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Where Taxpayers and Advisers Meet

Search found 785 matches

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by AGoodman
Wed Jul 10, 2019 2:10 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT on multiple transfers.
Replies: 3
Views: 138

Re: SDLT on multiple transfers.

Correct. I hadn't come across that. The rules are just too complex these days.
by AGoodman
Wed Jul 10, 2019 2:07 pm
Forum: Property Taxation
Topic: Purchasing property as limited company
Replies: 7
Views: 219

Re: Purchasing property as limited company

No. If a company makes payments to acquire a property, that expenditure cannot be set against other profits. It could only be deducted from the sale price when it sold the property.

and if you lived in the property you would be receiving a taxable benefit in kind from the company
by AGoodman
Wed Jul 10, 2019 10:42 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT on multiple transfers.
Replies: 3
Views: 138

Re: SDLT on multiple transfers.

If she has a 98% share then each time you transfer the 98% there is a deemed consideration of £122,500.

There shouldn't be any SDLT provided it is not a second property.
by AGoodman
Tue Jul 09, 2019 4:47 pm
Forum: Income Tax
Topic: Tax implications for Foreign owner of UK business
Replies: 2
Views: 107

Re: Tax implications for Foreign owner of UK business

https://www.gov.uk/government/publications/rdr3-statutory-residence-test-srt

Now much more complicated than just 91 days
by AGoodman
Mon Jul 08, 2019 2:42 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: New Buy To Let property
Replies: 1
Views: 187

Re: New Buy To Let property

It's more question of why you would do that: 1. If these people receive more than half the income or live in the property (at any time), they would have a reservation of benefit and so the whole property would potentially be subject to IHT unless the last reservation of benefit took place 7 years pr...
by AGoodman
Thu Jul 04, 2019 6:01 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT in relation to tax avoidance and settlement
Replies: 2
Views: 202

Re: IHT in relation to tax avoidance and settlement

"In my case, IHT adds ca. 34% on top of the tax bill arising from settlement"

Are you certain about this? I am not particularly familiar with the loan charge issues but usually the exit charge on a distribution from a discretionary trust is max 6%.
by AGoodman
Mon Jul 01, 2019 4:58 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift - IHT
Replies: 2
Views: 161

Re: Gift - IHT

IHT is dependent on the donor, not the recipient. The nil rate band is that of the donor. The gift is unlikely to be relevant for UK IHT unless the parent(s) making the gift are UK domiciled or deemed domiciled. Nb This is not the same a residence and if they were UK domiciled, they will remain so f...
by AGoodman
Thu Jun 27, 2019 3:09 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on a gift
Replies: 2
Views: 143

Re: CGT on a gift

correct re SDLt You are treated as selling at market value for CGT so will make a capital gain, which will be taxed at 18%/28% after deduction of the £12k annual exemption. Assuming no PPR, nothing much you can do to mitigate other than: (a) if married, transfer half to your spouse first so that you...
by AGoodman
Thu Jun 27, 2019 2:59 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Uk german inheritance
Replies: 6
Views: 195

Re: Uk german inheritance

Just to add: a movable is basically anything other than land so would usually include bank accounts
by AGoodman
Thu Jun 27, 2019 10:47 am
Forum: International Tax
Topic: Cleansing Income/Capital
Replies: 2
Views: 154

Re: Cleansing Income/Capital

Do you mean the client is unsure himself or how do you prove it to HMRC? It is all fact specific so difficult to be generic.

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