Latest news with #BobJones
Sky News
7 days ago
- Business
- Sky News
Money Problem: 'I'm selling my second home - how much capital gains tax do I need to pay?'
Bob Jones writes in with this Money Problem... We bought a house in 2014 for £128,500. We hope to sell it in the coming months for £220,000. How much capital gains tax would we need to pay? If we spend money tidying up the house, can we offset that against the tax? We have looked into this but it is all rather unclear. There are quite a few unknowns here, and Bob did not leave his contact details for us to get in touch, so we have assumed that this property is a second home. We spoke to Charlene Young, a senior pensions and savings expert at AJ Bell... If the original purchase price is £128,500, selling your second home for £220,000 would gain you £91,500. "Assuming the property is in your own name only, and you've made no other gains on other investments held outside an ISA or pension in the year, you can deduct your annual tax-free allowance for capital gains of £3,000 to get a taxable gain of £88,500," Young says. If you own the property jointly, you'll need to work out the gain for your share. Young says that gains from the sale of residential property that isn't your main home are taxed at 18% for basic rate taxpayers and 24% for higher rate taxpayers. If your regular income and capital gains combined are below £50,270, you will be taxed at 18% bar the first £12,570 (your standard tax-free personal allowance). Any amount above £50,270 will be taxed at 24%. What costs can you deduct? "The good news is that some costs can be deducted before you apply your CGT allowance," says Young. The rules allow for the costs of buying, selling or improving your property. Typically, these will include stamp duty on the original purchase, estate agent and solicitor fees, plus the cost of any capital improvements like an extension or a loft conversion. Maintenance costs, such as decorating and repairs due to wear and tear, are not normally allowable and you must keep complete records to prove the costs you do claim. In your specific case, Bob... "Costs and capital improvements of £20,000 in total could lower your taxable gain to £68,500 and mean a lower tax bill," says Young. Did you ever live in the property yourself? You might benefit from tax relief for any periods of time you lived in the property yourself, thanks to something called Private Residence Relief. "If you have genuinely lived in the house as your only or main residence at any point, you get relief for that time, plus the last nine months before sale, even if you weren't living there in those final months," says Young. If we assume you owned the property for 11 years (132 months) before the sale completes, and you lived in it for two years between, up to 25% of the gain could qualify for relief. This is calculated by adding nine months to the two years (33 months) and dividing by 132 months. You can find a second home tax calculator and more information on private residence relief on the website. This feature is not intended as financial advice - the aim is to give an overview of the things you should think about.
Irish Independent
28-05-2025
- Health
- Irish Independent
Bathing restrictions imposed at popular Mayo Blue Flag beach
A do not swim notice has been issued for Clare Island Beach Bathing restrictions have been imposed at Clare Island Beach Photo: Bob Jones A do not swim notice has been issued for Clare Island Beach. Following the results of water samples taken on May 26, Mayo County Council have announced a no swim notice that will remain in place until water quality improves. The notice was imposed following diffusion from suspected agricultural activities/runoff after heavy rainfall. The notice is likely to remain in place for 72 hours. The public are advised to avoid swallowing or splashing water, to wash their hands before handling food, avoid swimming with an open cut or wound and avoid swimming if pregnant or have a weakened immune system. Bathing restrictions were last imposed on Clare Island on August 23, 2024. The restrictions were lifted five days later. Clare Island Beach is one of eleven Blue Flag beaches in Mayo recently recognised for their excellent water quality. The beach has recorded 'excellent' water quality results on 26 consecutive occasions. Located in the heart of Clew Bay, Clare Island's beach extends from the old pier on the south side of the beach to the stony shoreline on the northern end adjacent to the community centre in the main harbour. Follow Independent Mayo on Facebook The beach is located close to numerous domestic and commercial dwellings. Clare Island, which recorded a population of 138 in the 2022 census, is home to several historical sites and is popular destination for tourists during summertime.
