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Where Taxpayers and Advisers Meet

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by AnthonyR
Tue May 21, 2019 9:58 am
Forum: International Tax
Topic: Investments: what is a remittance and/or UK source income?
Replies: 2
Views: 51

Re: Investments: what is a remittance and/or UK source income?

If you are a non-dom on the remittance basis I'd seek some formal advice on the subject as responses on a forum aren't likely to be sufficient to cover your position fully. It's a horribly complex area and HMRC have widened the remit of remittances over the years. In respect of your examples, the fi...
by AnthonyR
Wed May 15, 2019 2:06 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: corbyn and his plans for iht...
Replies: 3
Views: 176

Re: corbyn and his plans for iht...

I'm not sure anyone (Corbyn included) knows what his plans are - however you can rest assured that if you are worried about IHT now it's likely to be worse under his rule. In theory under his socialist government you can really just expect a 100% IHT with no reliefs, that way on death all assets rev...
by AnthonyR
Thu May 09, 2019 11:17 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB & Business Relief
Replies: 3
Views: 122

Re: RNRB & Business Relief

For the purposes of taper relief, the value of the estate is calculated before taking into account any reliefs, including Business Relief. So even if the assets qualify for BR for IHT purposes your assets are still £4m for the taper calculation. This is considered per person, so if you were married ...
by AnthonyR
Wed May 01, 2019 2:35 pm
Forum: Capital Gains Tax, CGT
Topic: Determing residency status before 2015
Replies: 8
Views: 139

Re: Determing residency status before 2015

From 6 April 2013 onwards it's tested against the statutory residence test. Prior to that there was no legislation and it was based on HMRC guidance which looked at a 90 day rolling average over 4 years. Both are complex and you should look to take advice if you have a liability going back that far ...
by AnthonyR
Fri Apr 26, 2019 9:22 am
Forum: Property Taxation
Topic: UK firs time buyers w/ property abroad?
Replies: 2
Views: 183

Re: UK firs time buyers w/ property abroad?

I don't know... fraud enquiries generate pretty good fees...
by AnthonyR
Fri Apr 26, 2019 9:19 am
Forum: Income Tax
Topic: Non Resident Self Employed Tax Return Queries
Replies: 2
Views: 126

Re: Non Resident Self Employed Tax Return Queries

The first thing I'd say is that this is not formal advice - please don't rely on anything in this post! The second is that if the business is becoming successful then you should follow HMRC's third point and: • get help from a professional, like an accountant That means pay an expert for advice so y...
by AnthonyR
Tue Apr 16, 2019 9:50 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: sorting out parents estate UK and foreign property
Replies: 5
Views: 238

Re: sorting out parents estate UK and foreign property

Thanks for the response Goodman. With regards to the property abroad when do you pay the inheritance tax ? when it's sold or unsold ? Is it 40% IHT as well ? Can we ask HMRC/other authorities to sell it if they want tax money ? You pay IHT 6 months after the death even if it's unsold. However, for ...
by AnthonyR
Tue Apr 16, 2019 9:30 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transfer of Equity to Children
Replies: 4
Views: 251

Re: Transfer of Equity to Children

Plus don't assume that a property solicitor will give you any tax advice. In my experience (and I see your scenario once or twice a month) the solicitor doesn't give any tax advice and as the above posters mentioned and gifting a share of your property to your children usually puts you in a worse po...
by AnthonyR
Tue Apr 16, 2019 9:27 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Guernsey to UK Inheritance tax
Replies: 1
Views: 90

Re: Guernsey to UK Inheritance tax

Inheritance tax is charged on the estate of the deceased (apart from gifts within 7 years of death). Individuals who are non-domiciled are only charged on their UK assets, so if your father was non-domiciled (which can be difficult to prove if he was originally UK domiciled - unless he has clearance...
by AnthonyR
Tue Apr 16, 2019 9:21 am
Forum: Income Tax
Topic: Does investment in ISA automatically makes one a tax resident
Replies: 5
Views: 167

Re: Does investment in ISA automatically makes one a tax resident

Just be aware that spending too much time in France or Ireland (or elsewhere) could lead to you becoming tax resident in those countries and subject to their tax regime which may not be any better than just staying put in the UK.

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