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Where Taxpayers and Advisers Meet

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by AnthonyR
Mon Sep 14, 2020 8:57 am
Forum: Tax Investigations and Enquiries
Topic: Discovery assessment/enquiry question
Replies: 10
Views: 1661

Re: Discovery assessment/enquiry question

My personal view is they waste vast sums. I won't labour that however. My curiosity just thought it odd assessment can demand payment in 30 days but code 9 the time line is longer for same behaviour deliberate( though the meaning seems to be elastic these days ) In practice assessments are only iss...
by AnthonyR
Mon Sep 14, 2020 8:49 am
Forum: Capital Gains Tax, CGT
Topic: Transfer of Inherited Property to Spouse
Replies: 4
Views: 652

Re: Transfer of Inherited Property to Spouse

More a legal question than a tax one, but the guidance here: https://www.gov.uk/government/publications/change-the-register-ap1/guidance-completing-form-ap1#panel-4-application-priority-and-fees Says "If there is no money changing hands, then enter how much the property is worth. In this case you do...
by AnthonyR
Tue Sep 08, 2020 11:31 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: deemed domiciled
Replies: 5
Views: 808

Re: deemed domiciled

There are a small number of inheritance tax treaties that deal with dual domicile which can change a deemed domicile for IHT purposes (but not income tax / CGT).
As far as I'm aware the India and Italy DTTs still work to override the deemed domicile provisions - are there any others that work?
by AnthonyR
Tue Sep 08, 2020 11:25 am
Forum: Capital Gains Tax, CGT
Topic: CGT 30 day form
Replies: 30
Views: 4188

Re: CGT 30 day form

Dear All, Haven't they said that they can now do multiple disposals online? https://www.gov.uk/guidance/managing-your-clients-capital-gains-tax-on-uk-property-account "If your client sells or disposes of any further properties in the tax year you should use this service to report the Capital Gains ...
by AnthonyR
Tue Sep 08, 2020 11:20 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Estimated IHT bill
Replies: 3
Views: 600

Re: Estimated IHT bill

Yes - doesn't matter if it's property or cash that you leave to your wife.
by AnthonyR
Mon Sep 07, 2020 1:25 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: How long does HMRC take for IHT 400 these days?
Replies: 6
Views: 2061

Re: How long does HMRC take for IHT 400 these days?

HMRC won't reply properly with a calculation etc for up to 6 months, the timings above are for the receipt you need to get probate. I have recently submitted IHT400 and schedules and HMRC must have issued IHT421 as the Probate Registry issued a grant immediately when I applied for it. I had to go t...
by AnthonyR
Mon Sep 07, 2020 1:23 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: my eccentric aunt, her gambling problem and £1m
Replies: 2
Views: 849

Re: my eccentric aunt, her gambling problem and £1m

Assuming your Aunt places the bet on 31 August, dies on 1 September and then the game takes place on the 2nd your aunt has a contract with the bookies which has a value in itself. On the basis that she placed a commercial bet at commercial rates then the value of the contract will likely be £1m at t...
by AnthonyR
Mon Sep 07, 2020 11:55 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: How much inheritance tax are we looking at on my dads estate?
Replies: 2
Views: 624

Re: How much inheritance tax are we looking at on my dads estate?

Not quite. As your Dad's estate is over £2m the residence nil rate band will be tapered down by £1 for every £2 over. Based on £2.37m this means his RNRB will be tapered by £185,000. This means that their total allowances are £815,000. I'd suggest having a chat with an IHT expert as there's a few op...
by AnthonyR
Mon Sep 07, 2020 11:48 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Estimated IHT bill
Replies: 3
Views: 600

Re: Estimated IHT bill

Your gift to your wife is exempt under the spousal exemption (although as she is non-domiciled it is limited to £325,000 - although not relevant in your case as it's under the limit). Your remaining gift to your daughter will be subject as follows: Gift --- £400,000 Nil rate band (£325,000) Residenc...
by AnthonyR
Mon Sep 07, 2020 11:22 am
Forum: Capital Gains Tax, CGT
Topic: CGT 30 day form
Replies: 30
Views: 4188

Re: CGT 30 day form

Still no response from HMRC on the supposed paper forms.

I'll chase again, although I'm sure they'll be very efficient on issuing the penalties....

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