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Where Taxpayers and Advisers Meet

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by wamstax
Thu Mar 26, 2020 12:25 am
Forum: Capital Gains Tax, CGT
Topic: CGT on overseas property
Replies: 4
Views: 613

Re: CGT on overseas property

the exchange rates would be the GBP£ equivalents of the cost price at the date of disposal - which would be at the date of exchange of contracts. However you might also have to consider exchange gains if you were converting currency at the time of payment. As regards your living in the property and ...
by wamstax
Wed Mar 25, 2020 7:04 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on overseas property
Replies: 4
Views: 613

Re: CGT on overseas property

Given that you bought this property as an investment and was let out your capital gain will be calculated by converting the foreign sale proceeds into GBP£s and the foreign purchase costs into GBP£s and deducting the latter from the former. The ensuing capital gain less the annual exemption limit (a...
by wamstax
Tue Mar 17, 2020 2:36 pm
Forum: Capital Gains Tax, CGT
Topic: Letting relief and PPR change
Replies: 7
Views: 550

Re: Letting relief and PPR change

Not sure what relevance you think this will have to you as you are the transferee and acquirer and PPR and Lettings relief only applies at the point of disposal. If they change the rules again in the future it could be the withdrawal of PPR or Lettings Relief in which case you wouldn’t qualify anyway
by wamstax
Mon Mar 02, 2020 7:22 pm
Forum: Capital Gains Tax, CGT
Topic: When CGT declaration required tax/years 19/20 & 20/21
Replies: 2
Views: 444

Re: When CGT declaration required tax/years 19/20 & 20/21

that is date missives are concluded/exchange of contracts rather than date of entry
by wamstax
Mon Feb 24, 2020 2:42 pm
Forum: Tax Investigations and Enquiries
Topic: Help - Friend in trouble with HMRC
Replies: 8
Views: 967

Re: Help - Friend in trouble with HMRC

Oh yes forgot to mention that even if she doesn’t get prosecuted her deliberate tax evasion will be published as a serious and deliberate tax evader if her taxes evaded exceed £25k
by wamstax
Mon Feb 24, 2020 2:37 pm
Forum: Tax Investigations and Enquiries
Topic: Help - Friend in trouble with HMRC
Replies: 8
Views: 967

Re: Help - Friend in trouble with HMRC

This is not a forum to entertain or assist DELIBERATE tax evaders and your friend will hopefully rue the day he/she decides to lie when caught deliberately committing tax fraud and then trying to lie and get off with the misdeeds. If the question about time delay is designed to gain an advantage to ...
by wamstax
Wed Feb 19, 2020 3:11 pm
Forum: Tax Investigations and Enquiries
Topic: Help - Friend in trouble with HMRC
Replies: 8
Views: 967

Re: Help - Friend in trouble with HMRC

You could of course advise her that there is no surer way to end up on the end of a potentially excessive assessment ( with excessive tax interest and penalties) and potential bankruptcy when HMRC raises their inevitable discovery assessments and puts debt management after her. Worse of course is th...
by wamstax
Wed Feb 05, 2020 8:55 pm
Forum: Tax Investigations and Enquiries
Topic: S9A enquiry with no request for information
Replies: 4
Views: 547

Re: S9A enquiry with no request for information

Of course it could have an earlier time limit for enquiry if the accounts were submitted earlier than the due date. A reason for sending in returns early for clients as HMRC may miss the "hidden" deadline of 12 months from submission.
by wamstax
Wed Feb 05, 2020 3:47 pm
Forum: Tax Investigations and Enquiries
Topic: S9A enquiry with no request for information
Replies: 4
Views: 547

Re: S9A enquiry with no request for information

Is the taxpayer under enquiry for another year or aspect ? If so they are only protecting their position so that they can raise matters under the protection of S9a after 31st Jan

Could be it is under review and would depend on the team concerned
by wamstax
Fri Jan 31, 2020 9:22 pm
Forum: Capital Gains Tax, CGT
Topic: Gifting asset to spouse
Replies: 6
Views: 500

Re: Gifting asset to spouse

I would suggest you have a look at HMRC Manuals at CG18150 at this link https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg18150 Clearly if your wife wasn’t entitled to any income from the letting why would she be entitled to 25% of the sale proceeds (and especially if all the proceeds ...

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