{"id":16038,"date":"2018-11-16T15:45:14","date_gmt":"2018-11-16T15:45:14","guid":{"rendered":"https:\/\/p-gfinancial.co.uk\/property-and-loans\/"},"modified":"2018-11-16T15:45:24","modified_gmt":"2018-11-16T15:45:24","slug":"property-and-loans","status":"publish","type":"post","link":"https:\/\/p-gfinancial.co.uk\/en\/property-and-loans\/","title":{"rendered":"Property and Loans"},"content":{"rendered":"

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Tax tips<\/h2><\/div><\/div>[\/vc_column][\/vc_row][vc_row full_width=”stretch_row” equal_height=”yes” bg_type=”image” parallax_style=”vcpb-vz-jquery” bg_image_new=”id^15166|url^https:\/\/p-gfinancial.co.uk\/wp-content\/uploads\/revslider\/the7-corporate-copy1\/co-001.jpg|caption^null|alt^null|title^co-001.jpg|description^null” bg_image_repeat=”no-repeat” bg_img_attach=”fixed” bg_override=”ex-full” enable_overlay=”enable_overlay_value” overlay_color=”#e8e8e8″ overlay_pattern=”transperant” overlay_pattern_opacity=”25″][vc_column][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/4″]

Property and Loans<\/h3><\/div> <\/div> <\/div> [vc_single_image img_size=”full” image_hovers=”false”][\/vc_column][vc_column width=”3\/4″ css=”.vc_custom_1520451470355{padding-left: 10px !important;}”]
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Stamp Duty on purchase of Residential Property. <\/h3><\/div> <\/div> <\/div> [vc_column_text css=”.vc_custom_1520475111850{padding-left: 5% !important;}”]<\/p>\n

Presently there is no Stamp Duty Land Tax to pay if the price paid by purchaser is under \u00a3125,000.<\/p>\n

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Rollover Property Gains<\/h3><\/div> <\/div> <\/div> [vc_column_text css=”.vc_custom_1520475262161{padding-left: 5% !important;}”]As mentioned in later tips, holiday rental properties are considered trading assets in certain circumstances. It is possible therefore to rollover gains from the sale of a holiday lets property against the purchase of another. Timing and letting criteria are critical for this to work.[\/vc_column_text]
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Stamp duty: disadvantaged areas<\/h3><\/div> <\/div> <\/div> [vc_column_text css=”.vc_custom_1520475403815{padding-left: 5% !important;}”]From the end of November 2001 there is no stamp duty to pay if you buy a property in certain “disadvantaged areas” up to a value of \u00a3150,000. A helpline (0845 603 0135) is available for people wanting to determine whether a property is in a designated area qualifying for stamp duty relief. The postcode of the property will be required.[\/vc_column_text]
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What about the Garden Shed? Are you selling that second or third home and want to save tax?<\/h3><\/div> <\/div> <\/div> [vc_column_text css=”.vc_custom_1520475623110{padding-left: 5% !important;}”]The garden shed and other fixtures and fittings are treated as wasting chattels for Capital Gains Tax, i.e. when you sell them no tax to pay. So why not ask your solicitor to allocate part of the selling price in the contract to these items. Make sure you seek advice regarding the new Stamp Duty Land Tax when considering these issues.[\/vc_column_text]
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\u00a1Tax Refunds from Holiday Homes!<\/h3><\/div> <\/div> <\/div> [vc_column_text css=”.vc_custom_1520475781556{padding-left: 5% !important;}”]If you buy a property to let as a holiday home the tax man considers this to be a trade. If the rents you collect do not exceed the outgoings, bank interest etc, you can set the loss against your other income and obtain a refund.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=”1\/4″][\/vc_column][vc_column width=”3\/4″]
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\u00bfDo you want more information?<\/h2><\/div><\/div>