Where Taxpayers and Advisers Meet

Search found 6438 matches

Go to advanced search

by maths
Mon Apr 24, 2017 9:22 pm
Forum: Income Tax
Topic: Tax Advisory Recommendations - Dual Citizenship
Replies: 1
Views: 50

Re: Tax Advisory Recommendations - Dual Citizenship

For UK tax purposes the acquisition of British citizenship is tax neutral. Despite comments often made in articles etc, it does not follow that a UK domicile (critical for UK tax purposes) would automatically arise. HMRC will not offer any meaningful comments. Why are you thinking of taking such cit...
by maths
Mon Apr 24, 2017 9:17 pm
Forum: Capital Gains Tax, CGT
Topic: Tax on Gifted Land
Replies: 1
Views: 42

Re: Tax on Gifted Land

1. If the land to be given has historically formed part of father's garden then it is likely he will not have a CGT charge on the gift. For IHT if father survives 7 years then IHT will not be a problem; even if he died within 7 years it may well be that no IHT charge would arise. 2. No gift relief i...
by maths
Mon Apr 24, 2017 3:21 pm
Forum: Income Tax
Topic: Personal Tax on a million pound?
Replies: 1
Views: 150

Re: Personal Tax on a million pound?

50%. Half a million.
by maths
Sun Apr 23, 2017 11:58 am
Forum: Property Taxation
Topic: CGT on main home
Replies: 3
Views: 99

Re: CGT on main home

A dwelling house (for CGT purposes) may extend to include other buildings if those other buildings are "appurtenant to and within the curtilage of the main house" commonly referred to as the curtilage test (as opposed to the previous entity test). However, in your case it appears that ther...
by maths
Sun Apr 23, 2017 11:42 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT on part of inherited property
Replies: 7
Views: 111

Re: SDLT on part of inherited property

If the estate has sufficient assets over and above the 600k property to discharge the 55k estate debts then it seems to me that SDLT is payable on the consideration for purchasing a 2/3rds interest in the 600k property ie 400k. If, however, there is not sufficient assets (or no such assets) to disch...
by maths
Fri Apr 21, 2017 10:17 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Status of family home
Replies: 1
Views: 47

Re: Status of family home

If mother/father are in effect separating then the BTL in which father moves will probably become his sole residence; not mother's. On death, if father leaves his 50% to children the the new Residence Nil Rate Band (RNRB) for IHT will be available. However, the BTL (as mother won't live in it) will ...
by maths
Fri Apr 21, 2017 10:08 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on sale of FHM lump sum in the future
Replies: 1
Views: 32

Re: CGT on sale of FHM lump sum in the future

Not sure I fully understand the post. One common option following a divorce is for, say, wife plus children to remain in the former marital home and husband moves out; at this time the husband transfers his beneficial interest in the home to the wife in exchange for a deferred charge on the eventual...
by maths
Fri Apr 21, 2017 8:26 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT installments due and probate application
Replies: 1
Views: 38

Re: IHT installments due and probate application

My understanding is that the first installment, as well as the tax not being paid by installments, must be paid to the Revenue before probate will be granted.


Correct. An election is necessary. IHTA 1984 s227.
by maths
Thu Apr 20, 2017 8:56 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on land given by parents
Replies: 1
Views: 59

Re: CGT on land given by parents

The 2 acre purchase around 1976 would have to have been revalued as at 31 March 1982 to market value for CGT purposes. The sale of the subsequent house built on the land would have been subject to CGT on any gain made (or possible income tax). The sale of the built property would for CGT have been a...
by maths
Thu Apr 20, 2017 6:09 pm
Forum: Capital Gains Tax, CGT
Topic: Damages & compensation
Replies: 3
Views: 88

Re: Damages & compensation

I'm always willing to learn but must confess to not having a clue what the surveyors are talking about.

Go to advanced search