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Where Taxpayers and Advisers Meet

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by AdamS93
Sun Nov 15, 2020 4:09 pm
Forum: Income Tax
Topic: SelfAssessment UTR
Replies: 2
Views: 453

Re: SelfAssessment UTR

You would be silly to claim the remittance basis in this scenario. You'd lose your UK personal allowance.
by AdamS93
Fri Nov 13, 2020 4:00 pm
Forum: Capital Gains Tax, CGT
Topic: ER on land development
Replies: 3
Views: 701

Re: ER on land development

Firstly, have you assessed the 'gain' is subject to CGT or income tax (sounds like the transactions in land rules might bite here meaning any gain will be subject to income tax, not CGT). If income tax than ER/BADR is not on point anyway. And then to qualify for ER, you have to be disposing of all o...
by AdamS93
Tue Sep 29, 2020 3:44 pm
Forum: Business Tax
Topic: Mileage
Replies: 2
Views: 430

Re: Mileage

It sounds like the advisory fuel rates are more applicable in your situation. https://www.gov.uk/guidance/advisory-fuel-rates

The 45p rate accounts for everything (insurance, maintenance, tax etc as well as fuel) so to include the franchise fee and the 45p mileage rate, you would be double counting.
by AdamS93
Tue Sep 29, 2020 3:41 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Changing ownership proportion with spouse as tenants in common
Replies: 4
Views: 467

Re: Changing ownership proportion with spouse as tenants in common

The 3% surcharge is not in scope for transfers between H&W.

So assuming this was done under the current SDLT thresholds there is no SDLT due.
I disagree. As there is a mortgage, there is 'consideration' and thus SDLT is payable on transfer as this amount exceeds £40k.
by AdamS93
Mon Sep 14, 2020 9:26 pm
Forum: Property Taxation
Topic: Transferring some properties to a limited company
Replies: 4
Views: 828

Re: Transferring some properties to a limited company

Your accountant is referring to incorporation relief to avoid the CGT on transfer.

I would suggest that 3 BTL’s would struggle to qualify for incorporation relief in the first place.

As mentioned above, the company would pay 3% SDLT and you would pay CGT on the sale.
by AdamS93
Sat Aug 01, 2020 8:41 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Sale of property and continued living rent free.
Replies: 1
Views: 431

Re: Sale of property and continued living rent free.

Yes, there is something wrong with the 'scheme'. It is probably caught by the pre-owned asset tax legislation. What other assets do they have? If it is just their main residence which is worth £495k, then it is unlikely there will be any IHT due anyway. IHT is fairly easy to reduce without elaborate...
by AdamS93
Fri Jul 31, 2020 2:10 pm
Forum: Property Taxation
Topic: Main Residence nomination
Replies: 5
Views: 784

Re: Main Residence nomination

If you let out any of your properties (whilst you are not living in it), then it is not your PPR and you cannot nominate it as such. The PPR nomination is designed for individuals who have two properties, both of which they use themselves such as a flat in London where they stay during the week, and...
by AdamS93
Fri Jul 31, 2020 2:06 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: PET (rental property) and IHT
Replies: 3
Views: 687

Re: PET (rental property) and IHT

You need to look at the two transactions separately. Firstly, you will need to use the market value when the property was gifted to work out the PET value. This would use up his NRB first. Any remaining value will be taxed at 40% IHT BUT taper relief reduced the IHT due by 20% giving a marginal rate...
by AdamS93
Sun Jul 26, 2020 8:58 am
Forum: Savings & Investments, Pensions & Retirement
Topic: SIPP taxation
Replies: 1
Views: 807

Re: SIPP taxation

It is calculated using percentages. If you use up 100% of your lifetime allowance, you will have 0% of it left when the SIPP crystallises. So even if the lifetime allowance increases 0% of £1.5m is still £0 for example. It is a nice problem to have, but there is very little you can do (if anything) ...
by AdamS93
Sat Jul 25, 2020 10:30 am
Forum: Capital Gains Tax, CGT
Topic: Incorporation Relief
Replies: 2
Views: 747

Re: Incorporation Relief

That should read 'if you qualify for incorporation relief, rather than 'claim'.

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