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Where Taxpayers and Advisers Meet

Search found 273 matches

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by AnthonyR
Tue Aug 20, 2019 10:44 am
Forum: International Tax
Topic: UK taxation of USA pensions
Replies: 4
Views: 2648

Re: UK taxation of USA pensions

As mentioned above, most US pensions are taxable in UK in the hands of UK residents. In my experience you can deal with these relatively painlessly under the worldwide disclosure facility, but if the client doesn't disclose HMRC will likely discover it sooner or later which makes the penalty positio...
by AnthonyR
Tue Aug 20, 2019 10:39 am
Forum: General
Topic: Income from cryptocurrency
Replies: 3
Views: 3636

Re: Income from cryptocurrency

Crypto taxation is a bit complex in the sense that there's no historic caselaw and up until December last year HMRC's guidance was just to treat it like you would treat other things. If you are buying and selling cryptos with a view to investing and making a profit on the growth then it's likely to ...
by AnthonyR
Tue Aug 20, 2019 10:15 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Gift - Quick query
Replies: 8
Views: 3609

Re: IHT Gift - Quick query

Plus bear in mind that the unused allowance from previous years can be carried forward, so if it wasn't used last year you have £6,000 of allowances meaning that the potentially exempt gift is only £1,000.
by AnthonyR
Tue Aug 20, 2019 10:13 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Deed of Variation
Replies: 4
Views: 1997

Re: Deed of Variation

I've also used them where an estate doesn't quite meet the requirements for 10% going to charity meaning that they didn't benefit from the 36% tax rate. In this case a beneficiary agreeing to vary his entitlement to donate an extra £3,000 to charity saved the estate £20,000 in IHT.
by AnthonyR
Tue Aug 20, 2019 10:08 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Deed of Variation
Replies: 4
Views: 1997

Re: Deed of Variation

Deeds of variation aren't the magical tax saving device that the media portrayed them as being (particularly when Ed Miliband was reported to have used one). However, as AGoodman says they can be used to pass assets to an exempt beneficiary (ie a spouse) if assets are left to adult children (particu...
by AnthonyR
Tue Jun 04, 2019 6:22 am
Forum: Income Tax
Topic: Any tax reliefs/expenses for a place rented purely for work?
Replies: 7
Views: 358

Re: Any tax reliefs/expenses for a place rented purely for work?

I wasn't proposing anything, I was just giving an exaggerated view of how HMRC perceive people's choices in the real world.

Although, it wasn't so long ago that mortgage interest (the single biggest item of household expenditure for most people) was tax deductible for your home.
by AnthonyR
Mon Jun 03, 2019 5:28 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Remittance charge, Resident but Non dom
Replies: 7
Views: 1172

Re: Remittance charge, Resident but Non dom

Just re-read it's from 2016 - so should be plenty of time to make the election and/or resubmit returns.
by AnthonyR
Mon Jun 03, 2019 5:27 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Remittance charge, Resident but Non dom
Replies: 7
Views: 1172

Re: Remittance charge, Resident but Non dom

Remittance basis is a claim. If they didn't claim it then they are taxable on the arising basis on worldwide income.

Is the client still in time to make the election for the year in question?
by AnthonyR
Mon Jun 03, 2019 10:56 am
Forum: Capital Gains Tax, CGT
Topic: Is transfer of Share ownership to spouse necessary before sale to avoid UK CGT?
Replies: 3
Views: 335

Re: Is transfer of Share ownership to spouse necessary before sale to avoid UK CGT?

The situation is my wife has been gifted some shares by her company as part of their IPO. She has paid a peppercorn for these so I believe they are all taxable as a CGT gain. The shares are currently worth 70k. I'm not an accountant but I was of the understanding that if shares are sold to an emplo...
by AnthonyR
Mon Jun 03, 2019 10:48 am
Forum: Income Tax
Topic: Any tax reliefs/expenses for a place rented purely for work?
Replies: 7
Views: 358

Re: Any tax reliefs/expenses for a place rented purely for work?

Unfortunately, HMRC take the view that as you could live in a cardboard box on the steps of your new office for free anything you do that creates a cost in terms of living and getting to your employment is a personal indulgence and shouldn't be tax deductible.

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