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Where Taxpayers and Advisers Meet
Latest from the Forum Post Your Tax Query Latest from the Forum
Tax question
on 20/02/2024 15:38, by moo0204

Hi, if I help my son with a deposit on a property from borrowing more against my own mortgage, would the money be taxable? Would it be considered a gift or inheritance tax or is that only on death? Continue Reading

VAT Registration
on 19/02/2024 19:33, by businessmind

In July 2021 my businesses taxable turnover exceeded the VAT threshold for the past 12 months. This was a result of work being brought forward from later in the year due to COVID-19 restrictions easing. As I knew that over the following 12 months the businesses ... Continue Reading

SIPP - IHT implications
on 19/02/2024 17:53, by Colin61

I have a SIPP in my own name. My understanding is that I can leave this to my wife in my will and there will be no IHT, CGT or income tax due .. until she draws down from the SIPP when it would be classed as Income. When my wife were to die, if she left the SIPP ... Continue Reading

Valuation of Low Liquidity assets for IHT
on 19/02/2024 08:30, by langtonbrow

If a Labour government is returned later in the year, there are a strong probability that BPR will be reviewed to widen the IHT net into schemes that were previously IHT proof. Partnerships involving forestry being one example. Aside from damage to this sector, ... Continue Reading

Unexpected payment to estate
on 17/02/2024 12:54, by SuperSpurs106

Hi My father in law passed away in July 2017. My wife has received a letter from his former employer that the estate is due £4,000. There was IHT payable on his death. Will there be IHT to pay on this additional sum? Is there a time limit on things like th ... Continue Reading

Nominating main residence for CGT purposes
on 16/02/2024 18:39, by gmtfd

Hi all A few weeks ago I wrote to HMRC to nominate one of our two homes as our main residence, as we intend to sell it soon and don't want to have to pay Capital Gains Tax. My question is, can I expect to receive some sort of acknowledgement from HMRC? In case ... Continue Reading