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Where Taxpayers and Advisers Meet

Search found 78 matches

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by cliffordpope
Fri May 22, 2020 6:08 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Disc Trust provides a loan to beneficiary (Tax Implications?)
Replies: 15
Views: 965

Re: Disc Trust provides a loan to beneficiary (Tax Implications?)

The ‘benefit’ of an interest-free loan is taxable at the ‘official rate of interest’ (currently 4%),
Are loans from the Bank of Mum and Dad taxable?
by cliffordpope
Fri May 22, 2020 5:59 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Can I claim higher rate tax relief on employer's contributions?
Replies: 6
Views: 2123

Re: Can I claim higher rate tax relief on employer's contributions?

There is no relief to be claimed on employers contributions ever. For employers contributions basically what they pay in is what end up in your pension pots with no extra relief available even if you are higher rate taxpayer. Tax relief on employee contributions is claimed by the employee, as an ad...
by cliffordpope
Thu Aug 23, 2018 8:01 am
Forum: Savings & Investments, Pensions & Retirement
Topic: Moving land into a pension
Replies: 7
Views: 1457

Re: Moving land into a pension

Whoever uses the land (you?) will have to have a lease agreement with the pension provider and pay a market rent.
by cliffordpope
Sun Apr 22, 2018 10:55 am
Forum: Savings & Investments, Pensions & Retirement
Topic: Tax on Pension Lump Sum
Replies: 1
Views: 1561

Re: Tax on Pension Lump Sum

Rules may have changed of course, but when I was in your position a few years ago I could only take 25% of each pot individually - it wasn't aggregated notionally for tax purposes. So I moved my two smallest pots into the large one, and then could take 25% of the combined pot. If that figure is larg...
by cliffordpope
Mon Mar 26, 2018 9:42 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Probate Management
Replies: 4
Views: 882

Re: Probate Management

Surely a will has a default clause specifying what should happen if any of the beneficiaries die or cease to exist?
by cliffordpope
Mon Mar 26, 2018 9:37 am
Forum: Capital Gains Tax, CGT
Topic: Bitcoin windfall
Replies: 20
Views: 3992

Re: Bitcoin windfall

(i.e. "A few years ago I bet £25k on bitcoin - remember that? - and it all went tits up, can I claim capital losses tax relief?"), don't you think that a lot of people (arguably HMRC included) would have said no? Perhaps the fundamental difference between a gamble and an investment is whether your ...
by cliffordpope
Mon Mar 26, 2018 9:18 am
Forum: Savings & Investments, Pensions & Retirement
Topic: Should my mum open a SIPP before she retires next year to take advantage of tax relief on contributions?
Replies: 2
Views: 146284

Re: Should my mum open a SIPP before she retires next year to take advantage of tax relief on contributions?

I think there is also a "carry forward" of unused contributions from the past 2 or 3 tax years (£13,900 x 3 ?) You can can carry forward any unused contributions allowance up to the the maximum of £40,000 per annum, but you get tax relief only up to your salary in the current year. Tax relief is no...
by cliffordpope
Thu May 25, 2017 6:57 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: New trustee - notify HMRC?
Replies: 8
Views: 2464

Re: New trustee - notify HMRC?

Thank you both very much.
by cliffordpope
Wed May 24, 2017 6:23 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: New trustee - notify HMRC?
Replies: 8
Views: 2464

Re: New trustee - notify HMRC?

The HMRC link describes the impending process for registering a new trust, but what is the procedure for an existing trust?

Supposing we appointed an additional trustee today, should we notify HMRC of that appointment, and if so, how?
by cliffordpope
Wed May 17, 2017 10:47 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: New trustee - notify HMRC?
Replies: 8
Views: 2464

Re: New trustee - notify HMRC?

So a new online registration system starts in June 2017, but "only complex estates will need to be registered". I image that a NRB trust holding only investments is not complex? I'm still unclear as to whether under the present system appointment of a new trustee needs to be notified or not, and if ...

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