X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Tax

    CGT on BTL converted to holiday let

    Sorry Debbie, me again ?

    I posted the same question on several forums on the same day and am getting conflicting views.

    someone is saying it is illegal and if I did do it I would need to pay CGT up to the date of conversion.

    life is never easy, any thoughts?

    Ken


    0
    0

    Not sure why anyone would think it is illegal? HMRC guidance here which equally applies to holiday lets if they qualify as such. https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg63975 

    0
    0

    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA


    I don’t know why either, getting a straight answer on anything seems impossible nowadays!

    every expert seems to say the opposite to ever other expert and HMRC just say nothing and will give no view in writing.  If they are not the authority, who is!

    i find myself at the mercy of so called experts and am pretty sure I am not the only one.  My brain does not compute all this data, figures were never my forte, I buy and rent flats but now that I am facing bankruptcy if s24 rolls out completely along with a few interest rate rises I am having to take action.  What action do I take though??? There is no collective thinking, it just seems to be advice from people selling what they believe to be correct.  Unfortunately I am the clown in the dock saying I know your honour, I should have stuck in at school, learned more than this expert then I would have known it was incorrect!

    how am I supposed to know more than the expert and why should I be in the dock? It should be the professional who gave me the advice explaining himself.  They all offer insurance but what good is that if they fold the company and start a new one.

    thanks for the link which I will read and try to absorb but it will be down to my interpretation of it rather than facts no doubt.  There should just be a book of rules easy to read and understand for the likes of me.  A Highway Code for landlords! I know if I park on a double yellow line I will get a ticket or lifted but if I go for a BICT or a HYBRID I might be right or I might be wrong, do nothing and I go belly up!

    who thought buying 60 flats to rent to local people on benefits would be so hard - I told them they had a house for life if they paid the rent (win win) and now I am putting them out of their home.

    A rant from a fed up landlord who doesn’t know where to turn! Safest route is throw out 45 families pay the cgt and pay off 15 flats completely then crawl back under my rock; life was better there!

    0
    0

    have a look here also https://www.taxinsider.co.uk/1672-Furnished_Holiday_Lettings_Is_Your_Property_Special.html 

    0
    0

    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    Hi Debbie

    That does seem conclusive, hopefully no other member will now tell me the opposite lol

    l have subscribed to tax insider before but never really got anything from it as once again, I couldn’t really absorb what I was reading.

    Might give it another try as I recall there is a panel you can pose questions to?

    Thanks again

    Ken




    0
    0

    Perhaps they were saying it was illegal as regards the mortgage rather than tax?

    0
    0

    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA


    Who knows!

    I have sent you a private message please reply when you are free

    thanks

    0
    0