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Where Taxpayers and Advisers Meet

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by AGoodman
Wed Jan 16, 2019 11:22 am
Forum: Property Taxation
Topic: Selling my second home
Replies: 1
Views: 12

Re: Selling my second home

It sounds as though your current home has been your main home throughout your period of ownership so that will qualify for 100% PPR. You need to work through the former. You should be able to claim lettings relief (as the law stands) for the years you rented it out but this relief is capped at £40,0...
by AGoodman
Tue Jan 15, 2019 5:56 pm
Forum: International Tax
Topic: Gift to minor living in UK
Replies: 2
Views: 34

Re: Gift to minor living in UK

No gift tax.
Any income she receives should be treated as yours for all UK income tax purposes so escape UK tax while you are non-resident.

The full treatment depends on whether it is treated as a trust or company. That would require a full analysis of the legal entity and its constitution.
by AGoodman
Tue Jan 15, 2019 5:10 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non.Domiciled
Replies: 9
Views: 136

Re: Non.Domiciled

A) Yes, likely fine but any gain made by the company could be attributed to you under s.13 TCGA unless you are filing on the remittance basis (presume not) or one of the following applies: a chargeable gain accruing on the disposal of an asset used, and used only— (i) for the purposes of a trade car...
by AGoodman
Tue Jan 15, 2019 2:53 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Query re Agents' Valuation for Probate
Replies: 1
Views: 24

Re: Query re Agents' Valuation for Probate

None of these are valuations - if it were a valuation, you would only need one. It sounds like you have been to four estate agents for a free market appraisal - i.e. at what price they would advertise the property. This is of course subject to some normal variation but the agents also factor in that...
by AGoodman
Tue Jan 15, 2019 2:44 pm
Forum: Capital Gains Tax, CGT
Topic: CGT whilst member of HM Forces
Replies: 5
Views: 56

Re: CGT whilst member of HM Forces

You should be okay. See s.222(8) below: (8) If at any time during an individual's period of ownership of a dwelling-house or part of a dwelling-house he— (a) resides in living accommodation which is for him job-related …2, and (b) intends in due course to occupy the dwelling-house or part of a dwell...
by AGoodman
Mon Jan 14, 2019 7:14 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Domicile of dependence
Replies: 1
Views: 61

Re: Domicile of dependence

Not automatically but she could have acquired a domicile of choice in the UK (or elsewhere) at any time after 1974. If you are living in England, it might be arguable that her domicile of origin revives at some point on account of her having limit connection to your country of origin. Also remember ...
by AGoodman
Mon Jan 14, 2019 7:05 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Personal tax implications for beneficiary from discretionary trust
Replies: 1
Views: 37

Re: Personal tax implications for beneficiary from discretionary trust

Depends on: 1. Who set up the trust (any relation?) 2. Do they have an interest 3. Is the lump sum capital, income or accumulated income 4. Is the trust UK resident You haven't explained why the trust would require an application (is it a charity?) but ordinarily, there are only tax implications for...
by AGoodman
Mon Jan 14, 2019 6:59 pm
Forum: Capital Gains Tax, CGT
Topic: Can a normal calendar be used to become a non-resident
Replies: 5
Views: 47

Re: Can a normal calendar be used to become a non-resident

Tax year

And if you have been UK resident for 4 of the prior 7 years, and return within 5 tax years you would be taxed on all gains you made while away
by AGoodman
Mon Jan 14, 2019 6:55 pm
Forum: Property Taxation
Topic: Buying a second home - stamp duty
Replies: 3
Views: 74

Re: Buying a second home - stamp duty

No, I very much doubt it would work. There are a variety of ways of attacking it including, possibly, s.75A Finance Act 2003 - which contains a wide anti-avoidance provision. You would also have to consider any duty to disclose the plan under DOTAS and whether it would be caught by GAAR. In the very...
by AGoodman
Mon Jan 14, 2019 6:47 pm
Forum: Capital Gains Tax, CGT
Topic: PPR exemption
Replies: 1
Views: 75

Re: PPR exemption

Yes, it should but the trustees must claim the relief.

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