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Current property owner and first time buyer - help to buy conflict

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  • need_an_answer
    need_an_answer Posts: 2,812 Forumite
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    studentguy wrote: »

    I don't know why you're here, you just want to argue with people who don't follow your philosophy or trying to con the taxpayer. You should probably leave, people here don't take kindly to tax avoidance.

    Funnily enough I was about to post a comment along similar lines.
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  • Cheeky_Monkey
    Cheeky_Monkey Posts: 2,072 Forumite
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    Real Estate? You sound like a Yank
  • Doozergirl
    Doozergirl Posts: 33,813 Forumite
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    Does anyone know what the question is now/anymore?

    Including the OP?
    Everything that is supposed to be in heaven is already here on earth.
  • Soundgirlrocks
    Soundgirlrocks Posts: 746 Forumite
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    edited 9 August 2018 at 5:33PM
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    Goldcrypto wrote: »
    This is really why a lot of people here seem to be commenting with things they do not understand.

    There are such things as 'private residency relief' for your main residence property before selling. By having lived there for x period of time before a sale.

    https://www.gov.uk/tax-sell-home

    .

    Private Residence Relief
    You don't pay Capital Gains Tax when you sell (or dispose of) your home if all of the following apply:
      you have one home and you've lived in it as your main home for all the time you've owned it
        you haven't let part of it out - this doesn't include having a single lodger
          you haven't used part of it for business only
          the grounds, including all buildings, are less than 5,000 square metres (just over an acre) in total
          you didn't buy it just to make a gain


          From the link you posted, you clearly didn't read it so I've highlighted the bits that apply and why your brother will get a hefty capital gains bill if he sells. :rotfl:
        • Goldcrypto
          Goldcrypto Posts: 104 Forumite
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          Cheeky_Monkey wrote: »
          Real Estate? You sound like a Yank

          You do not want to use the correct terminology? So should Cambridge university rename their Masters degree in Real Estate Finance to something else? Along with every other program in the UK ?

          https://www.graduate.study.cam.ac.uk/courses/directory/lelempref

          https://dictionary.cambridge.org/dictionary/english/real-estate

          'property in the form of land or buidings'

          My family is mixed of both English and American. Are these boards to exclude 'Yanks'? Although I am English native born (but also have dual citizenship as an American via family). Any other slang names you want to call Indian's or Chinese or anyone else using these boards?
          'Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway'

          W Buffett
        • Goldcrypto
          Goldcrypto Posts: 104 Forumite
          edited 9 August 2018 at 6:15PM
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          Soundgirlrocks wrote: »
          Private Residence Relief


          From the link you posted, you clearly didn't read it so I've highlighted the bits that apply and why your brother will get a hefty capital gains bill if he sells. :rotfl:

          No. I know exactly what I posted. The fact highlights that 'private residence relief' exists. That shows how it can not be payable in some circumstances, but is still massively reduced when the property becomes your main residence. Some maybe payable but it is significantly reduced. Here you go, a little more reading for you - I guess not a property investor:

          https://www.which.co.uk/money/tax/capital-gains-tax/capital-gains-tax-on-property-avuq96u1500f

          There is absolutely nothing wrong people paying capital gains tax when you have made a great return. It just means your return is a little less but still a great return overall. Someone here equated a comparison to your job. If you salary increased 3 or 4 times, you do not turn it down just because you pay more tax?

          The immaturity of someone getting excited about someone having to pay seems alarming.
          'Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway'

          W Buffett
        • Goldcrypto
          Goldcrypto Posts: 104 Forumite
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          Doozergirl wrote: »
          Does anyone know what the question is now/anymore?

          Including the OP?

          Does anyone know why you are still posting on this thread, including you?
          'Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway'

          W Buffett
        • Doozergirl
          Doozergirl Posts: 33,813 Forumite
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          edited 9 August 2018 at 6:40PM
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          Goldcrypto wrote: »
          Does anyone know why you are still posting on this thread, including you?

          I know why I'm here. I remembered. I came to ask your advice about Private Residence Relief and wondered if you could illustrate how your brother plans to take advantage of this particular form of relief on his London property, just as an example?
          Everything that is supposed to be in heaven is already here on earth.
        • Goldcrypto
          Goldcrypto Posts: 104 Forumite
          edited 9 August 2018 at 6:51PM
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          Doozergirl wrote: »
          I know why I'm here. I remembered. I came to ask your advice about Private Residence Relief and wondered if you could illustrate how your brother plans to take advantage of this particular form of relief on his London property, just as an example?

          You would need to ask him? Would also be interesting to have a crystal ball to know what legislations are in policy, in the next 15 or 20 or 25 years when he possibly looks at selling? Or maybe some current options -

          https://www.which.co.uk/money/tax/capital-gains-tax/capital-gains-tax-on-property-avuq96u1500f
          'Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway'

          W Buffett
        • studentguy
          studentguy Posts: 188 Forumite
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          Goldcrypto wrote: »
          You would need to ask him?

          That's a good point, why isn't "he" here asking about his financial issues rather than you?
          Despite my name, I'm not a student any more
        This discussion has been closed.
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