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Where Taxpayers and Advisers Meet

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by tax_schmax
Fri Jan 05, 2018 2:35 pm
Forum: Professionals in Practice & Industry
Topic: Advice sought on offshore funds in liquidation
Replies: 0
Views: 1293

Advice sought on offshore funds in liquidation

Hi I'm a Chartered Financial Planner and am looking for a tax professional to provide an opinion to our firm in relation to the loss on a failed unregulated investment fund. The fund has been in liquidation for 10 years and the final payments are being nade to investors in the near future. We would ...
by tax_schmax
Thu Aug 03, 2017 10:05 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Returning a gift
Replies: 4
Views: 948

Re: Returning a gift

Thank you for that. I infer from this that physically paying in the cheque is acceptance, but perhaps refunding a direct transfer into the bank baxck to the donor, would be refusal?
by tax_schmax
Tue Aug 01, 2017 5:30 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Returning a gift
Replies: 4
Views: 948

Returning a gift

I've been tring to find a refernce that can shine a light on any possibilites for returning a potentially exempt transfer, so that it is deemed to have never taken place? Is there a timescale for such things to be unravelled? Is it absolute in that once transferred it is valid. What if there is bank...
by tax_schmax
Thu Jul 27, 2017 9:29 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Establishing a discretionary trust with an outstanding loan
Replies: 2
Views: 689

Re: Establishing a discretionary trust with an outstanding loan

Thanks for your answer. I had thought it through, but had totally overloooked the last point.
by tax_schmax
Fri Jul 14, 2017 2:37 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Establishing a discretionary trust with an outstanding loan
Replies: 2
Views: 689

Establishing a discretionary trust with an outstanding loan

F would like to establish a discretionary trust, with an outstanding loan as the sole trust asset. A few years ago, to help their daughter buy their first home,, F gave some money some money and the remainder was lent (secured with a legal charge). F is now starting to make provision to keep money w...
by tax_schmax
Tue May 30, 2017 12:49 pm
Forum: International Tax
Topic: Lifetime Allowance Charge Under Double Tax Treaty
Replies: 2
Views: 680

Lifetime Allowance Charge Under Double Tax Treaty

Hi Does anyone have any experience with the lifetime allowance excess charge being collected whilst non resident. If the treaty says the pension will only be taxed in the Contracting State in which the taxpayer is resident, what is the situation where there is a lifetime allowance excess charge? Tha...
by tax_schmax
Wed Nov 30, 2016 7:18 pm
Forum: International Tax
Topic: VCT relief on Offshore Income Gains
Replies: 0
Views: 557

VCT relief on Offshore Income Gains

Hi

Just checking that there aren't any nasty surprises in being able to use VCT income tax relief in respect of Offshore income Gains from the sale of a non reporting fund? Can't be too careful.

Thanks in advance

Ian
by tax_schmax
Tue Nov 29, 2016 2:27 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: UK Gift tax
Replies: 7
Views: 1432

Re: UK Gift tax

Australian mortgages work like a current account mortgage, so equity created from repayments of the principle debt are available as a drawdown.
by tax_schmax
Mon Nov 28, 2016 2:54 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: UK Gift tax
Replies: 7
Views: 1432

Re: UK Gift tax

Hi. Not strictly interested in the IHT angles here but I have a frighteningly similar case. A UK resident non dom is set to receive a lump sum from his uk resident non dom spouse. The lump sum arises as a withdrawal of equity from a home rented out in Australia. The Australian home is owned solely b...
by tax_schmax
Mon Oct 19, 2015 11:28 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Remainderman interest to be held on trust
Replies: 7
Views: 2113

Re: Remainderman interest to be held on trust

Hi Both Fro absolute clarity, the will states that the assets should be held on trust for Mrs thus; "UPON TRUST for my said wife for her life and after her death UPON TRUST for my son xxxxxxxxx absolutely PROVIDED THAT if he shall die in my lifetime leaving a child or children living at my death suc...

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