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Where Taxpayers and Advisers Meet

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by AnthonyR
Tue Nov 12, 2019 11:56 am
Forum: Property Taxation
Topic: Buy next door house, change boundary and sell again
Replies: 5
Views: 429

Re: Buy next door house, change boundary and sell again

Yes. There is a subsale relief, now called pre completion transaction relief, if you can line up the onwards sale of most of the property to complete at the same time as your purchase of the whole. I don't generally advise on SDLT, but like to understand the general rules. With PCTR does the onward...
by AnthonyR
Fri Nov 08, 2019 11:47 am
Forum: Capital Gains Tax, CGT
Topic: CGT One Year Rule, I am in Shock.
Replies: 15
Views: 18126

Re: CGT One Year Rule, I am in Shock.

Just following on from what the others have said, there is no rollover/holdover available on the sale of a single residential property. Without meaning to be rude, you can stop researching. The only practical option you have available to defer the tax would be to reinvest the proceeds into SEIS (whi...
by AnthonyR
Fri Nov 08, 2019 11:36 am
Forum: Capital Gains Tax, CGT
Topic: Private use
Replies: 6
Views: 7863

Re: Private use

HMRC have a specialist valuation team that look at these things. From your point of view you should ideally instruct a surveyor to value the property back then and as a result of the change many surveyors are aware of the need to be able to backvalue to 2015. However, in practice what a lot of clien...
by AnthonyR
Fri Nov 08, 2019 11:29 am
Forum: VAT & Excise Duties
Topic: Question about a suspected VAT scam
Replies: 3
Views: 3581

Re: Question about a suspected VAT scam

If he is returning the goods and not including the returns on the VAT return (and paying back the VAT reclaimed) then he's committing tax fraud. If you really want to do something about it you can report it to HMRC: https://www.gov.uk/report-vat-fraud However, I'm not sure how long your friendship w...
by AnthonyR
Fri Nov 08, 2019 11:22 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non domicile parent cash gift to daughter
Replies: 3
Views: 908

Re: Non domicile parent cash gift to daughter

I'll start by saying that if you can't advise on the subject then the client probably shouldn't be relying on advice on a forum, are (were) they on the remittance basis and are the funds unremmitted mixed funds? Have they been advised on the consequences of this? As you'll appreciate the rules are c...
by AnthonyR
Fri Nov 08, 2019 11:05 am
Forum: International Tax
Topic: Buying the shares in an overseas company
Replies: 1
Views: 610

Re: Buying the shares in an overseas company

What are the assets in the BVI co? If it's residential property it becomes a bit of a minefield. If it's commercial property it's not too complex (for now). If it's not property you then have to look at what the assets are and whether there is UK source income anyway which brings the property into t...
by AnthonyR
Fri Nov 08, 2019 11:00 am
Forum: Capital Gains Tax, CGT
Topic: HELP RE CAPITAL GAINS TAX PLEASE
Replies: 4
Views: 439

Re: HELP RE CAPITAL GAINS TAX PLEASE

You're taxable on the gain, being the difference between acquisition price and sale proceeds (less costs of sale and purchase). This is often complicated by the fact that income may have been reinvested which increases your original costs. If you're working with an investment manager they should be ...
by AnthonyR
Fri Nov 08, 2019 10:49 am
Forum: Capital Gains Tax, CGT
Topic: De enveloping property
Replies: 1
Views: 332

Re: De enveloping property

It's a complex area and was made far more complex in April 2019, but it seems that you wound up the company prior to these changes. It sounds like you got some advice in the process and as you say a correctly structured distribution on winding up can result in no SDLT charge (assuming no mortgages o...
by AnthonyR
Fri Nov 08, 2019 10:28 am
Forum: Income Tax
Topic: Tax Query
Replies: 2
Views: 264

Re: Tax Query

The only thing that might change is if you own your current home. Usually your main residence is exempt from capital gains tax. If you then moved out and stayed in your parents property for more than 18 months (9 months from April next year) then capital gains will start to accrue on your current ma...
by AnthonyR
Thu Nov 07, 2019 10:38 am
Forum: Capital Gains Tax, CGT
Topic: Sale of Company and Cash Settlement
Replies: 1
Views: 659

Re: Sale of Company and Cash Settlement

You'll need to find out where that cash came from and how it was accounted for.

It's likely that it was a dividend of all cash prior to sale to clear out the company bank account, but it's impossible to tell without more info so you'll need to speak to the directors/shareholders/lawyers to find out.

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