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by maths
Wed May 24, 2017 8:39 pm
Forum: Company Taxation
Topic: Charitable Donations and Losses
Replies: 1
Views: 18

Re: Charitable Donations and Losses

Bit (or a lot!) out of my depth. My understanding is that qualifying charitable donations made by a company rank as a deduction from total profits in computing corporation tax after all other forms of corporation tax relief have been utilised apart from group relief [CTA 2010 s189]. Charitable donat...
by maths
Wed May 24, 2017 8:23 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: New trustee - notify HMRC?
Replies: 5
Views: 76

Re: New trustee - notify HMRC?

There is currently no requirement to notify HMRC of the appointment of a new trustee. Indeed Form 41G(Trust) has no formal standing, merely a convenient way to provide relevant information to HMRC. The statutory responsibility for trustees is set down in TMA 1970 s7(1) ie requirement to notify HMRC ...
by maths
Wed May 24, 2017 5:05 pm
Forum: General
Topic: self-assessment
Replies: 1
Views: 24

Re: self-assessment

I assume that the capital gain of each of you exceeds the exempt amount for CGT purposes (ie £11,100 for 2016/17) and the consideration you each received exceeds £44,400. On this basis you are each required to notify HMRC of your chargeability to CGT within 6 months of 5 April 2016. I suggest you wa...
by maths
Wed May 24, 2017 3:52 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: UK Domiciled?/Property Overseas / gifting property
Replies: 2
Views: 65

Re: UK Domiciled?/Property Overseas / gifting property

It seems highly likely that UK inheritance will not be a problem whether mother has, or will, re-acquire under common law her presumed UK domicile of origin or whether her current non-UK domicile of choice (ie Czech) persists. This is based on the assumption that her worldwide estate falls below £32...
by maths
Wed May 24, 2017 3:22 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transfer of nil rate band after 24 months possible?
Replies: 4
Views: 40

Re: Transfer of nil rate band after 24 months possible?

The relevant legislation is IHTA 1984 s8A which lays down the 2 year deadline (ie 2 years from end of month of the surviving spouse's death) OR if later 3 months from the date when the PRs first act as such (albeit perhaps tricky to define). When was probate obtained? Who filed for probate? The sect...
by maths
Wed May 24, 2017 2:46 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transfer of nil rate band after 24 months possible?
Replies: 4
Views: 40

Re: Transfer of nil rate band after 24 months possible?

Ignore my post; thought I was answering a DoV query.
by maths
Wed May 24, 2017 2:42 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transfer of nil rate band after 24 months possible?
Replies: 4
Views: 40

Re: Transfer of nil rate band after 24 months possible?

I would suggest that the two year deadline is an absolute time limit in respect of which HMRC has no power to extend it irrespective of the surrounding circumstances.
by maths
Wed May 24, 2017 2:36 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Property trust
Replies: 6
Views: 93

Re: Property trust

It is for the reasons set out by AGoodman that grandparents rather than parents set up trust for minors so avoiding the anti-avoidance provisions.

Depending upon the numbers and facts involved and the objectives it may make sense to consider unwinding the trust.
by maths
Tue May 23, 2017 3:01 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: How to best use the 5% tax deferment with offshore life assurance policies?
Replies: 3
Views: 60

Re: How to best use the 5% tax deferment with offshore life assurance policies?

Settlor has to report as he is assessable. From memory on the Foreign Pages. However, if the cashing in by the trustees falls within the 5% no income tax charge actually arises; in this case either no need to report or you could in the "Additional Inof" box on the main Return simply disclo...
by maths
Mon May 22, 2017 6:40 pm
Forum: Capital Gains Tax, CGT
Topic: Sale of main residence after period abroad and didn't return to the property
Replies: 3
Views: 53

Re: Sale of main residence after period abroad and didn't return to the property

Therefore his work prevented them from returning to the Scottish property.


If this is the case the period of absence should qualify.

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