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Where Taxpayers and Advisers Meet

Search found 1202 matches

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by Ian McTernan CTA
Mon May 15, 2017 1:07 am
Forum: Capital Gains Tax, CGT
Topic: Bringing Funds to U.K.
Replies: 2
Views: 554

Re: Bringing Funds to U.K.

Just checking, where did the money in her account come from?
by Ian McTernan CTA
Mon May 15, 2017 1:06 am
Forum: Income Tax
Topic: Giving money to my wife - should she pay tax on it?
Replies: 8
Views: 7303

Re: Giving money to my wife - should she pay tax on it?

Whisper these discussions quietly, I don't think John McDonnell has decided Labour can tax this yet- but clearly the OP would be classed as 'rich' and so McDonnell might decide it's time to tax money passing between husband and wife and vice versa...
by Ian McTernan CTA
Wed May 10, 2017 10:25 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Extra 3% SDLT - Is this a way to legally reduce it?
Replies: 14
Views: 2783

Re: Extra 3% SDLT - Is this a way to legally reduce it?

Reading the replies to this thread reminds me of why I always use a SDLT specialist for most of the transactions I get involved in- or a firm of solicitors deal with the SDLT aspect (so it's their PI and not mine!). It's very easy to get it wrong, and the sums involved tend to be quite large. When i...
by Ian McTernan CTA
Tue May 09, 2017 7:00 pm
Forum: General
Topic: Allowable expense?
Replies: 15
Views: 5847

Re: Allowable expense?

OP, you might want to consider whether some of your travel from wherever you stay whilst in the UK to the property might be allowable, as clearly you don't really travel solely to visit the property. So maybe a claim for a small train or tube journey might be allowable, but the flight from SA to loo...
by Ian McTernan CTA
Mon May 01, 2017 4:43 pm
Forum: Income Tax
Topic: Savings starting rate= confusion!
Replies: 2
Views: 1671

Re: Savings starting rate= confusion!

Spot on Robbob! It's the interaction of them all that was the tricky part. Many people don't utilise the £5,500 savings starting rate etc and assume as the total income is over the £16k threshold that you lose it. It's also quite hard to explain how it all works to clients without burying them in ca...
by Ian McTernan CTA
Mon May 01, 2017 12:41 pm
Forum: Income Tax
Topic: Savings starting rate= confusion!
Replies: 2
Views: 1671

Savings starting rate= confusion!

This is mainly for my follow experts, as I have been having fun trying to get the right answer for the correct amount of tax to pay. My software of course calculates it for me, but I always like to check and see if it's correct and this one was not straightforward! Case is quite simple: single man i...
by Ian McTernan CTA
Tue Apr 18, 2017 11:21 pm
Forum: Capital Gains Tax, CGT
Topic: CGT - Inherited Property - More than FMV Calculation
Replies: 2
Views: 628

Re: CGT - Inherited Property - More than FMV Calculation

Under option 1, you might also have an issue with income tax rather than CGT on the gain as the intention seems to buy out your sibling, develop the property and then sell it. Proving PPR under those circumstances might prove difficult as there was never an intention to reside permanently. HMRC are ...
by Ian McTernan CTA
Tue Apr 18, 2017 11:09 pm
Forum: Property Taxation
Topic: Main residence
Replies: 2
Views: 727

Re: Main residence

Is there any evidence that shows that the house has ever been his? If not, then it's a non-starter.

And why would he want to transfer it into a limited company? Also sounds a little strange.

Perhaps you need to ask the client a few more pointed questions.
by Ian McTernan CTA
Thu Apr 13, 2017 10:58 am
Forum: Capital Gains Tax, CGT
Topic: Selling Company Share Options
Replies: 2
Views: 638

Re: Selling Company Share Options

Every share option scheme can be a variety of beasts, and in addition the tax treatment of them changes almost every year. It also depends on how they were granted, under what terms, etc. You need to dig out all the paperwork from when they were issued as a starting point. Your best bet is to ask th...
by Ian McTernan CTA
Tue Mar 21, 2017 4:28 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on goodwill to ltd co
Replies: 3
Views: 692

Re: CGT on goodwill to ltd co

I'd say no. Because you made a gain years ago, and 10 years later are now (presumably) making a loss. The loss cannot be carried back, so there is no mechanism to recover the cgt paid 10 years ago.

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