HMRC Admin 19 Response

Hi,
They can only be used against the self employment to generate a loss that can then be used against future profits.
Thank you.

Hi,
If UK resident, you do not need to report the loss unless you want to use it for any future potential capital gains. If so, you must report in writing and each person must show their share, you can see guidance here:
If you make a loss
Thank you.

Hi,
You will not pay tax or need to declare anything under £1000. If over this, you will need to register for Self Assessment, a parent or guardian will need to do this for you.
Thank you.

Hi,
No, you do not need to report this.
Thank you.

Hi,
Your wife will use the 2007 value. The legal fees will be the 50% from when purchased and this will apply for improvements up until you then onwnEd 17.5%. The selling fees will bE 17.5% for your share and also your wife.
Thank you.

Hi,
You need to declare 50% of any interest earned as it is a joint account. You do not need to declare the gift.
Thank you.

Hi,
No, the tax relief is applied automatically. It would only be if you made a lump sum at the very end of the tax year that would be paid gross for you then to claim the relief from HMRC.
Thank you.

Hi,
Yes, it will be Canada.
Thank you.

Hi,
We cannot advise of the tax implications of a particular transaction that has not actually occurred yet as that would be effectively giving tax advice. You can see guidance on gifts here: CG12920 - Gifts and Capital Gains Tax: introduction
Unless it is a situation where the no gain/no loss rules apply, which does not appear to be so here, then gifts are treated as taking place at market value and any computations for capital gains on the gift are made on that basis for the disposal value. That disposal value would then be the cost in the hands of the recipient of the gift. The guidance also covers reliefs available where an asset is gifted, including Hold-Over relief. Guidance on hold-over relief can be seen here: 
CG66880 - Reliefs: Gifts and Capital Gains Tax: Relief for Gifts of Business Assets
There is also the helpsheet HS295, which includes a link to the claim form, here:
HS295 Relief for gifts and similar transactions (2024) 
The guidance below covers what are qualifying business assets:
CG66884 - Relief for Gifts of Business Assets: Qualifying Assets
The criteria are set out for what constitutes a business asset that qualifies for relief under S165 TCGA92 and it is up to you to decide if the asset being gifted meets this criteria according to the particular facts. If the business asset criteria are not met, then relief may be available under the agricultural property rules which may allow relief even where an agricultural property is not used for the trade. Again it would be for you to decide if your asset meets one of the relevant conditions for it to apply.  
You may also wish to seek professional help.
Thank you.
 

Hi William Errington,
We cannot provide financial advice. You can see guidance on Private Residence Relief here:
HS283 Private Residence Relief (2024)
This guidance and the calculator below, will help you work out if there is a capital gain:
Tax when you sell property
If there is, you would have 60 days to report and pay the tax due. Please also have a look at the following guidance for having two or more properties and declaring your main residence: 
CG64485 - Private residence relief: only or main residence: two or more residences: right of nomination 
Thank you.