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Where Taxpayers and Advisers Meet

Search found 47 matches

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by DJ314159
Sun Jun 23, 2019 9:53 pm
Forum: Capital Gains Tax, CGT
Topic: Transfer of Capital Losses to spouse on death
Replies: 2
Views: 1038

Re: Transfer of Capital Losses to spouse on death

Thanks for the reply.
by DJ314159
Sun Jun 23, 2019 6:27 pm
Forum: Capital Gains Tax, CGT
Topic: Transfer of Capital Losses to spouse on death
Replies: 2
Views: 1038

Transfer of Capital Losses to spouse on death

If someone's been carrying forward capital losses and they die are the losses transferable to the surviving spouse? Thanks.
by DJ314159
Tue Apr 30, 2019 8:05 pm
Forum: Income Tax
Topic: Should I set up as a ltd business or remain as sole trader
Replies: 4
Views: 532

Re: Should I set up as a ltd business or remain as sole trader

On £55k gross profit you will pay 20.34% in tax with the limited company option (taking a salary of £8,632 - not £12,500, as you will be a close company) With the sole trader option you pay 24.51% tax ( https://www.uktaxcalculators.co.uk/dividend-vs-salary.php ) Some of what you save will be eaten u...
by DJ314159
Sun Mar 31, 2019 1:39 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: sorting out parents estate UK and foreign property
Replies: 5
Views: 726

Re: sorting out parents estate UK and foreign property

Hi AGoodman, did you mean £250k when you said there is a double additional nil rate band up to £350k? We are still in 2018-2019, for which the RNRB is £125k (2x£125k=£250k). The £175k figure is for the year 2020-2021.
by DJ314159
Mon Mar 25, 2019 5:07 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Filling out C4 - Corrective Account Form
Replies: 3
Views: 554

Re: Filling out C4 - Corrective Account Form

Knew it was optimistic to want relief for the costs of sale and was intending to put the £740 figure (actual sale value achieved) on the C4 form. Can't see a problem reducing the value of a chattel to actual value achieved as I'm sure HMRC would be interested to know of an increase, but I suppose it...
by DJ314159
Mon Mar 25, 2019 9:31 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Immediate gifting of an inheritance
Replies: 7
Views: 838

Re: Immediate gifting of an inheritance

I assumed the personal representatives and the legatees were one and the same, in this case, as I got the impression that the original poster was seeking assurance that CGT would not at some point be calculated from the point of acquisition of the assets. Surely, when the assets are passed to the pe...
by DJ314159
Sun Mar 24, 2019 5:25 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Immediate gifting of an inheritance
Replies: 7
Views: 838

Re: Immediate gifting of an inheritance

https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg22240
by DJ314159
Sun Mar 24, 2019 5:05 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Immediate gifting of an inheritance
Replies: 7
Views: 838

Re: Immediate gifting of an inheritance

For inter spouse disposals, the cost of acquisition, when calculating the subsequent gain, is the original transferor's base cost. So when he disposes of the shares CGT will be calculated according to the original cost to his wife and NOT their value on the day of transfer. His transfer does not alt...
by DJ314159
Fri Mar 22, 2019 2:24 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Filling out C4 - Corrective Account Form
Replies: 3
Views: 554

Filling out C4 - Corrective Account Form

Suppose a painting was valued at £800 for probate and subsequently sold for £740, but after selling costs were subtracted only £600 remain. I assume it's the £600 figure that goes on the C4 corrective account form and not the £740, is this correct?
by DJ314159
Fri Mar 22, 2019 2:18 pm
Forum: Capital Gains Tax, CGT
Topic: Selling an Inherited House - Deducting Costs
Replies: 2
Views: 471

Re: Selling an Inherited House - Deducting Costs

Thanks, I'll assume that's a yes.

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