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by maths
Fri Jan 20, 2017 9:24 pm
Forum: Income Tax
Topic: Withholding tax on foreign dividends and foreign tax credit
Replies: 1
Views: 61

Re: Withholding tax on foreign dividends and foreign tax credit

Question 1: What is UK tax calculated on? Is it the full £100,000, or the £87,500 received? I believe previously one would have taken £87,500 / 0.9 = £97,222 but this no longer applies Starting point is the "gross" (ie pre foreign w/tax amount) ie 100,000. Question 2: How do I receive tax...
by maths
Fri Jan 20, 2017 9:15 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on Inherited House
Replies: 1
Views: 47

Re: CGT on Inherited House

Being the registered owner is irrelevant for CGT purposes. Beneficial interest is the key. Thus, if there is to be any chance to claim private residence relief on a future sale son needs to be the beneficial owner irrespective as to who holds the legal title. Only someone who owns the legal title ca...
by maths
Fri Jan 20, 2017 8:48 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Confusing advice from solicitors about extra 3% stamp duty
Replies: 2
Views: 37

Re: Confusing advice from solicitors about extra 3% stamp duty

The new 3% SDLT provisions have been on the statute books for nearly one year now yet many solicitors seem to fail to understand these provisions despite historically Stamp Duty and now SDLT being areas of expertise the law profession claims to possess. The number of dwellings owned by an individual...
by maths
Fri Jan 20, 2017 6:40 pm
Forum: Property Taxation
Topic: 2nd Home Stamp Duty
Replies: 3
Views: 37

Re: 2nd Home Stamp Duty

In short, if the obtaining of an SDLT advantage was a main purpose of the arrangements, the arrangements would be “abusive” and GAAR would apply.
by maths
Fri Jan 20, 2017 6:35 pm
Forum: Property Taxation
Topic: 2nd Home Stamp Duty
Replies: 3
Views: 37

Re: 2nd Home Stamp Duty

If you are making a gift to daughter why is she making a gift back to you (presumably of the same amount of similar) ? Effectively you are providing the gift to daughter on the condition she buys a property and is then required to sell only to her brother and is then required to refund you the sale ...
by maths
Fri Jan 20, 2017 6:29 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift of a property from a UK Non Resident
Replies: 1
Views: 19

Re: Gift of a property from a UK Non Resident

My client is a UK national who has been non resident for 10 years. He has just bought and gifted a 200K flat in the UK to his daughter. The flat is tenanted and she receives the income which will be subject to tax under self assessment. 1) Are there any other potential tax implications - such as IHT...
by maths
Fri Jan 20, 2017 6:20 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Is this situation a gift with reservation
Replies: 2
Views: 37

Re: Is this situation a gift with reservation

Parents gift a property to themselves and their son as joint tenants via a deed and parents pay all the household living expenses. The son lives with the parents both before and at the time of the gift. It is of course not possible to make a gift to oneself. If the beneficial interest is held as jo...
by maths
Fri Jan 20, 2017 5:29 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Capital Gains on Inherited House Sale for Non-Dom
Replies: 4
Views: 52

Re: Capital Gains on Inherited House Sale for Non-Dom

Many so-called professionals do not really understand the Money Laundering Regulations; to say that because of these a sale takes 6 months can only politely be described as tripe. In practice if the will is reasonably straight forward the difference in the timing of a sale by executors versus benefi...
by maths
Thu Jan 19, 2017 2:27 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Capital Gains on Inherited House Sale for Non-Dom
Replies: 4
Views: 52

Re: Capital Gains on Inherited House Sale for Non-Dom

Should have also added that the tax position in the countries of residence of some of the beneficiaries needs to be taken into account if the beneficiaries not the executors effect the sale.

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