Keith Wridgway

My brother-in-law died and left my wife and her sister his half of the house he owned as tenants in common with his partner. They weren’t married or in a civil partnership. The partner will remain living in the property. Is it true that inheritance tax with regard to property is calculated differently in this situation.

My wife and I are both pensioners, I am a basic rate tax payer my wife isn’t required to pay tax, our only source of income being our government pensions and the rental income from a house that’s in my name alone, I pay tax on the rental income. If I put the rental property in joint names and my wife prefers and I agree that I continue to collect the rent and pay the tax on the income. In this situation as my wife would continue to be a non tax payer would we still need a deed of trust and form 17

In April 2021 I sold a holiday home in Spain jointly owned with my wife, at a loss. I didn’t declare the loss to HMRC as at the time I was unaware that I could offset the loss against future capital gains. I’m in the process of selling a rental property which will incur capital gains. Firstly, am I right that I can offset the capital gains against the loss? If my understanding is correct that I have 4 years to declare the loss, on what HMRC form do I now declare it?

If I make a loss on the sale of a property in Spain, then sell a rental property in the UK for a profit can I offset the loss made in Spain against any capital gains tax from the profit made from the sale of the rental property