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Where Taxpayers and Advisers Meet

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by AGoodman
Tue Mar 19, 2019 1:56 pm
Forum: Capital Gains Tax, CGT
Topic: Propert portfolio split less than Market Value
Replies: 2
Views: 62

Re: Propert portfolio split less than Market Value

...and under self assessment you would need a pretty good argument to explain how this transaction was at arms' length!

It would also be a £300k PET for IHT
by AGoodman
Tue Mar 19, 2019 11:33 am
Forum: Income Tax
Topic: Penalties for self assessment
Replies: 1
Views: 48

Re: Penalties for self assessment

Presumably if they had a liability for that year there could be a penalty for failure to notify:

https://www.litrg.org.uk/tax-guides/tax-basics/when-things-go-wrong/tax-penalties
by AGoodman
Fri Mar 15, 2019 7:44 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Classic Cars to spouse
Replies: 7
Views: 93

Re: Classic Cars to spouse

Depending on their age/health, either H or W could also consider term life insurance at 40% of the value to cover the risk on any gifts. It should be flat, rather than decreasing, because the gifts would absorb their nil rate bands and the decreasing rates for PETs etc are irrelevant.
by AGoodman
Fri Mar 15, 2019 1:48 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Can CGT paid during estate administration be claimed by charity via gift aid ?
Replies: 5
Views: 75

Re: Can CGT paid during estate administration be claimed by charity via gift aid ?

It would have to be before so that the executors could assent a share of the property to the charity prior to the sale.

Some of this is complicated so you would need to ensure that the cost matches the value/tax involved.
by AGoodman
Fri Mar 15, 2019 11:42 am
Forum: Capital Gains Tax, CGT
Topic: Capital treatment of unquoted company buy back of shares
Replies: 1
Views: 49

Re: Capital treatment of unquoted company buy back of shares

The default position on a buy-back is income tax treatment. It is possible to get capital treatment but you need to meet various conditions including the requirement that the buyback will benefit the trade carried on by the company (see Statement of Practice 2/82), minimum holding periods, selling 7...
by AGoodman
Fri Mar 15, 2019 11:35 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Can CGT paid during estate administration be claimed by charity via gift aid ?
Replies: 5
Views: 75

Re: Can CGT paid during estate administration be claimed by charity via gift aid ?

If the beneficiary just gives cash to the charity on these facts then no, simply because there is no provision for relief in these circumstances. The beneficiary does not have a tax liability. However, the beneficiary and charity will be able to claim gift aid - the beneficiary will be able to claim...
by AGoodman
Thu Mar 14, 2019 6:06 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Clarification - gift of family home to reduce IHT
Replies: 6
Views: 156

Re: Clarification - gift of family home to reduce IHT

For what it is worth, while it remains a reservation of benefit, it should still benefit from the residential nil rate band - a maximum of £350k combined for both parents from April 2020.

I think that works but I'm afraid confirming it would require somebody to take a good look at the legislation.
by AGoodman
Thu Mar 14, 2019 1:31 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: EXPAT RETURNING TO UK AFTER 22YRS
Replies: 3
Views: 72

Re: EXPAT RETURNING TO UK AFTER 22YRS

3. Probably a disadvantage. If you died, your wife would have to elect to be UK domiciled for IHT (for at least 4 years) in order to receive the properties exempt from tax. If she held them, then on her death they could pass to you with an automatic exemption. If they are in your name now, a gift to...
by AGoodman
Thu Mar 14, 2019 11:51 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Business Relief for Inheritance Tax
Replies: 4
Views: 87

Re: Business Relief for Inheritance Tax

Yes, that would not be a business because he presumably just collects rent. BPR is only available where the individual has an interest in the actual business, not just the property.
by AGoodman
Wed Mar 13, 2019 7:50 pm
Forum: Capital Gains Tax, CGT
Topic: CGT/PRR
Replies: 2
Views: 79

Re: CGT/PRR

A sale takes place for CGT when there is an unconditional exchange of contracts (ie not conditional on any particular event occurring). Your thoughts on the timing are correct but if they have owned (and lived in) the house for some time this may only be a small proportion of the gain. If the propor...

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