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Where Taxpayers and Advisers Meet

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by Incredulum
Tue Mar 26, 2019 6:09 pm
Forum: Company Taxation
Topic: Reducing a large share capital
Replies: 1
Views: 9506

Re: Reducing a large share capital

If Holdco really did reduce its share capital, it would be no help as the entirety of the £1m capital value (basis £1m) could only be paid out as taxable income dividends.
by Incredulum
Tue Mar 26, 2019 6:07 pm
Forum: Company Taxation
Topic: Reducing a large share capital
Replies: 1
Views: 9506

Reducing a large share capital

Holdco has a share capital of £1m and one shareholder - an individual. Holdco owns Subco, a trading company, which has share capital of £1, the balance being funded by intercompany loan of £1m, and accumulated profits of £200k. The shareholder would like his capital back. If Holdco is liquidated and...
by Incredulum
Mon Feb 04, 2019 1:13 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT valuation of chattels
Replies: 1
Views: 486

IHT valuation of chattels

Shortly before a person is to die, their house is sold. The local auction house has no interest in the contents. The local house-clearance man will charge to take everything away. Is it acceptable to put a nil valuation on the items, for all that the individual's children will take some of the items...
by Incredulum
Fri Nov 30, 2018 3:20 pm
Forum: Income Tax
Topic: Trivial benefits
Replies: 5
Views: 506

Re: Trivial benefits

Thanks. So trivial benefits only count under the legislation if they are paid on the company credit/debit card or by company cheque, but not if: 1. the senior member of staff present takes all employees out for lunch and pays on his own credit card and reclaims it. 2. petty cash is given to the indi...
by Incredulum
Wed Nov 28, 2018 12:01 pm
Forum: Income Tax
Topic: Trivial benefits
Replies: 5
Views: 506

Re: Trivial benefits

Thanks. Did it cost the company more than £50 though? https://www.gov.uk/expenses-and-benefits-trivial-benefits "You don’t have to pay tax on a benefit for your employee if all of the following apply: it cost you £50 or less to provide" The individual submits an expenses claim to the company, restri...
by Incredulum
Mon Nov 26, 2018 1:58 pm
Forum: Income Tax
Topic: Trivial benefits
Replies: 5
Views: 506

Trivial benefits

A trading company has no employees, but a shadow director and his partner (girlfriend) do all the work. Ignoring minimum wage issues, what, in practice is the approach taken with regard to trivial benefits. If the two of them go out for dinner, total cost £110, can they claim £100 under the trivial ...
by Incredulum
Tue Oct 23, 2018 12:44 pm
Forum: Capital Gains Tax, CGT
Topic: Issuing shares to a collaborator
Replies: 0
Views: 593

Issuing shares to a collaborator

Mr A owns a company X Limited. X is in the building construction industry and has been trading a couple of years. It has cash of 100k and receivables/debtors of 200k, and share capital of 1 share of £1, base cost is £1. Mr B is going to take a share of the company (Mr B has been sourcing the work). ...
by Incredulum
Thu Aug 24, 2017 5:43 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Nil rate band will trust never set up
Replies: 12
Views: 6187

Re: Nil rate band will trust never set up

As so often, there’s probably no right answer. I am hugely appreciative of your various thoughts. I have labelled the questions below in brackets from <A> to <F>. Summarising: 1. TNRB, courtesy of s144, which was where I started. This seems at best difficult, requiring (Anthony) ‘argument’ or at wor...
by Incredulum
Thu Aug 24, 2017 4:55 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Nil rate band will trust never set up
Replies: 12
Views: 6187

Re: Nil rate band will trust never set up

As so often, there’s probably no right answer. I am hugely appreciative of your various thoughts. Summarising: 1. TNRB. This seems at best difficult, requiring (Anthony) ‘argument’ or at worst (Lee Young) ‘impossible’. There seems no benefit to trying for a course of action that is potentially diffi...
by Incredulum
Thu Aug 17, 2017 2:49 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Nil rate band will trust never set up
Replies: 12
Views: 6187

Re: Nil rate band will trust never set up

Thank you for your thoughts. The surviving spouse is an executor of Spouse 1's will; as are their two children. Whatever happens the Executors are on the hook. Not sure what you mean they are on the hook for; is this a good thing or a bad thing?! All parties, by the way, are friendly. Do you agree t...

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