They have a property investment business and I’m sure Jo has said they bought this as an investment and not as a forever home. On that basis, it would be subject to tax.
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(Tax accountant here... outing myself as being very uncool 
) As it's their primary residence zero CGT would be payable. They definitely made a decent profit.
I'm sure she has said they will be selling the property anyway... wonder what's happening with that? She seems to always like having a project on and surely she's running out of things to do to that house.
) As it's their primary residence zero CGT would be payable. They definitely made a decent profit.I'm sure she has said they will be selling the property anyway... wonder what's happening with that? She seems to always like having a project on and surely she's running out of things to do to that house.
Even though they’ve sat it in a company?(Tax accountant here... outing myself as being very uncool
I'm sure she has said they will be selling the property anyway... wonder what's happening with that? She seems to always like having a project on and surely she's running out of things to do to that house.
Thanks - that's what I understood.(Tax accountant here... outing myself as being very uncool
I'm sure she has said they will be selling the property anyway... wonder what's happening with that? She seems to always like having a project on and surely she's running out of things to do to that house.
I can see they have set up a property investment company but they haven't filed any accounts yet so it's hard to see what the purpose of this was (presumably the plan was to buy other properties to renovate and then let/sell) but there would be zero advantage to putting your own house on the balance sheet so I'm almost certain they wouldn't have done this.
I thought there wouldn’t be CGT as it’s a primary residence, but wondered if it would be taxable if they bought it to make a gain?
If they had bought it and quickly done the renovation work and sold it say 6 months later then yes, HMRC would probably rule that it was bought purely to make a profit and that CGT was due. However, given the length of time they've lived there I doubt this would apply.
Isn’t it after 18 months CGT is no longer due?
She’s a piss-take is she not?? One of her friends (I’m assuming) commentating on her page “can I ask what number u have your radiator sat at”, the other day she was joking in comments on yet another foto of her brand new hair do about what batteries her remote took and what paint she used inside her shed. People who like her house genuinely ask questions about it and she hardly ever answers or when she does it’s usually to tell them to scroll thru her pics and find out for them self’s and now it looks like she’s just slagging her own followers off. She’s so far up her own a it’s a joke.
That makes sense
ThanksI’ve never heard that.
It was 20,000 tickets to sell which would have netted £700k.
My understanding was that then they would pay off the mortgage (undisclosed amount), stamp duty, legal fees etc.
If the minimum ticket threshold wasn't reached, a 'winner' took some money (I can't remember how much), and they claimed the rest was to pay the fees etc.
They definitely would have netted some cash, easily.
The town she lives in is tiny, and not particularly desirable. If I remember correctly they were looking at a house in Edinburgh at one point so why they decided to ditch it and move to that house is a mystery. It'll never fetch 400k.
My understanding was that then they would pay off the mortgage (undisclosed amount), stamp duty, legal fees etc.
If the minimum ticket threshold wasn't reached, a 'winner' took some money (I can't remember how much), and they claimed the rest was to pay the fees etc.
They definitely would have netted some cash, easily.
The town she lives in is tiny, and not particularly desirable. If I remember correctly they were looking at a house in Edinburgh at one point so why they decided to ditch it and move to that house is a mystery. It'll never fetch 400k.
I unfollowed after the competition. It was the most convoluted scam I’ve ever seen, why not just enter for raffle tickets - all this find the ball but you they never threw the ball?
I also find the sarcasm so rude, she’s just so boring to me.
I also find the sarcasm so rude, she’s just so boring to me.
Stamp duty was abolished in Scotland I’m sure
Yip I said this too at the start of this thread - sounds like she’s slagging off her followers - so rude and disrespectful
A few quick responses:
She has to file accounts for her homewares company by 20/06 so we can see then how she she has done with it.
The 18 month thing isn't correct.
Edit, fmmac below is right: SDRT has been replaced by LBTT which is essentially the same thing, we have higher rates than the rest of the UK.
Agree that her and her friend seem to be sneering at her followers - how rude, especially when no doubt a lot of them bought her homewares and raffle tickets.
She has to file accounts for her homewares company by 20/06 so we can see then how she she has done with it.
The 18 month thing isn't correct.
Edit, fmmac below is right: SDRT has been replaced by LBTT which is essentially the same thing, we have higher rates than the rest of the UK.
Agree that her and her friend seem to be sneering at her followers - how rude, especially when no doubt a lot of them bought her homewares and raffle tickets.
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Stamp duty was replaced with LBTT, I think the rates may be higher on certain properties
Im almost sure that they said they were capping the max amount of tickets sold at 35000 because I can remember saying to my husband if they actually sold that amount they would make a 800,000 profit.
If I had won (theoretically because I didn't buy a ticket) then I would have automatically sold the house for the money...the estate isnt bad but it is not the town you would ever want to live in. And I can say that because I live not too far away from there.
If I had won (theoretically because I didn't buy a ticket) then I would have automatically sold the house for the money...the estate isnt bad but it is not the town you would ever want to live in. And I can say that because I live not too far away from there.
They bought this house in July 2017 for £325,000. Zoopla estimates the property to be worth £342,000 (which I think is generous). If the area is bang average then surely she knows that doing a house up doesn't necessarily add value, it just makes it a more desirable house for buyers/viewers to take a look at. Her taste isn't every ones taste, someone who wants to buy it might want to rip everything out and make it mahogany again. They would have had to have added sq ft to slightly increase the value. I unfollowed her after all the plugs about the competition "so many of you have been asking" - don't lie, no one has been asking 