Valuation of let property
When an individual dies everything they own is valued to calculate the inheritance tax (IHT) due on their estate. These assets include the deceased’s main home and any let properties they may own.
When an individual dies everything they own is valued to calculate the inheritance tax (IHT) due on their estate. These assets include the deceased’s main home and any let properties they may own.
Most people are aware that generally capital gains is not payable on any gain made when selling their main home. This is due to Principal Private Residence Relief (PPR).
Where a property business ceases there is a relief for expenses incurred in relation to the business after it has ceased. The business typically would cease where the property is no longer let or is sold.
A new online system for paying and declaring CGT within 30 days of completion for sales of residential property was introduced from 6 April 2020. CGT online applies to all sales of UK homes where exchange and completion occurred after 5 April 2020. Sellers who are not tax-resident in the UK must report all UK…
Read this blog post to find out more information on when cash basis applies.
According to the Law Society the number of people seeking to write new wills has increased by 30% due to the pandemic.The current situation is causing angst among people, understandably.
The government has launched various different support measures across different sectors to help fight the pandemic financially to those who need it most. It is our view that more can still be done but that is a separate conversation.
So what should you consider before applying for a mortgage payment holiday. We have all the tips for you in this latest blog.