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Where Taxpayers and Advisers Meet

Search found 8 matches

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by hermit
Tue Mar 16, 2010 1:13 pm
Forum: Income Tax
Topic: Taxation of incapacity benefit
Replies: 1
Views: 587

Taxation of incapacity benefit

Mrs R has serious road accident in 2005. Incapacity benefit is received from DWP and tax is paid on it. Court finds other party guilty. His insurers pay agreed amount of compensation -- Paid in two parts (a) the DWP recover a sum equal to the benefit they have had to pay (b) balance of agreed sum is...
by hermit
Thu Jul 05, 2007 6:58 am
Forum: Property Taxation
Topic: Use of residence to fund mortgages on let properties. Treatment of interest
Replies: 3
Views: 768

<t>(1) Residence bought 1999 for £105k, with mortgage (mortgage 1) of 60k. Interest on 60k clearly not allowable for tax purpose<br/> (2) Flat no 1 bought for letting 2001 for £80k. Mortgage on residence increased(same lender) to 130K ie increase of 70K, all secured on residence. Interest allowabl...
by hermit
Sun Apr 01, 2007 2:39 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Bare trust with son.. Sale of share of property and write off of loan
Replies: 4
Views: 1130

Thanks to Peter D, sharpener and maths for replies which have been most helpful.
hermit
by hermit
Fri Mar 30, 2007 10:50 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Bare trust with son.. Sale of share of property and write off of loan
Replies: 4
Views: 1130

<t>Five years ago, my son and I bought a property to let. I paid one-tenth, son paid the balance (with mortgage). Legal title in in son's name only. I have considered this is a bare trust and have paid IT on my one-tenth rent less expenses. I am now considering selling my tenth share to son. This wi...
by hermit
Thu Mar 15, 2007 2:41 pm
Forum: Capital Gains Tax, CGT
Topic: Spanish property -- ?date of acquisition
Replies: 0
Views: 596

<t>Under a Spanish contrwct dated 1989 I bought a property in Spain. Because of a lengthy legal dispute, I and many others did not receive the title deeds (*escritura") until 1998. I believe it is the escritura date which is the acquisition date for Spanish CGT, although the contract date will apply...
by hermit
Wed Aug 25, 2004 11:36 am
Forum: Tax Investigations and Enquiries
Topic: Enquiry into tax return - bad timing!!
Replies: 3
Views: 2662

<r>I think the previous reply is perhaps a little pessimistic. Tax Offices are encouraged to take a "flexible approach" -- have a look at the Revenue website <URL url="http://www.inlandrevenue.gov.uk">www.inlandrevenue.gov.uk</URL> and then to Practitioner Zone (on right side) , then to Manuals and ...
by hermit
Tue Aug 10, 2004 3:57 am
Forum: Property Taxation
Topic: Market value of part of house
Replies: 2
Views: 988

<t>Thanks for your comment. I would in fact prefer to use an arithmetical fraction, which would be covered , in my son's case, by the annual exemption and would give me a higher figure for my own cost of the part transferred than using a smaller value, but I thought the Revenue might contend for the...
by hermit
Sat Aug 07, 2004 12:46 pm
Forum: Property Taxation
Topic: Market value of part of house
Replies: 2
Views: 988

<t>My son owns 9/10th of a house bought for £85000 and now worth £150000. I own the other 1/10th as beneicial owner. It is let --not the residence of either of us. To make use of the annual exemption of £8200 he wishes to sell another part, say 20%,to me. We are of course "connected persons" and ...

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