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Where Taxpayers and Advisers Meet

Search found 35 matches

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by taxbill
Mon Dec 16, 2019 2:21 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Loss on transfer of asset to a Discretionary Trust.
Replies: 4
Views: 865

Re: Capital Loss on transfer of asset to a Discretionary Trust.

Maths
Thanks for your reply. I have subsequently learned that the discretionary trust was set up for one of their children who has a disability.
Would this effect the restriction on the c/f capital loss only being available on transfers between the same settlor to the same trustees.
Tax-bill
by taxbill
Fri Dec 13, 2019 5:32 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Loss on transfer of asset to a Discretionary Trust.
Replies: 4
Views: 865

Capital Loss on transfer of asset to a Discretionary Trust.

I have a client who in 2015 purchased a property for 245K. Just under 3 years later they transferred the property to one of their children under a Discretionary Trust. The property was valued at 180K. They want to confirm that although asset transfers to family members do not qualify for capital los...
by taxbill
Tue Aug 13, 2019 11:54 am
Forum: International Tax
Topic: UK taxation of USA pensions
Replies: 4
Views: 14141

UK taxation of USA pensions

My client has heard that her 2 USA pensions are not subject to tax in the UK per a treaty agreement.
Is she correct.
She is UK resident.
Many thanks to anyone who replies.
by taxbill
Tue Nov 04, 2008 5:12 pm
Forum: International Tax
Topic: UK resident working overseas - allowable expenses ?
Replies: 0
Views: 434

UK resident working overseas - allowable expenses ?

Following a question posed about the tax position when returning from Dubai after a few months working over there, the enquirer was told that he would simply have to pay tax on his earnings out of the country as he had not been out of the country for a full tax year. I wondered if there were any cos...
by taxbill
Thu Oct 16, 2008 3:01 pm
Forum: Capital Gains Tax, CGT
Topic: CGT annual exemption
Replies: 1
Views: 700

If a husband has a gain of 10,000 from the sale of shares in his company share save scheme and his annual CGT exemption for 2007/8 is 9,200, can he use part of his wife's annual exemption to negate any tax liability on the additional 800 gain.

Bill
by taxbill
Tue May 27, 2008 4:05 am
Forum: Business Tax
Topic: Entrepreneurs Relief - complication - rented flats
Replies: 1
Views: 532

<t>An individual shareholder who has held shares in a Property Factoring company for 10 years wishes to sell his shares and take advantage of entrepreneurs relief. In addition to the normal trading income from factoring the company also owns a number of flats which are rented out. The capital value ...
by taxbill
Fri May 23, 2008 5:56 am
Forum: International Tax
Topic: Tax position of non resident bringing money into the UK
Replies: 0
Views: 627

<t>A Uk non resident intends to move savings from overseas investments back to the UK while still non resident. Apart from his liability to tax on the interest he earns in the UK on the savings, are there any other tax implications of transferring the monies to the UK.<br/> Someone mentioned the rem...
by taxbill
Mon Mar 10, 2008 8:29 am
Forum: International Tax
Topic: Liability to UK Capital Gains Tax.
Replies: 2
Views: 638

<t>John is a UK national. He has been non resident in the UK since May 2003.He works in the Far East. In 2007 he buys some US shares. Their value increases and now he considers taking the gain (say £50,000). <br/> Does he have any liability to UK capital gains tax and if so does delaying the taking...
by taxbill
Tue Feb 19, 2008 7:52 am
Forum: Income Tax
Topic: tax relief on personal pension contributions for non residents
Replies: 1
Views: 1255

Can you effect a personal pension policy in the UK whilst non resident and still get tax relief or does the policy have to be in force prior to you leaving the UK to qualify for the tax relief.

Bill
by taxbill
Tue Jan 29, 2008 8:49 am
Forum: Income Tax
Topic: Non Resident termination payment
Replies: 1
Views: 681

<t>Leasing client of mine has worked abroad for over 5 years as a UK non resident employed by a UK company.<br/> He is now leaving the company and will receive a 6 month termination payment. Are there any Uk tax implications. <br/> In other words would the revenue consider this payment as work under...

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