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Where Taxpayers and Advisers Meet

Search found 19 matches

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by TW1234
Thu Jul 11, 2019 11:48 am
Forum: Income Tax
Topic: With profit Bonds - taxation on surrender
Replies: 1
Views: 86

Re: With profit Bonds - taxation on surrender

There is more to the calculation, and you need to research "Top Slicing" relief. The HMRC site has guidance. However this is not a fully equitable tax as there can be winners and losers. (As you indicate) This gives some opportunity to avoid the consequences by encashing when a low rate tax payer bu...
by TW1234
Sun Dec 03, 2017 4:14 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift without reservation
Replies: 5
Views: 747

Re: Gift without reservation

The source of your funds for the gift is irrelevant. If the funds are raised in joint names, the gift amount can be transferred so that is in one person's sole ownership. (Inter spouse transfers are exempt) The gift should be made from an account that is in the sole name of the person making the gif...
by TW1234
Wed Nov 29, 2017 2:47 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Payments out of income for IHT purposes
Replies: 15
Views: 47975

Re: Payments out of income for IHT purposes

I understand your recognition of some circumstances in which a joint account is apportioned based on contributions, but this would not be the normal situation for a married couple.
You would be in a difficult position to assemble an allocation that covered all the proportioned outgoings.
by TW1234
Tue Nov 28, 2017 10:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Payments out of income for IHT purposes
Replies: 15
Views: 47975

Re: Payments out of income for IHT purposes

NB Other readers may wish to consider the benefits of first transferring funds into individual accounts that are used to make gift payments and so clearly identify the donor.
by TW1234
Tue Nov 28, 2017 9:57 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Payments out of income for IHT purposes
Replies: 15
Views: 47975

Re: Payments out of income for IHT purposes

On a simple view, the income was not joint but arose from seperate individuals who then amalgamated it. This should be identifiable from your available accounts. The expenditure would be reasonably apportioned 50/50. This will give unequal amounts available to be classed as surplus income. ( your fa...
by TW1234
Tue Nov 28, 2017 9:08 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT on insurance bond paid to nominee
Replies: 4
Views: 948

Re: IHT on insurance bond paid to nominee

For clarity--it is a distribution bond with dividends reinvested.
by TW1234
Tue Nov 28, 2017 5:11 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT on insurance bond paid to nominee
Replies: 4
Views: 948

Re: IHT on insurance bond paid to nominee

Would not think so, as a nomination can be changed and is not binding.
by TW1234
Tue Nov 28, 2017 4:23 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Payments out of income for IHT purposes
Replies: 15
Views: 47975

Re: Payments out of income for IHT purposes

But who actually made the gifts? Was the account used a sole account or the joint account?
Joint accounts can cause accounting difficulties!
by TW1234
Tue Nov 28, 2017 4:17 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT on insurance bond paid to nominee
Replies: 4
Views: 948

IHT on insurance bond paid to nominee

If the deceased holder of an (onshore UK 1990's) insurance bond has nominated another for payment of proceeds on death, (NB Not an assignment) do the proceeds form part of the deceased estate total for IHT calculation? If no, is there any time period for the nomination before death applicable? It se...
by TW1234
Sat Feb 18, 2017 6:30 pm
Forum: Income Tax
Topic: Too Much Tax
Replies: 4
Views: 1941

Re: Too Much Tax

Don't rush. You need to look at the whole situation of your tax and compare your total previous gross income, the total tax charge and your total net income with your current situation. It is likely that your your tax allowanceis now set afirstly gainst your state pension and any remaining allowance...

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