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Where Taxpayers and Advisers Meet

Search found 743 matches

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by AGoodman
Wed May 15, 2019 2:53 pm
Forum: Income Tax
Topic: Sending wages back from Malaysia to UK
Replies: 1
Views: 31

Re: Sending wages back from Malaysia to UK

No, If it wasn't taxable in the UK when you received it, it won't be taxed here just because you bring it here.
by AGoodman
Wed May 15, 2019 2:43 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance from abroad bring to UK
Replies: 2
Views: 73

Re: Inheritance from abroad bring to UK

UK IHT is only paid by the estate, not the beneficiaries/heirs so your partner will not have any IHT. The estate will only be subject to IHT on a Singapore property if the deceased was UK domiciled or deemed domiciled. He could be liable for capital gains tax if the property is sold for more than th...
by AGoodman
Mon May 13, 2019 11:50 am
Forum: International Tax
Topic: NRIs and Double Taxation between India and UK
Replies: 7
Views: 208

Re: NRIs and Double Taxation between India and UK

I don't quite understand this. If NRI accounts are exempt from tax in India then the individual will presumably need to reclaim the entire 30% deducted at source in India. They would pay UK income tax on the full amount. I don't see any ability to deduct Indian tax if they have a right to recover th...
by AGoodman
Mon May 13, 2019 11:38 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: corbyn and his plans for iht...
Replies: 3
Views: 167

Re: corbyn and his plans for iht...

Possibly a reduction in the nil rate band, possibly abolishing PETs, possibly something else entirely or even nothing. If PETs were abolished, the change is unlikely to be retrospective but there is no way to be sure. The likely worst case is that gifts made prior to the change would be set against ...
by AGoodman
Thu May 09, 2019 10:18 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift in possession - Tax planning
Replies: 3
Views: 96

Re: Gift in possession - Tax planning

He can't do much to save IHT on the family home other than via will planning which may or not work (it depends on who dies first etc). ie. He could leave his widow a life interest in the house after his death so that it is exempt from IHT on his death and then the executors would have an overriding ...
by AGoodman
Thu May 09, 2019 10:14 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: lending to my son
Replies: 1
Views: 64

Re: lending to my son

What you have there is a question about divorce law but it doesn't sound like a great idea.

Your plan doesn't reduce the tax liability as the benefit of the loan remains in your estate.
by AGoodman
Wed May 08, 2019 10:47 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Borrowing from Children/Grandchildren to buy House
Replies: 5
Views: 147

Re: Borrowing from Children/Grandchildren to buy House

But why the need to borrow money if you are downsizing. If you are giving them the money they lend to you then different rules apply and you may not get the deduction (cf s.103 Finance Act 1986)
by AGoodman
Wed May 08, 2019 10:44 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift in possession - Tax planning
Replies: 3
Views: 96

Re: Gift in possession - Tax planning

This is almost certainly a bad idea. He can't put more than £325,000 into trust without paying 20% tax on the excess. If he puts the property into a child's name, the child will own the property and can sell at any time - including following his death while widow is still living there. He cannot giv...
by AGoodman
Fri May 03, 2019 4:01 pm
Forum: Capital Gains Tax, CGT
Topic: Dual Resident CGT
Replies: 4
Views: 98

Re: Dual Resident CGT

maths - are you sure about that?

He is UK tax resident but treaty non-resident.
Art 13(1) seems pretty clear that the UK can levy tax on gains on UK land (without a resi/commercial distinction)
by AGoodman
Thu May 02, 2019 10:09 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB & Business Relief
Replies: 3
Views: 117

Re: RNRB & Business Relief

No, I'm afraid BPR isn't taken into account when calculating the £2m threshold for RNRB

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