This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 420 matches

Go to advanced search

by someone
Wed Sep 16, 2020 12:07 pm
Forum: Capital Gains Tax, CGT
Topic: CGT Partial relief after gifting share of property
Replies: 2
Views: 473

Re: CGT Partial relief after gifting share of property

On this change in the law, if a gift has already been made before the law change, does an additional gift (of say 1%) mean the PPR relief that previously wasn't transferred gets transferred? If so, would it make sense to do this now while there's no plan of a sale in order to avoid possibly tripping...
by someone
Mon Aug 03, 2020 5:10 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty holiday
Replies: 1
Views: 524

Re: Stamp duty holiday

If you sell and then buy then no, there is no additional rate as you are replacing your main home.

If you buy and then sell then yes, you do pay the 3% but you can reclaim the 3% once the sale is done.
by someone
Mon Aug 03, 2020 5:08 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Do I pay Stamp Duty
Replies: 1
Views: 494

Re: Do I pay Stamp Duty

If the property you are buying is your second (or more property) at the time of purchase and you have not disposed of your main residence in the last three years (both of which seem true based on what you've said) then you do pay the 3% additional rate. Provided you sell your former main home within...
by someone
Mon Aug 03, 2020 12:37 am
Forum: Capital Gains Tax, CGT
Topic: Lease extension, CGT and ESC D39
Replies: 9
Views: 766

Re: Lease extension, CGT and ESC D39

I think it is probably impossible to answer your question without knowing who holds the freehold, and in what capacity, i.e., whether beneficially or as nominee. Depending on the answer to that, you may not have a CGT issue at all. Note that ESC D39 only applies if a market premium has been paid fo...
by someone
Sun Aug 02, 2020 9:06 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: SIPP most efficient Funding
Replies: 1
Views: 404

Re: SIPP most efficient Funding

I think you have something backwards. The 'normal' way to maximize tax efficiency of pension contributions for an employee is to do it via salary sacrifice. Some employers pay some or all of the NI they save into the employees pension too. It doesn't matter what tax bracket you are in, the income ta...
by someone
Sun Aug 02, 2020 6:29 pm
Forum: Capital Gains Tax, CGT
Topic: Lease extension, CGT and ESC D39
Replies: 9
Views: 766

Re: Lease extension, CGT and ESC D39

Sorry, and I really don't mean to give offence, but all you have done is demonstrated that you are hopelessly out of your depth. Many professionals will not fully understand the tax implications of this,and it's certainly not going to be any easier to understand for an amateur. Had you answered the...
by someone
Sun Aug 02, 2020 4:01 pm
Forum: Capital Gains Tax, CGT
Topic: Lease extension, CGT and ESC D39
Replies: 9
Views: 766

Re: Lease extension, CGT and ESC D39

ESC D89 only applies to the lessee (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg71240)
Should, of course, be ESC D39.
by someone
Sun Aug 02, 2020 3:48 pm
Forum: Capital Gains Tax, CGT
Topic: Lease extension, CGT and ESC D39
Replies: 9
Views: 766

Re: Lease extension, CGT and ESC D39

I think you are being very ambitious expecting this query to be answered for free on this forum. This is a potentially complex area. Agreed, but I'd like to try and understand the situation before I submit my tax return rather than afterwards and it might even be worth me getting paid advice but I ...
by someone
Sun Aug 02, 2020 3:38 pm
Forum: Capital Gains Tax, CGT
Topic: Lease extension, CGT and ESC D39
Replies: 9
Views: 766

Re: Lease extension, CGT and ESC D39

I’m a little confused. When you say you extended leases, do you mean: a. You received a premium from a tenant, or b. You paid a premium to a landlord. Your reference to CGT suggests you received a premium, but then confuse it by mentioning PPR which wouldn’t apply if the property was tenanted. I'm ...
by someone
Sun Aug 02, 2020 2:14 pm
Forum: Capital Gains Tax, CGT
Topic: Lease extension, CGT and ESC D39
Replies: 9
Views: 766

Re: Lease extension, CGT and ESC D39

FWIW I'm going to try to answer some of this based on my reading of the law: TCGA 1993 S222 (5) says: (5)So far as it is necessary for the purposes of this section to determine which of 2 or more residences is an individual’s main residence for any period— (a)the individual may conclude that questio...

Go to advanced search