Tax (1 Viewer)

[Minxy]

but renting could be 600-1,000 a month.
or less /more .
i dont go on holidays these days .
i just live abroad for 6 months ,ha ha .
whats needed is interest rates at 18%, house prices to drop dramatically then we could buy some more .hee hee .
cut wages by 25% . make folk work harder and make borrowing harder for all.
it could be on the way. make uk competative in the world.
dream to live ,might be better than live to dream.

... I think you ARE dreaming if you think your proposals would make things better! No point in house prices falling as no-one would be able to afford the mortgage repayments ...

Message to self ... do NOT get drawn into daft arguments!

 

[jtp890]

Something no one has picked up on is the annual capital gains allowance recoverable tax free. Roll a property when capital increase + legals = Annual allowance

 

[Minxy]

Something no one has picked up on is the annual capital gains allowance recoverable tax free. Roll a property when capital increase + legals = Annual allowance

I assume by 'roll' you mean sell and buy another ... great in principle but with the way the housing market is at the moment you could find yourself with one worth LESS than you paid for it!

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[vwalan]

think he means use the price gain as part of your tax allowance . .
you can do it as a loss when properties go down in price as well.

 

[jtp890]

Capital gain and income tax are asessed seperately, you cant combine unfortunately and double your personal allowance.

 

[Minxy]

Capital gain and income tax are asessed seperately, you cant combine unfortunately and double your personal allowance.

Agree, they are both separate entities although you can claim both in the same year if you have income from a rental property and then sell it at a profit!

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[jtp890]

Yep £22k tax free