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Showing results for tags 'hmrc'.
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We have tried to reclaim vat on our self build, submitted all the paperwork and receipts but we have been refused. The problem being we had added a toilet and shower into a roof void space that was not on the original planning drawings, even though we made no alterations to the exterior of the build and building control approved it and signed it all off, we've been told by hmrc we have built unlawfully. Anyone else been refused like this?
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Hi All, I’m currently looking to have some land (garden) gifted to me by my father from his current primary residence. I’ve been advised there are some tax considerations especially as i’m deciding whether to complete the transfer of land before or after I obtain planning permission for it. I am looking to get professional tax advice but wanted to get opinions before-hand. The three taxes i’m aware of are: Capital Gains Tax – I imagine this applies because the land is no longer part of the primary residence once it is split and gifted. However my father is retired, so I’m not sure what % bracket for CGT he will fall in. Inheritance Tax – Shouldn’t apply to me if my father survives more than seven years after the gift Stamp Duty – shouldn’t apply to me as house is free from mortgage Questions: Would my father have to pay CGT based on the information above? If we eligible for gift relief and I want to sell the new-build property, will I pay CGT even if it has then become my primary residence? The CGT on the gain (once I build a house) will be enormous as the land with a property on it will value considerably more. If I transfer the land pre-planning (lower value = less CGT), then find out I can’t get planning permission and want to transfer the land back, are there any tax implications to me/father? The land in theory goes back into his primary residence. How does HMRC view ‘value’ of land and the gain? i.e. originally my father paid 80k for the whole property but the gifted land is only the garden portion of the property and may be worth around the 50-90k now on its own. HMRC requires valuation from a professional surveyor only? When dealing with the splitting and transfer of land, should a solicitor deal with HMRC for tax? Or will this need to be a separate process my father and I will need to do ourselves? Many thanks for any help you provide!