint name will be both be able to claim letting relief for example £40,000 each depend on the three conditions and gain amount.
  • Sale of Buy to Let property

    I have sold buy to let property and do not own any other buy to let. I made loss in previous year in the rental income and expenditure. 1 ) Can I claim these loses toward the capital Gain Tax ? 2) Can I claim repairs which were not capital but were not claimed under revenue and expenditure ? 3) I also refinance the house and took a mortgage and used the money for personal reasons. Am I allowed to claim the mortgage amount as cost for capital Gain Purpouse CGT? 4) The property I bought in 1990 for £6000 and it worth over £500,000. I understand there is £40,000 allowance and private residence relief. It seems I like I have made a lot of profit but if really I want to buy the same house which i bought for £6000 in 1990, It will cost £500,000. Is there any other exemption available ?