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Where Taxpayers and Advisers Meet

Search found 4171 matches

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by pawncob
Mon Sep 16, 2019 3:01 pm
Forum: Property Taxation
Topic: CGT on previous Main Residence
Replies: 4
Views: 58

Re: CGT on previous Main Residence

Most wouldn't bother.
https://www.accountingweb.co.uk/any-answers/do-sale-of-pprs-need-declaring-on-tax-return
by pawncob
Mon Sep 16, 2019 2:58 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Gains Overseas Property
Replies: 3
Views: 90

Re: Capital Gains Overseas Property

Unless you're a currency dealer, gains/losses on exchange are not chargeable/allowable.
by pawncob
Mon Sep 16, 2019 12:33 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Gains Overseas Property
Replies: 3
Views: 90

Re: Capital Gains Overseas Property

No. The gain would still arise even if the funds were never remitted to the UK.
by pawncob
Mon Sep 16, 2019 12:32 pm
Forum: Property Taxation
Topic: CGT on previous Main Residence
Replies: 4
Views: 58

Re: CGT on previous Main Residence

Yes she can claim PPR relief for the period it was her main residence, so the gain will be c £52k less relief of £43k, which is below the annual exemption.
by pawncob
Mon Sep 16, 2019 12:28 pm
Forum: VAT & Excise Duties
Topic: Vat threshold partnership or not
Replies: 2
Views: 72

Re: Vat threshold partnership or not

Start ( and continue) as two sole traders. You can still do her book-keeping!
by pawncob
Tue Sep 10, 2019 12:47 pm
Forum: Income Tax
Topic: Cash Basis / Capital Allowances
Replies: 2
Views: 148

Re: Cash Basis / Capital Allowances

https://www.gov.uk/simpler-income-tax-cash-basis/income-and-expenses-under-cash-basis
by pawncob
Tue Sep 10, 2019 12:44 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: General (Property)  Inheritance Tax Query
Replies: 5
Views: 176

Re: General (Property)  Inheritance Tax Query

Any IHT due on your father's death would have been due from his estate and settled by his Execs. You inherited the property at probate value. The gain will be from probate value to sale proceeds and taxable at current CGT rates when sold. Your IHT position will depend on your assets at date of death...
by pawncob
Mon Sep 09, 2019 4:37 pm
Forum: Income Tax
Topic: Gifts from abroad
Replies: 1
Views: 140

Re: Gifts from abroad

No. there's no UK tax due on gifts.
by pawncob
Mon Sep 09, 2019 4:36 pm
Forum: Property Taxation
Topic: Selling property in Australia
Replies: 1
Views: 147

Re: Selling property in Australia

G'day,
Looks like a straightforward capital gain, assuming you're resident in the UK for tax purposes.
1. Transfer share to wife. Gets you two CGT allowances.
2. CGT may be due in Oz, but you'll get double taxation relief on any tax paid there.
by pawncob
Fri Sep 06, 2019 10:26 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax and Gifts between Spouse & Children
Replies: 1
Views: 139

Re: Inheritance Tax and Gifts between Spouse & Children

The gift to the wife is exempt from IHT.
The gift to the children could be chargeable, depending upon its value, the donor's estate value and the date of death. It's a PET(potentially exempt transfer)

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