Landlord Question
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Property CGT return if a loss is made
Dear HMRC team, Please could you confirm if it is necessary to file a residential property capital gains tax return if the sale of the property resulted in a capital loss? Thank you for your help -
Missing Completion Statement
Good afternoon, I have recently exchanged contracts on a property on which capital gains tax will be due. After reviewing my records and contacting the solicitor who acting on the purchase I have been unable to retrieve a copy of the completion statement from the purchase which was in August 2011. My question is, for the purposes of working out the CGT I need to pay, is it acceptable to calculate the amount of stamp duty I would have paid on the purchase in 2011 by applying the stamp duty rates in force at the time to the purchase price and to then use this amount as an allowable cost for the CGT calculation? Many thanks in advance if it is possible to confirm this -
Overpaid letting fees and refund
Dear HMRC, A letting agent charged me upfront for 12 months of letting fees which were paid in the 2022/23 tax year, the tenant then decided to end the tenancy after 2 months and the agent refunded the extra 10 months of fees that had been paid but the refund wasn't received by me until well into the 2023/24 tax year. My assumption, given I am using the cash basis, is that I would enter the full amount of the fee paid in the 2022/23 tax year as an allowable expense and then next year enter the amount of the refund I received in the 2023/24 tax year as taxable income in that year. I would be most grateful if you could please confirm if this is correct. Many thanks in advance -
Allowable costs for CGT calculation on share sales
Good afternoon, Please could you confirm if the 'P.T.M. Levy' (the £1 charge on share transactions over £10,000) is an allowable cost for the purposes of calculating capital gains on the sale of shares Many thanks in advance