This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 20 matches

Go to advanced search

by Windo
Sat Oct 17, 2020 1:39 pm
Forum: Tax Investigations and Enquiries
Topic: Tax-wise, am I one business or two?
Replies: 2
Views: 499

Tax-wise, am I one business or two?

Hi all, I have been self-employed in the media for many years. I also own a second home which I want to let out far more than in the past. In order to bring it to rentable condition, I am incurring ongoing maintenance costs, e.g. cleaner, gardener, and have invested in a new kitchen, and bathroom, f...
by Windo
Sat Mar 12, 2016 6:28 pm
Forum: Capital Gains Tax, CGT
Topic: CGt on investment trust
Replies: 0
Views: 386

CGt on investment trust

My late father set up two investment trusts for my two children many years ago. They now need the money to help with deposits for a home. The two trusts stand at about £14,000 each, having accumulated over 20 years with about £25 per month going into each account until my father died (in 2006); I di...
by Windo
Sat Jan 08, 2011 3:29 pm
Forum: International Tax
Topic: CGT in Spain
Replies: 15
Views: 2360

Re: CGT in Spain

Pardon me if I am slow in getting all this, but if the executors are responsible for paying CGT on the sale of the house, is there one CGT allowance for each executor or just a single CGT allowance for the estate? Also, what kind of expenses are allowable to claim against CGT? Would they include the...
by Windo
Wed Jan 05, 2011 11:22 pm
Forum: International Tax
Topic: CGT in Spain
Replies: 15
Views: 2360

Re: CGT in Spain

I have checked on this now and I am told that estates don't pay CGT, only the beneficiaries. In this case, btw, the executors are the same as the beneficiaries. I admit to some confusion on this. How can the estate, as said above, be liable for the CGT, since it only comprises what is distributed to...
by Windo
Tue Nov 16, 2010 11:32 pm
Forum: International Tax
Topic: CGT in Spain
Replies: 15
Views: 2360

Re: CGT in Spain

Thanks for all your help. Much appreciated. I guess that covers it.
Regards
by Windo
Tue Nov 16, 2010 7:00 pm
Forum: International Tax
Topic: CGT in Spain
Replies: 15
Views: 2360

Re: CGT in Spain

That's a biggie, and I will have to consult on that. Nonetheless, if, for the sake of argument, my brother did get a £75k capital gain individually would the Spanish authorities treat it as if he had got a capital gain from a Spanish property? I should point out that this was the childhood home, so ...
by Windo
Tue Nov 16, 2010 5:09 pm
Forum: International Tax
Topic: CGT in Spain
Replies: 15
Views: 2360

Re: CGT in Spain

forgot to say. We sold the house as executors of our mother' estate, but we have been advised that each of us can pay CGT as individuals.
by Windo
Tue Nov 16, 2010 5:08 pm
Forum: International Tax
Topic: CGT in Spain
Replies: 15
Views: 2360

Re: CGT in Spain

IHT was paid in full. The house was sold a while after and had increased in value after the IHT valuation. The total capital gain was £300,000, split four ways (we have two sisters too) among the beneficiaries. So, his share is £75,000.
by Windo
Tue Nov 16, 2010 4:26 pm
Forum: International Tax
Topic: CGT in Spain
Replies: 15
Views: 2360

Re: CGT in Spain

Thanks for that. It's very helpful. But it does say "when you sell a Spanish property".
Does that apply if he sells a British property?
by Windo
Tue Nov 16, 2010 3:03 pm
Forum: International Tax
Topic: CGT in Spain
Replies: 15
Views: 2360

Re: CGT in Spain

Thanks for that.
You mean, he has to pay CGT in Spain even thought the funds were originated and stayed in the UK, in Sterling?

Do you happen to know what the rate of CGT is Spain is?

Thanks in advance

Go to advanced search