Abi

[Abi @abigailwyc2]

UK fiscal path → CGT, property, energy, payroll.

Owners are delaying sales and hiring.
Sterling risk → scarce assets.

I run this from a real balance sheet, not a newsdesk.

[Abi @abigailwyc2]

That assumes HMRC accept the valuation and accept the higher sale price was market or something else. They can say 40% if they want, then you have to challenge it.

24% V 40% swing if 16%

On house sales you pay the CGT within 60 days from memory.

Selling costs deductible from CGT I will look into for sure.

[Abi @abigailwyc2]

IHT did you know:

If you have to sell a house to pay the tax then the cost of selling is not a deduction. This means you pay tax on what you pay the estate agent to sell it. Same for the legal fees.

In the meantime interest is being added to what you owe at 7.8% current rate after 6 months.

Example:

Sale price £1,000,000
Tax exempt £325k
Sale fee @ 2% (plus VAT at 20%) is £24,000

You still pay 40% on the £24k effect let you get less.

This applies to all valuation you need to get like furniture, RICS property values, all costs cannot be deducted from assets even though it’s a true cost.

Dont forget you then buy a new house and pay stamp tax.

[Abi @abigailwyc2]

Sort of right. If it sells quickly after valuation then HMRC will jump on it and tax 40%.

If it’s RICS valuation then you have a decent fight back, but surplus is CGT at 24% anyway.

HMRC will always investigate valuations over £1m to verify them and visit, as we just experienced.

[Abi @abigailwyc2]

@ARFCU10 @dbrownless79 Is a 2 year rule now they want 6 month one. Either way it’s still communist like so maybe a forced sale is better or opportunity for owner to refurb (if needed) and rent out.

[Abi @abigailwyc2]

I have to post facts on this one, as much as I hate this Labour mob.

Councils are not seizing your house.

Labour announced plans to cut the empty-home threshold for an EDMO from 2 years to 6 months. Ownership stays with you. The council can take management and rent it out for up to 7 years.

You do not get a lump-sum payout. They recover repair and management costs from the rent. Any leftover rent can go to you. The 6-month rule is not law yet.

“Seize your home / you will own nothing” is the headline version. The legal version is temporary management of long-term vacant stock, not confiscation.

To obtain EDMO can take months.

[Abi @abigailwyc2]

The reason this is so important is because this is still the beginning. We have to suffer 2-3 years more of tax rises. Ask where will you be financially in 3 years time??

[Abi @abigailwyc2]

October Budget is coming. Same film. New hole.

Your boss still pays extra NI on your wage. That is not “a tax on business”. It is a smaller rise for you.

Tax bands still frozen. Earn a bit more. Keep less.

Council tax up about £110. Twice.

Energy and food still dearer than mid-2024.

Fuel duty cut was the one bit of relief.

That clock is running down.

What went down. Be fair.

VAT off home electricity this winter.

Train fares frozen this year.

Fuel 5p cut, for now.

What it costs a worker now:

About £1,200 a year more tax in real terms.

A typical working household: about £2,200 worse off than mid-2024.

By 2027/28, if they freeze bands again and bills stay high:

One worker, about £1,600 a year.

A working couple in a normal house, about £3,000 a year.

They said they would not tax working people.

They did not put the income-tax rate up.

They taxed the pay rise instead.

Main home still CGT-free. Weekly shop still VAT-free.

The squeeze is wages, bills, and the next Budget.

Next up will be investments so, CGT (capital gains tax). This is discourage investing in anything.

When money leaves, so does your job.

[Abi @abigailwyc2]

@OD69557031 Then you have not been able to understand my post at all

[Abi @abigailwyc2]

I have to post facts on this one, as much as I hate this Labour mob.

Councils are not seizing your house.

Labour announced plans to cut the empty-home threshold for an EDMO from 2 years to 6 months. Ownership stays with you. The council can take management and rent it out for up to 7 years.

You do not get a lump-sum payout. They recover repair and management costs from the rent. Any leftover rent can go to you. The 6-month rule is not law yet.

“Seize your home / you will own nothing” is the headline version. The legal version is temporary management of long-term vacant stock, not confiscation.

To obtain EDMO can take months.

[Abi @abigailwyc2]

@OD69557031 You are joking right??

[Abi @abigailwyc2]

@nickkeca It’s theft

[Abi @abigailwyc2]

@AlanJLSmith Always shop around Alan. My daughter today got told hers went up because she declared a middle name !!! No joke

[Abi @abigailwyc2]

@JjinUk64 Communism

[Abi @abigailwyc2]

@jamesxlawrence Usually to rent you need permission from mortgage provider if there is one on the property. Wonder how they deal with this since it’s a contractual obligation.

[Abi @abigailwyc2]

@raven58008 For UK Inheritance Tax, estate agent fees, conveyancing fees and other costs of selling a house after death generally cannot be claimed as administration expenses or deducted from the house’s value. HMRC uses its open market value at the date of death, before selling costs.

[Abi @abigailwyc2]

@raven58008 Not according to IHT lawyer. Only lawyer cost can be deducted not selling costs.

[Abi @abigailwyc2]

@NunesMigs Screw them all. I posted to stop the scare mongering and facts are better than BS. That’s how we fight

[Abi @abigailwyc2]

@chris52brooks Bet it isn’t the council

[Abi @abigailwyc2]

@thefruitbat69 I totally agree. It’s theft

[Abi @abigailwyc2]

@PolitlcsUK £3 inbound