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Where Taxpayers and Advisers Meet

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by SYR
Wed Sep 12, 2018 1:01 pm
Forum: Company Taxation
Topic: Investment company
Replies: 0
Views: 755

Investment company

A company was set up to purchase commercial and residential properties for investment purposes (rental income). Please advise if legal and other costs for "abandon" projects are corporation tax deductible. Reason is too costly to renovate (after survey), costs include surveyor fees, management accou...
by SYR
Fri Aug 17, 2018 11:07 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance from abroad
Replies: 10
Views: 1027

Re: Inheritance from abroad

Thank you AGoodman

Two more questions please.

Date of Death 17/01/2017
Date of Variation - say 01/09/2018

Rental income from HK property in the estate:
from 17/01/2017 to 01/09/2018 = declared in client's tax return?
from 01/09/2018 = declared in the sons' tax return?

Thank you
by SYR
Sat Aug 11, 2018 8:10 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance from abroad
Replies: 10
Views: 1027

Re: Inheritance from abroad

A joint bank account for the two sons will have to be arranged ASAP.

Hopefully, my client can get a solicitor to prepare a DOV..

Thank you, maths
by SYR
Sat Aug 11, 2018 8:22 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance from abroad
Replies: 10
Views: 1027

Re: Inheritance from abroad

Sorry for any misunderstanding... Client's mother non UK resident - never lived in the UK Client is UK resident and UK domiciled for IHT purposes Hopefully, by having a DOV - client can divert the inherited monies to her children without worrying about lifetime transfer etc as her own wealth exceeds...
by SYR
Fri Aug 10, 2018 4:23 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance from abroad
Replies: 10
Views: 1027

Re: Inheritance from abroad

Client is UK resident (over 30 years), non-UK domiciled .
by SYR
Fri Aug 10, 2018 12:26 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance from abroad
Replies: 10
Views: 1027

Inheritance from abroad

Hi A client's mother passed away in 2017 in HK and she is due to inherit £800k in total. £400k has already been remitted into UK and the other £400k will be remitted when the assets are sold off. She considers to give the money to her two sons but does not want to affect her NRB. She also considers ...
by SYR
Wed Jul 25, 2018 11:59 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT - Shares in family run company
Replies: 3
Views: 378

Re: IHT - Shares in family run company

Thank you AGoodman & pawncob

The shares qualify for BPR.
by SYR
Wed Jul 25, 2018 8:57 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT - Shares in family run company
Replies: 3
Views: 378

IHT - Shares in family run company

Mother transfer 50% share to son in 2014/15 - claim for hold-over relief was filed with her tax return. Mother passed away in Jun 2018 - Could you please confirm the followings: No CGT - Correct? No IHT - Correct? Does a value of the shares need to be disclose in "Probate"? Many thanks for any comme...
by SYR
Wed Apr 26, 2017 10:09 am
Forum: Income Tax
Topic: Furnished Holiday Let
Replies: 1
Views: 1956

Furnished Holiday Let

We are thinking of acquiring a property for furnished holiday let. Just wondering if the following initial costs are deductible from rental income or have to be capitalised? legal costs - stamp duty Valuation fees Finance / arrangement fees I understand the finance costs are normally deductible if i...
by SYR
Fri Mar 04, 2016 12:04 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Value of company car for benefit in kind
Replies: 0
Views: 560

Value of company car for benefit in kind

The company has recently bought a car (less than 50 CO2 emission) for an employee (before 1 March, the company qualified for a £5k "Plug in Grant".) The RRP (net of VAT) £37915.84 Options (net of VAT) £1282.34 Discount -£3135.85 VAT £7212.48 Plug in Grant -£5,000 What is the value of the company car...

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