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Where Taxpayers and Advisers Meet

Search found 19 matches

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by erictheone
Tue Dec 03, 2019 12:53 am
Forum: Capital Gains Tax, CGT
Topic: Is CGT Indexation Allowance Fully Dead?
Replies: 2
Views: 309

Re: Is CGT Indexation Allowance Fully Dead?

Thanks bd6759. I was hoping there might still be some indexation between the date of acquisition and the date when the allowance was withdrawn, but seems not!
by erictheone
Sun Dec 01, 2019 7:45 pm
Forum: Capital Gains Tax, CGT
Topic: Is CGT Indexation Allowance Fully Dead?
Replies: 2
Views: 309

Is CGT Indexation Allowance Fully Dead?

Hi folks. I'm struggling to find out if the Capital Gains Tax Indexation Allowance is dead for for shares disposals by a private individual in this current tax year? I'm just sold at 396p some shares which I bought in 1994 at 68p, so is ALL the gain since 1994 taxable (ignoring the £12,000 CGT annua...
by erictheone
Tue Jun 05, 2018 12:21 pm
Forum: Capital Gains Tax, CGT
Topic: Offset unit trust gains against property losses?
Replies: 0
Views: 657

Offset unit trust gains against property losses?

Hi folks. Hopefully a simple question for the experts here! For CGT, can I offset in the same tax-year gains made on the disposal of UK shares / unit trusts against a loss (after allowable costs) on the sale of a second home? From what I've read, I'm thinking the answer is Yes - but I'm wondering if...
by erictheone
Mon Oct 02, 2017 8:16 pm
Forum: Property Taxation
Topic: Any Stamp Duty Land Tax experts out there?
Replies: 4
Views: 3813

Re: Any Stamp Duty Land Tax experts out there?

You cannot reclaim the 3%. This rule only applies if buy a new residence to replace your previous residence, and sell the previous one within 3 years. For CGT purposes, SDLT is a cost of acquisition and is an allowable cost regardless of the rate paid. If the costs are more than the proceeds you wi...
by erictheone
Mon Oct 02, 2017 5:39 pm
Forum: Property Taxation
Topic: Any Stamp Duty Land Tax experts out there?
Replies: 4
Views: 3813

Any Stamp Duty Land Tax experts out there?

Here’s one for any kind SDLT expert please: I own my main residence, bought in Nov 2014, which I don’t intend to sell. I bought a 2nd home in Oct 2016 (NOT for buy-to-let) and paid the new 3% SDLT surcharge. I now want to buy a 3rd home and, shortly after, sell the 2nd. Am I right that I can claim b...
by erictheone
Tue Sep 12, 2017 4:47 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: "Gift Aid" - any experts out there?
Replies: 6
Views: 7421

Re: "Gift Aid" - any experts out there?

Correct - bear in mind most people pay their tax on PAYE as they earn it. Only those lucky folk in self assessment get to delay their tax!
Yes, luckily I'm in that SA category right now!
by erictheone
Tue Sep 12, 2017 4:39 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: "Gift Aid" - any experts out there?
Replies: 6
Views: 7421

Re: "Gift Aid" - any experts out there?

Thanks to both SteLacca and AnthonyR for replies. So the matching is done on a normal accruals basis - a Gift Aid payment made today, for example, would be match against tax PAYABLE for 2017/18, even though that liability might not actually be PAID to. HMRC until sometime during 2018/19.
by erictheone
Tue Sep 12, 2017 3:11 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: "Gift Aid" - any experts out there?
Replies: 6
Views: 7421

"Gift Aid" - any experts out there?

The HMRC website says: " Paying enough tax to qualify for Gift Aid Your donations will qualify as long as they’re not more than 4 times what you have paid in tax in that tax year (6 April to 5 April)." My question is: what exactly does "paid" mean in this context? Let's say it was calculated that I ...
by erictheone
Wed Mar 01, 2017 10:44 pm
Forum: Capital Gains Tax, CGT
Topic: Disclose Gains Below Annual Exempt Amount???
Replies: 1
Views: 611

Disclose Gains Below Annual Exempt Amount???

Probably a very basic question for CGT experts here, but I'm struggling to find an answer on the HMRC websites: If I have net capital gains in a given tax year, which in total fall below the annual exempt amount, do I still have to disclose on Self Assessment returns what those gains are (even thoug...
by erictheone
Wed Mar 01, 2017 10:36 pm
Forum: Income Tax
Topic: Charitable Donations - Reclaim Tax
Replies: 1
Views: 1194

Charitable Donations - Reclaim Tax

Any kind expert who can help me with probably a very basic question, which I can't find an answer to on the HMRC website: If I donate to a registered charity in the U.K., can they reclaim basic rate tax if the only taxable income I have in the relevant tax year is bank interest received and dividend...

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