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Where Taxpayers and Advisers Meet

Search found 14 matches

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by pandora_boite
Tue Nov 05, 2019 6:24 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Taxation of gains from USA shares
Replies: 2
Views: 1349

Taxation of gains from USA shares

I am aware that UK individual investors in non-UK funds are taxable on their investment gains in two contrasting ways, at rates of either 20% or 45%. The lower tax rate is only available for proceeds from a fund with UK Reporting status. Proceeds from funds with non-reporting status are treated as i...
by pandora_boite
Wed Oct 30, 2019 5:50 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Does 14 year rule apply to solely PET gifts
Replies: 2
Views: 1502

Does 14 year rule apply to solely PET gifts

I am aware of how the 14 year rule applies to when CLT and PET gifts are made, and how the order that these gifts are made is important. If there is no CLT involved however, and only a number of PETs, I did not think that the 14 year rule applied. Is this correct? I am posing the question because I ...
by pandora_boite
Wed Oct 30, 2019 5:23 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gifts made when Deemed Domicile
Replies: 10
Views: 2573

Re: Gifts made when Deemed Domicile

Thank you Maths

So, in this case since the 7 year gift shadow is greater than the 4 year deemed domicile shadow, seen purely from a UK tax point of view it would make more sense to loan the money instead of gifting it. If I survived the 4 years I could then decide to gift it.
by pandora_boite
Wed Oct 30, 2019 2:10 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gifts made when Deemed Domicile
Replies: 10
Views: 2573

Re: Gifts made when Deemed Domicile

Thank you very much for the clarification Math. So just to confirm you are saying:
1) That after 4 years of continuous non-residence I lose deemed domicile status
2) Any gifts made before those 4 years are up, come under the 7 year IHT gift rule
by pandora_boite
Tue Oct 29, 2019 6:20 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gifts made when Deemed Domicile
Replies: 10
Views: 2573

Re: Gifts made when Deemed Domicile

Thank you everyone for your responses. Maths, I hope you are right, but I am not sure why you say that the 3 year rule does not apply to me. Apparently the "deemed domicile" status applies even if I become non-resident. See example 2 on https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual...
by pandora_boite
Tue Oct 29, 2019 12:21 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gifts made when Deemed Domicile
Replies: 10
Views: 2573

Gifts made when Deemed Domicile

I am a non-domicile individual (foreign born myself and and foreign born father) who has been classed as deemed domicile as I have lived in the UK for 15 tax years. I am leaving the UK permanently and want to understand the tax implications of this deemed domicile status mainly around inheritance ta...
by pandora_boite
Thu Apr 19, 2012 11:22 am
Forum: International Tax
Topic: Calculating tax due on foreign shares sold
Replies: 0
Views: 485

Calculating tax due on foreign shares sold

Hi, I am seeking advice on how to calculate tax due on foreign shares sold. The context is as follows: - Non-domicile individual who moved to the UK in Dec 2005, and has held a portfolio of shares for many years before that date. - Has been claiming the remittance basis until now, but will file on t...
by pandora_boite
Mon Dec 12, 2011 11:59 am
Forum: International Tax
Topic: Do I need to file tax return if income unremitted?
Replies: 12
Views: 2265

Re: Do I need to file tax return if income unremitted?

Thanks very much for the clarification
by pandora_boite
Sun Dec 04, 2011 4:00 pm
Forum: International Tax
Topic: Do I need to file tax return if income unremitted?
Replies: 12
Views: 2265

Re: Do I need to file tax return if income unremitted?

This is the link I was given: http://www.hmrc.gov.uk/migrantworkers/tax-non-uk.htm In this link under " How to pay tax on the remittance basis " it is says that if you choose the remittance basis and have more than 2000 in earnings outside the UK you have to file a return. Under "Allowances and reli...

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