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Where Taxpayers and Advisers Meet

Search found 101 matches

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by Brightonian
Fri Apr 24, 2020 3:47 pm
Forum: Capital Gains Tax, CGT
Topic: S.279A TCGA 1992 election
Replies: 1
Views: 533

Re: S.279A TCGA 1992 election

It has been suggested to me that a simple amendment of the 2016/17 tax return might be possible under the overpayment relief rules. Does anyone agree?
by Brightonian
Thu Apr 23, 2020 4:15 pm
Forum: Capital Gains Tax, CGT
Topic: S.279A TCGA 1992 election
Replies: 1
Views: 533

S.279A TCGA 1992 election

I am trying to compose an election and am struggling to understand the legislation. My client sold shares in a company in 2016/17 and, as part of the deal, received deferred cash consideration - both ascertainable and unascertainable. This was all taxed in 2016/17 in order to obtain the ER 10% rate....
by Brightonian
Fri Jun 28, 2019 9:04 am
Forum: Capital Gains Tax, CGT
Topic: More than one transfer
Replies: 5
Views: 3730

Re: More than one transfer

Thank you for replying. I find this a very tricky topic. It seems fairly straightforward but has several elephant traps.
by Brightonian
Tue Jun 18, 2019 2:40 pm
Forum: Capital Gains Tax, CGT
Topic: More than one transfer
Replies: 5
Views: 3730

More than one transfer

A client transferred his former PPR to his wife some years ago for income tax purposes using a deed of trust - she was a basic rate taxpayer and he was higher rate and so she paid less tax on rental profit. However, they are now thinking of selling. The transfer occurred after it had been his PPR, s...
by Brightonian
Tue Jun 18, 2019 11:16 am
Forum: Capital Gains Tax, CGT
Topic: Shares passing to spouse by survivorship
Replies: 2
Views: 1381

Re: Shares passing to spouse by survivorship

Thank you, Maths. I apologise for my belated thanks but, for some reason, was not notified that I had had a response.
by Brightonian
Fri May 24, 2019 9:59 am
Forum: Capital Gains Tax, CGT
Topic: Shares passing to spouse by survivorship
Replies: 2
Views: 1381

Shares passing to spouse by survivorship

I am hoping that someone can confirm my understanding. If a share portfolio passes to a spouse by survivorship, the spouse acquires each holding at their probate value. The shares are added to the spouse's pool and subsequent sales are taken from this pool, made up of the spouse's 50% at original co...
by Brightonian
Mon Apr 08, 2019 10:28 am
Forum: Property Taxation
Topic: HMRC guidance
Replies: 3
Views: 815

Re: HMRC guidance

Thank you for your very helpful reply. I have looked at BIM 45700. The only thing that concerns me slightly is that my client differs in two respects from the example given (example 2). He previously had no mortgage on the property and it has been let for a number of years - he has not just started ...
by Brightonian
Fri Apr 05, 2019 10:00 am
Forum: Property Taxation
Topic: HMRC guidance
Replies: 3
Views: 815

HMRC guidance

Some time ago, there were articles in the tax press about the allowability of interest on a remortgaged buy to let property. I had always believed that it was fine to claim interest on a remortgage up to the level of the value of the property when it was first let. However, I read that HMRC changed ...
by Brightonian
Mon Mar 11, 2019 12:22 pm
Forum: International Tax
Topic: Pension contribution refund
Replies: 0
Views: 763

Pension contribution refund

I have a client who is now UK resident again, having spent 4 years working in Italy. While he was there, he contributed to an employer's pension scheme. As he has now left their employment, he has been given his contributions back, less 27% Italian tax. I am assuming that he has no UK tax liability ...
by Brightonian
Fri Dec 28, 2018 11:12 am
Forum: Property Taxation
Topic: Rent a room
Replies: 2
Views: 685

Re: Rent a room

Thank you for taking the time to reply. I thought you could have a different main residence for CGT and income tax but, thinking about it, this would only be if you had made an election in favour of one but spent more time at the other. You can't have two different factual main residences.

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