Simon Lever

Registered with
Monday 15th June 2015

Trading Status

Insures properties through a broker recommended by Property118

Latest Comments

Total Number of Property118 Comments: 114

Simon Lever

10:38 AM, 30th June 2019
About 3 months ago

If I move into my rental property will I pay future CGT?

Please take detailed advice from a qualified accountant. Believe it or not anyone can call themselves an accountant with no professional qualifications or insurance at all.

The period of time that the property is occupied as a principal private residence (PPR) compared to the total period of ownership is exempt from capital gains tax (CGT). The final period of ownership, currently 18 months, is also exempt. From April 2020 this period reduces to 9 months.

Also you MAY be able to claim lettings relief of potentially up to £40,000 as well.

Whilst this forum can give general advice it is no substitute for taking professional advice. The cost is worth it in the long run.... Read More

Simon Lever

10:59 AM, 22nd June 2019
About 3 months ago

Splitting rental income options with spouse?

First off whatever you are going to do, take professional advice.
You could consider forming a partnership with just you and your wife, transfer 1-5% of ownership to her. In a partnership the split of profits can be any ratio that the partners decide on so although the underlying ownership is mostly with you the split of profits can be 95%:5% in favour of your wife.
You would need to set up a separate business with its own UTR number in order for the partnership rules to kick in.
If you consider this to be too risky then you could add another partner to the partnership which would break the husband:wife 50:50 situation.
If you formed a limited company owned by your wife and you, the company could become a partner in the partnership and receive some of the profits each year. Tax at 20%, no NI (there might be some on you personally if the partnership is seen as a business), full relief for interest, and profits could be allocated as desired. Dividends from company to you and wife, to limit of £2,000 per annum, are taxed at 0% (subject to other dividend income).
If you have kids then they could become shareholders in the company, use alphabet shares and varying rights to maximise IHT reliefs.
Future property purchases could be through company in future.
However this is some complicated planning and I would only suggest it if you plan to create a reasonable sized property portfolio.
Don’t forget – take professional advice before doing anything.... Read More

Simon Lever

9:50 AM, 11th May 2019
About 4 months ago

Sole Ownership higher tax band in Scotland?

The article Mark refers to is very comprehensive.
Please remember that as a married couple if you wish to have rents paid at a different split to 50:50 then the only split can be in the ratio of the underlying ownership. This is fine when you are just receiving rents but you do have to consider CGT allowances when you come to sell the property.
99:1 split may not be ideal for this purpose.... Read More

Simon Lever

19:18 PM, 6th May 2019
About 4 months ago

Judge Throws Out Section 21 Bizarrely?

If the judge has erred as a clear matter of law then surely a compaint to the Lord Chief Justice, The Right Honourable The Lord Burnett of Maldon should be made.
If judges are not following the law then there has to be some form of redress, even if it is just complaing to their boss.
If the LCJ gets enough complaints about 1 judge he should surely take some form of action.
Don't mess around with the system - go straight to the top. It may take some time but eventually it will have an effect,... Read More

Simon Lever

15:37 PM, 2nd March 2019
About 7 months ago

£100,000 slander payout to Landlord by Doncaster Council

If you are considering a similar prosecution why not take proceedings against the individual and the council at the same time.
If council officials find themselves the subject of court proceedings along with their employers they may take a more measured view in making comments.... Read More