Yahoo
19-05-2025
- Sport
- Yahoo
Oakmont officially on the clock since U.S. Open is next major on the calendar
Oakmont Country Club is officially on the clock. With the PGA Championship wrapping up on Sunday, the 125th U.S. Open is the next major on the calendar. Final preparations are taking place at Oakmont for next month's tournament. From the finishing touches on the course to creating that incredible fan experience, USGA officials assure us they're focusing on every last detail. Advertisement Now the course itself is notoriously tough for golfers, and it's said that they don't want the winner to finish under par. We got some insight from USGA Chief Championships Officer John Bodenhamer into why they love the challenge the course creates. 'We want to create the same test Bob Jones was tested under, and Ben Hogan and Ana Palmer and Jack Nicklaus and Tiger Woods and Dustin Johnson,' Bodenhamer said. 'And whoever wins this year will win something much like all of those great champions won when they climb that mountains up, they achieve something that you can't achieve anywhere else involved. You've really, you've really done something special.' On Monday, three of the 13 final qualifiers for the U.S. Open are taking place. The USGA also announced that 85 players have now earned full exemptions into the Open and are set to compete here in just a few short weeks. Download the FREE WPXI News app for breaking news alerts. Follow Channel 11 News on Facebook and Twitter. | Watch WPXI NOW
1News
06-05-2025
- Business
- 1News
Five Big Things That Happened Today: Friday, May 2
Sir Bob Jones dies, wild weather continues across the country, and New Zealand's best cheese named. New Zealand businessman and former political party leader Sir Bob Jones has died. He was 85. Sir Bob earned his wealth through property investments, holding a $2 billion portfolio of commercial buildings in Auckland, Wellington and Glasgow. In 1983, Sir Bob launched the short-lived New Zealand Party in an attempt to oust then-Prime Minister Robert Muldoon from Parliament. In 1985, Sir Bob was involved in one of New Zealand's most famous television moments, when journalist Rod Vaughan emerged from the bush with a bloody nose following a confrontation between the two on the banks of the Tongariro River. Read More Large parts of the country were again hammered by wild weather today, as torrential rain and gale-force winds set in. Flooding from heavy rain has led to states of emergency being declared in Christchurch, Banks Peninsula, and Selwyn District. Around 50 properties were impacted by flooding in the Selwyn District. Read More President Donald Trump said he's nominating his national security adviser Mike Waltz to serve as United Nations ambassador in a major shake-up of his national security team. Trump announced the moves shortly after news broke that Waltz was leaving the administration. Weeks ago, it was revealed that he had added a journalist to a Signal chat being used to discuss military plans. Read More One of the country's largest banks has been ordered to pay a penalty of $3.25 million for misleading and overcharging customers. Westpac admitted the breaches in a case brought against it by the Financial Markets Authority at the Auckland High Court in December last year. The historical breaches resulted in $6.35 million of overcharging and impacted more than 24,500 customers Read More Changes to the food and drink policy at Nelson's Trafalgar Centre could end the city's basketball club, its manager has warned. Nelson City Council last year gave its contractor for the Trafalgar Centre – CLM (Community Leisure Management) – exclusive food and beverage rights for events at the stadium. But revenue from food and beverage sales from 11 home games each season account for about 14% of the NBS Nelson Giants' income. Read More A sheep milk cheddar has taken out the top prize at the NZ Champions of Cheese Awards this year. "Complex, waxy, balanced with a beautiful ivory paste. Delicious. Favourite of the day," judges said about the about the Whitestone Cheese winner. The sheep milk cheddar also bagged two other awards - best original cheese and best-in-class. Read More
Scoop
03-05-2025
- Business
- Scoop
Businessman And Politician Sir Bob Jones Dead At 85
Article – RNZ Businessman and politician Sir Bob Jones has died at the age of 85. 'I can confirm on behalf of the family that Sir Robert Jones died peacefully at home surrounded by family after a brief illness,' The NZ general manager of Robert Jones Holdings confirmed on Friday. Jones imposed himself on the New Zealand consciousness like few other businesspeople of his time. He amassed a multi-billion portfolio of commercial buildings in Auckland, Wellington, and Glasgow, Scotland, as well as forming a political party to challenge Robert Muldoon's National Party. Born in Lower Hutt into a poor but talented family, he won a boxing blue at Victoria University but dropped out to work in advertising and publishing. In 1964, he founded the property firm Robert Jones Investments which he floated on the stock exchange in 1982. It grew to be one of New Zealand's biggest companies but, while it survived the crash of 1987, its share price never recovered. In 1983, he formed the New Zealand Party with the aim of bringing down the Muldoon National government. The party, with a mix of free market economics and anti-defence policies, split the National vote and helped the David Lange-led Labour Party to win the 1984 election. It won 12 percent of the vote in 1984, contributing to the size of the Labour landslide. All the while, he was often in the media with his views on issues from boxing to the arts and the meaning of life in a state house. He appeared constantly in the broadcast media and public debates, ran radio talkback shows, and wrote books, and a column published in more than 20 newspapers. Jones was involved in one of New Zealand's most-remembered television events from the 1980s. Reporter Rod Vaughan and cameraman Peter Mayo had helicoptered to where Jones was fly fishing in the Tongariro River near his property to ask him questions. Footage showed blood pouring from Vaughan's face after he was hit with a left hook by Jones. Watch the video here. His court cases were legion, ranging from defamation suits to disputes over property contracts. Jones went to court several times for defamation. In the 1984 election he stood in the Ohariu seat against a National cabinet minister Hugh Templeton who distributed a pamphlet listing a number of groups which he said Jones despised including wmen, bureacrats, civil servants and professionals. Jones won and the case set precedents in defamation law at the time. He was appointed a Knight Bachelor in the 1989 Queen's Birthday Honours for services to business. But in 2018 he sued over a petition calling for his knighthood to be revoked. It had arisen over a column he wrote in the National Business Review which he said was satirical and argued Waitangi Day should be renamed Maori Gratitude Day. He went to court but withdrew the case after a few days. But Bob Jones also had a social conscience, and helped fund many groups, from women's refuges to the New Zealand Ballet. He was also a lifelong boxing fan and appeared as a commentator and expert.
