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Where Taxpayers and Advisers Meet

Search found 19 matches

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by Kiran
Sun Sep 22, 2019 9:00 am
Forum: Capital Gains Tax, CGT
Topic: CGT rate for higher rate tax payer
Replies: 1
Views: 3371

CGT rate for higher rate tax payer

Please help and clarify.. A higher rate tax payer, with trading profit in the range of 120k -125k, total taxable income in the range of 130k -140k is thinking of retiring at age 57 expecting goodwill and assets to bring a gain in the range of £485,000. With entrepreneurs' relief what rate of tax wou...
by Kiran
Tue Mar 20, 2018 10:57 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Trust money safe if beneficiary goes bankrupt?
Replies: 1
Views: 356

Trust money safe if beneficiary goes bankrupt?

Please advise: If a trust (325K limit) is created for an adult child. In future the child gets into some financial trouble. Would the money for this beneficiary be safe and guarded by the trustees or can they be forced to pay off the beneficiary's debts? I am under impression that the purpose to put...
by Kiran
Fri May 19, 2017 5:37 pm
Forum: Capital Gains Tax, CGT
Topic: Commercial property sale CGT rate please
Replies: 2
Views: 858

Re: Commercial property sale CGT rate please

Sorry, I got it all wrong, didn't I? Property is sold which is commercially let. No relief due. The tax will be at 10% ( up to basic rate limit) and then at 20%, and none at higher rate, because this is not a residential property. (Business ceased many years ago so no ER due.) Tax will be payable by...
by Kiran
Fri May 19, 2017 4:12 pm
Forum: Capital Gains Tax, CGT
Topic: Commercial property sale CGT rate please
Replies: 2
Views: 858

Commercial property sale CGT rate please

A lady carried out a trade from a shop premises as a hair dresser, owned the shop for many years. Then she retired and leased that shop for past 15 years (tenant – hair and beauty saloon – no residential flat , pure commercial trade..). Some 6 years back she added her husband’s name as a joint owner...
by Kiran
Thu Jan 12, 2017 6:39 pm
Forum: Income Tax
Topic: 10% personal allowance transfer in the year of death
Replies: 2
Views: 1237

Re: 10% personal allowance transfer in the year of death

Thank you, Maths, that's why the box does not appear.
by Kiran
Thu Jan 12, 2017 1:00 pm
Forum: Income Tax
Topic: 10% personal allowance transfer in the year of death
Replies: 2
Views: 1237

10% personal allowance transfer in the year of death

Transfer of 10% of personal allowance for the tax year 15/16 by executors of a deceased person, in the year of death is not possible online. The box, after married couple’s allowance claim option, does not appear online. Does this mean that a widow or a widower is not entitled to such 10% personal a...
by Kiran
Wed Jan 04, 2017 6:24 pm
Forum: Capital Gains Tax, CGT
Topic: Inherited assets by spouse at what cost
Replies: 9
Views: 3549

Inherited assets by spouse at what cost

Your help needed in respect of gains made by a spouse on inherited property. I understand that if a gift is made during life time between spouses, the receiving spouse takes it at its original cost. However, I am confused about the “cost” of any inherited assets when sold by surviving spouse. Wife p...
by Kiran
Wed Nov 30, 2016 6:36 pm
Forum: Capital Gains Tax, CGT
Topic: Capital losses off set for disposal during 16/17:
Replies: 2
Views: 686

Capital losses off set for disposal during 16/17:

Now that tax rates are different on residential property gains (18% 28%) and on other capital gains (10%, 20%); I wonder if losses of share dealing can still be off set against the capital gains of buy to let residential properties. Can some one confirm please. thanks.
by Kiran
Fri Nov 25, 2016 8:53 pm
Forum: Property Taxation
Topic: C G T - Buy to Let relief
Replies: 4
Views: 921

Re: C G T - Buy to Let relief

Thank you for your reply Crossleys. After 1st response i have checked with "paid advice" and also with HMRC. Relief is allowed for the initial months (no matter how short) and also for final 18 months (7 months stay is covered within the 18 months.
by Kiran
Wed Nov 23, 2016 8:24 pm
Forum: Property Taxation
Topic: C G T - Buy to Let relief
Replies: 4
Views: 921

C G T - Buy to Let relief

B T L property final 18 months’ and s223 relief I would appreciate your guidance. Clarification needed regarding the final 18 months (was 36 months for the disposal before 5.4.16) & regarding 3 years’ deemed occupation. My son bough his 1st house in January 2007 and he occupied it for initial 3 mont...

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