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Where Taxpayers and Advisers Meet

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by AGoodman
Sun Mar 29, 2020 2:41 pm
Forum: Capital Gains Tax, CGT
Topic: sterling conversion on sale of overseas home
Replies: 3
Views: 844

Re: sterling conversion on sale of overseas home

You may well qualify for principal private residence relief, assuming you were tax resident in Australia while it was your principal home. On a sale before 6/4/2020, you'll get the last 18 months included for free (9 months afterwards). If you qualify for 100% relief, you may not even need to declar...
by AGoodman
Sun Mar 29, 2020 2:35 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and Ten year anniversary payment
Replies: 5
Views: 586

Re: IHT and Ten year anniversary payment

If both grandparents set up trusts in their wills (presumably because of survivorship provisions) then there would have been an original two trusts and two nil rate bands = therefore the IHT could be greatly reduced. There doesn't need to be any income - to qualify as a disabled person's trust, the ...
by AGoodman
Sun Mar 29, 2020 2:27 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: How to submit IHT400
Replies: 4
Views: 434

Re: How to submit IHT400

IHT400 always goes to HMRC first
by AGoodman
Sun Mar 29, 2020 2:26 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Cash gifts
Replies: 5
Views: 316

Re: Cash gifts

HMRC could well see it as a sale (otherwise nobody would ever pay stamp duty) because the two transactions are clearly linked.

If you already have a property, you would be looking at £3k in SDLT on £100k. If not, its under the SDLT threshold so makes no difference.
by AGoodman
Fri Mar 27, 2020 2:14 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and Ten year anniversary payment
Replies: 5
Views: 586

Re: IHT and Ten year anniversary payment

I assume one grandparent will have left their assets to their spouse who then set up the trust? By default, yes, it will suffer the 10 year charge. It may qualify as a disabled persons trust for inheritance tax (s.89 IHTA). For this to be the case, mother would have had to have been disabled when th...
by AGoodman
Thu Mar 26, 2020 9:20 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Challenging the VA
Replies: 2
Views: 393

Re: Challenging the VA

Yes, you can argue that it is not like for like.
Best sent a dispassionate reply addressing each comparison.
by AGoodman
Thu Mar 19, 2020 1:05 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Carry Forward for Employer Pension Contribution Allowances?
Replies: 5
Views: 1193

Re: Carry Forward for Employer Pension Contribution Allowances?

I don't know for certain (so I would rely on this even less than my other posts) but I think the "earnings" cap is entirely separate to the annual allowance cap. That means you would be able to carry forward £40,000 of allowance from a year in which your earnings were less, and could transfer £80k i...
by AGoodman
Tue Mar 17, 2020 4:06 pm
Forum: Income Tax
Topic: Ltd Company Dividend Payment Invested in Stock Market
Replies: 2
Views: 590

Re: Ltd Company Dividend Payment Invested in Stock Market

You have to pay income tax on the dividend
by AGoodman
Tue Mar 17, 2020 11:02 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Strange Situation for Higher Rate SDLT
Replies: 20
Views: 1258

Re: Strange Situation for Higher Rate SDLT

It's poor legislation - drafted too widely and it assumes everybody has spare cash lying around to pay the extra 3% and then claim it back at their leisure.
by AGoodman
Tue Mar 17, 2020 10:59 am
Forum: Income Tax
Topic: Coronavirus 91 day rule
Replies: 3
Views: 803

Re: Coronavirus 91 day rule

It hasn't been a 91 day rule for a long time (it now varies depending on circumstances) so you might want to check the relevant threshold for your situation. To answer your actual question, days in the UK can be ignored for the day count where there are exceptional circumstances beyond the individua...

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