Reduce Capital Gains Tax Using A Deed Of Trust

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Read our article on Using a deed of trust and form 17 to reduce Capital Gains Tax (CGT) when selling a buy to let property www.optimiseaccountants.co.uk...
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In this video you will learn about
- What is a deed of trust and form 17 and why do these need to be sent to HMRC
- How does a deed of trust help reduce Capital Gains Tax (CGT) when selling a buy to let property in your investment portfolio
- What are the benefits of using deeds f trust and form 17s to help minimise landlord tax
#HMRC #Tax #Property

Опубликовано:

21 дек 2021

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Комментарии : 24

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Please ensure that you register for our free UK tax saving seminars: www.optimiseaccountants.co.uk/tax-seminars/ Download our tax calculators: www.optimiseaccountants.co.uk/tax-calculators/

@ellahorses5436 2 года назад

Superb !!!! Just what I wanted to hear about

@Simon-Misiewicz-US-UK-Taxes 2 года назад

I’m delighted that it was useful

@nmp9880 2 года назад

Do you also have to Register the change of ownership at Land Registry before submitting Deed of Trust and Form 17 to HMRC?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Typically yes.

@nmp9880 Год назад

I submitted Form 17 and Deed of Trust to HMRC a month ago to notify them of 30/70 split for a property owned with my wife. I have still not received any reply, so called them and was shocked to hear that HMRC will not review my submission until February 2023 because of processing backlog. My understanding is that until HMRC confirms acceptance of Form 17 I will not be able to split CGT 30/70 on sale of our property. This seems unfair. Should not HMRC backdate acceptance to the date they actually received my form? Do you have any suggestions of what I can do because we need to sell soon and utilise our uneven CGT losses carried forward from previous years? Thanks.

@Simon-Misiewicz-US-UK-Taxes Год назад

Please prepare your self assessment return based on the new split. You will receive a reply but don’t hold your breath. Like many things in government HMRC is a broken system

@ghaffarhussain6572 2 года назад

When I transfer my properties to limited company( me and other director) without getting any cash, do I have to pay CGT and and stamp duty

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Yes to both, potentially.

@eamonnshryane7729 2 года назад

I have had a deed of trust drafted whereby my wife will benefit from a 50 per cent ownership of a rental property I own. I do not have to fill in a form 17 as it is a simple 50/50 split. A I right in assuming that I am not required to inform HMRC within the 60 days timeframe you mentioned as it is 50/50 and not another apportionment or do I still have to inform HMRC?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

A form 17 is only required where a property is 50/50 owner but you want a different split.

@eamonnshryane7729 2 года назад

Many thanks for your reply. Much appreciated. Just checking - so there is no requirement, if the split is 50/50 , to inform HMRC within 60 days?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

That’s is correct

@suekendrew4333 2 года назад

If one partner is the legal owner and a 50/50 deed is prepared with spouse before sale, would cgt be mitigated with an annual allowance each? Or would the amount subject to cgt only be the increase in proportionate value from the date of trust to completion for the spouse? mind boggling!

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Will be based on the sales price less the original purchase price when you are using a deed of trust. Values will not change when you use a deed of trust between a husband and wife or civil partners

@suekendrew4333 2 года назад

@@Simon-Misiewicz-US-UK-Taxes that's so helpful, many thanks

@jimmygill1635 Год назад

Can you carry forward losses from more than 4 years ago ??

@Simon-Misiewicz-US-UK-Taxes Год назад

You sure can

@jameslincs 2 года назад

If I own a rental house and want to sell, can I give half to a friend before I sell to get the use of both of our allowances? Wouldn’t it trigger CGT when I pass it to him? Can a trust help that? Thanks

@Simon-Misiewicz-US-UK-Taxes 2 года назад

A transfer to a friend would trigger a CGT & possible SDLT liability. I am pleased you asked before acting.

@jameslincs 2 года назад

@@Simon-Misiewicz-US-UK-Taxes Hi, I would like to sell a few rentals due to the new EPC requirements, so I can upgrade to better houses, but I need to avoid too much CGT. How is best to do this?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Please book a call with us using the code CRM20 to get a 20% discount; optimiseaccountantsltd.as.me/optimiseaccountantstaxconsultation

@jameslincs 2 года назад

@@Simon-Misiewicz-US-UK-Taxes before I pay, how do I know you can help me pay less CGT? Is there normally something that works to reduce the tax bill?

@Simon-Misiewicz-US-UK-Taxes 2 года назад

Hi James, we can’t guarantee anything but maybe you should not book the call if you feel it is a waste of money. We only want people that are happy to invest their money to come work with us.