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Where Taxpayers and Advisers Meet

Search found 1043 matches

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by AGoodman
Thu Jul 02, 2020 4:49 pm
Forum: Tax Investigations and Enquiries
Topic: Help - Friend in trouble with HMRC
Replies: 16
Views: 1943

Re: Help - Friend in trouble with HMRC

HMRC can take a year to write a letter even in normal times...
by AGoodman
Thu Jul 02, 2020 4:46 pm
Forum: International Tax
Topic: Move to UK - IB account
Replies: 3
Views: 846

Re: Move to UK - IB account

You say you will be non-dom (you probably will) but do you plan to elect for the remittance basis? It comes with a cost. You don't have to pay the charge for seven years but you will lose your income tax personal allowance and CGT annual exemption which means you pay tax on your first £10k of income...
by AGoodman
Thu Jul 02, 2020 4:34 pm
Forum: Income Tax
Topic: Moving back to UK but still working abroad...
Replies: 1
Views: 392

Re: Moving back to UK but still working abroad...

Yes, you'll definitely be UK resident so you are going to have to pay UK income tax on your earnings. You may also have to pay UK NI but I don't know enough about that area. You'll get credit for any Saudi tax but there may not of course be any. Incidentally, as you'll have a home/family in the UK, ...
by AGoodman
Mon Jun 29, 2020 5:35 pm
Forum: Income Tax
Topic: Non Domicile and Pre-residency saving credit
Replies: 1
Views: 513

Re: Non Domicile and Pre-residency saving credit

The short answer is no. The remittance rules follow the actual income, rather than just numbers, so you could remit the original 40% from the original bank account tax free but any income that has arisen after this will be taxable foreign income if remitted. There are also mixing rules so if new inc...
by AGoodman
Mon Jun 29, 2020 5:30 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Bare Trust - death of a Trustee
Replies: 3
Views: 676

Re: Bare Trust - death of a Trustee

I'm afraid I don't know what they are capable of but I would certainly point out to them that the trust absolutely remains valid (otherwise who do they think now owns the account?) . If they cannot cope with converting it to a sole trustee account, or adding a new trustee, then they should open a ne...
by AGoodman
Mon Jun 29, 2020 5:23 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Surplus income query
Replies: 3
Views: 607

Re: Surplus income query

It's still a gift but it could still qualify as a gift out of surplus income.
by AGoodman
Fri Jun 26, 2020 12:39 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: D. O. V and 10 year charge
Replies: 3
Views: 827

Re: D. O. V and 10 year charge

Yeah, actually, as it's a DOV rather than an appointment of some kind, it would be read back to the death and treated as discretionary for the entire ten year period. Ignore my comment there.
by AGoodman
Fri Jun 26, 2020 12:37 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Bare Trust - death of a Trustee
Replies: 3
Views: 676

Re: Bare Trust - death of a Trustee

You're absolutely right. The trust remains valid and you could (and probably should) appoint a new co-trustee alongside you to avoid complications if something should happen to you. I suspect this is the bank/fund platform telling you this in which case (a) they are wrong but (b) their systems may n...
by AGoodman
Mon Jun 22, 2020 8:04 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: D. O. V and 10 year charge
Replies: 3
Views: 827

Re: D. O. V and 10 year charge

Date of death (but if the funds were not discretionary until the DOV this is taken into account in the tax calculation).
The deceased is the settlor for IHT and CGT purposes if you make the necessary elections under the DOV.
by AGoodman
Mon Jun 22, 2020 8:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT gifts
Replies: 2
Views: 326

Re: IHT gifts

HMRC have cleverly mashed three distinct exemptions together: 1. Small gifts totalling less than £250 per recipient are exempt (the "small gifts" exemption - s.20 IHTA) 2. Normal expenditure out of income, which must be gifts out of net income after deduction of tax and all personal expenses - and m...

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