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Where Taxpayers and Advisers Meet

Search found 3252 matches

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by bd6759
Wed Sep 16, 2020 11:34 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Early year adjustment and covid
Replies: 4
Views: 647

Re: Early year adjustment and covid

The Tax Officers at HMRC do not get the training they used to. It’s all following step by step guidance which can’t cover all of the nuances. If you are getting nowhere, I suggest you submit tax returns for the years in question. Self assess the correct liability. That puts the onus on them to chall...
by bd6759
Wed Sep 16, 2020 11:26 pm
Forum: Capital Gains Tax, CGT
Topic: Late received foreign distribution after filing self-assessment
Replies: 3
Views: 655

Re: Late received foreign distribution after filing self-assessment

I meant until January 2022 to amend a 2019/20 tax return.
by bd6759
Tue Sep 15, 2020 9:30 pm
Forum: Capital Gains Tax, CGT
Topic: Timings for potential raise in CGT
Replies: 2
Views: 568

Re: Timings for potential raise in CGT

Ordinarily, especially where there is scope for manipulation, changes are kept secret and apply from budget day.
by bd6759
Tue Sep 15, 2020 9:26 pm
Forum: Property Taxation
Topic: Transferring some properties to a limited company
Replies: 4
Views: 624

Re: Transferring some properties to a limited company

Yes, but that depends on when this happens and the value of each property. The increased COVID nil rate will apply at the moment.
by bd6759
Tue Sep 15, 2020 9:24 pm
Forum: Capital Gains Tax, CGT
Topic: Late received foreign distribution after filing self-assessment
Replies: 3
Views: 655

Re: Late received foreign distribution after filing self-assessment

There is a window until January 2021 to amend your return, but now that you know it is wrong you should do so sooner.

The exchange rate is the date of payment, but HMRC don’t usually object to the year average.
by bd6759
Tue Sep 15, 2020 9:21 pm
Forum: Capital Gains Tax, CGT
Topic: Shared ownership buyout
Replies: 1
Views: 481

Re: Shared ownership buyout

Selling a property that has always been your home, is exempt from CGT. There is no reporting requirement.
by bd6759
Mon Sep 14, 2020 6:50 pm
Forum: Capital Gains Tax, CGT
Topic: Negligible value claim - EIS
Replies: 1
Views: 482

Re: Negligible value claim - EIS

A claim that shares have become of negligible value (s24 TCGA 1992) has no set format. All you need do is identify the asset that has become of negligible value. The claim deems that you disposed of the shares and immediately reacquired them on the date of the claim, or at some earlier date notified...
by bd6759
Mon Sep 14, 2020 6:41 pm
Forum: Property Taxation
Topic: Transferring some properties to a limited company
Replies: 4
Views: 624

Re: Transferring some properties to a limited company

A share premium account is where you pay more for shares than their nominal value. For example, the company gives you 100 £1 shares in exchange for your property portfolio. If that happens, you have no director’s loan, but you have 100 shares worth ostensibly £200k. If you sell your properties to th...
by bd6759
Sat Sep 12, 2020 9:48 pm
Forum: Tax Investigations and Enquiries
Topic: Discovery assessment/enquiry question
Replies: 8
Views: 908

Re: Discovery assessment/enquiry question

Are you saying they HMRC shouldn’t not be able to assess those that have evaded tax and are unwilling to cooperate?
by bd6759
Sat Sep 12, 2020 9:44 pm
Forum: Capital Gains Tax, CGT
Topic: Houseboat Gift and Capital Gains
Replies: 3
Views: 784

Re: Houseboat Gift and Capital Gains

The test isn’t whether it is a residence (it is not a residence because it has not been lived in as a residence), but whether it is plant. That will require detailed analysis. It seems that the body has been used the premises within which a fhl business was carried on. That would mean it was not pla...

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