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Where Taxpayers and Advisers Meet

Search found 4077 matches

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by pawncob
Fri Mar 22, 2019 9:00 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Normal expenditure out of income
Replies: 3
Views: 73

Re: Normal expenditure out of income

The "reason" for the gift is whatever you wish to call it, so habitual gifts to a sibling should be OK. Of course that means that the sibling is also making a gift............
by pawncob
Fri Mar 22, 2019 1:39 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Normal expenditure out of income
Replies: 3
Views: 73

Re: Normal expenditure out of income

HMRC say:
https://www.gov.uk/inheritance-tax/gifts

As long as the gift is from "surplus" income and doesn't affect the standard of living, it should qualify if it's "habitual".
by pawncob
Wed Mar 20, 2019 12:46 pm
Forum: Income Tax
Topic: Insurance bond - loss incurred on full surrender = allowable under TCGA92?
Replies: 2
Views: 109

Re: Insurance bond - loss incurred on full surrender = allowable under TCGA92?

If an event is chargeable, the gain is taxable (subject to calculation, exemptions etc)
No relief for losses is available.(except against gains realised)
by pawncob
Sat Mar 16, 2019 11:20 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Classic Cars to spouse
Replies: 7
Views: 101

Re: Classic Cars to spouse

OP would be you, the Original Poster.
by pawncob
Fri Mar 15, 2019 6:59 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on previous primary residence
Replies: 4
Views: 119

Re: CGT on previous primary residence

You must also consider where your domicile would be. Are you intending to die in the UK? if so why keep an empty property in Guernsey?
by pawncob
Fri Mar 15, 2019 6:53 pm
Forum: Capital Gains Tax, CGT
Topic: Entrepreneurs relief
Replies: 2
Views: 80

Re: Entrepreneurs relief

No.
by pawncob
Fri Mar 15, 2019 6:49 pm
Forum: Capital Gains Tax, CGT
Topic: Propert portfolio split less than Market Value
Replies: 2
Views: 73

Re: Propert portfolio split less than Market Value

Steve put it this way: Market value... ... applies to any transaction not at arm's length. Transactions between connected parties are automatically assumed not to be at arm's length so that market value applies. A sale at undervalue to an unconnected party is not assumed to not be at arm's length, i...
by pawncob
Fri Mar 15, 2019 6:43 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Classic Cars to spouse
Replies: 7
Views: 101

Re: Classic Cars to spouse

Cars are exempt from CGT, so any disposal is tax free (sale or gift)
To whom he gifts them is a personal matter with no tax implications if gifted to wife. Gift to children is decried by OP.
by pawncob
Tue Mar 12, 2019 1:55 pm
Forum: HMRC Administration, Practices & Methods
Topic: Not fit for purpose
Replies: 0
Views: 69

Not fit for purpose

In December 2017 I appealed against a late filing penalty for 2016/17. Today I got a letter accepting my appeal.
In March 2018 they removed the penalty, but it's taken them a year to notify me.
I wish i could blame Royal Mail, but the letter's dated 11th March 2019.

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