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Where Taxpayers and Advisers Meet

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by AdamS93
Sat Apr 20, 2019 9:19 am
Forum: Property Taxation
Topic: Tax relief on personal loans
Replies: 1
Views: 47

Re: Tax relief on personal loans

You will need to put the income from your overseas property in the 'overseas income' section of your tax return (subject to Double tax treaty rules which I don't really want to look at on a Saturday...) With regards to interest, the rules have changed and you can no longer simply just offset mortgag...
by AdamS93
Thu Apr 18, 2019 7:38 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 14 Year Rule
Replies: 2
Views: 80

Re: 14 Year Rule

If these are just PETs all you need to worry about is the 7 year rule. If they are going in to a trust, then things change quite dramatically. By the sounds of it, there is going to be significant CGT due on the transfer of the two properties to the two sons. There are also legal considerations whic...
by AdamS93
Thu Apr 11, 2019 11:49 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transfer of Equity to Children
Replies: 4
Views: 194

Re: Transfer of Equity to Children

You need professional advice from a solicitor and a tax adviser.

The transfer will not necessarily mean your property is excluded from your estate for inheritance tax purposes. There are all sorts of anti-avoidance rules which you may be caught by.
by AdamS93
Fri Mar 29, 2019 7:30 pm
Forum: Company Taxation
Topic: transfer of properties between companies
Replies: 2
Views: 144

Re: transfer of properties between companies

It is possible BUT not with the current structure. (when you say director, I presume you also mean shareholder).

As things stand there will be corporation tax and SDLT payable on transfer (other taxes will also need to be considered).

It's complicated and not a DIY job.
by AdamS93
Fri Mar 29, 2019 7:27 pm
Forum: General
Topic: How long is SEIS advance assurance valid for?
Replies: 1
Views: 103

Re: How long is SEIS advance assurance valid for?

Considering the qualifying trade must be less than 2 years old for SEIS to be on point, I would imagine that raising funds under SEIS isn't possible (without additional information). EIS is probably more realistic. Advance assurance isn't statutory clearance and there is no need for advance assuranc...
by AdamS93
Tue Mar 26, 2019 1:16 pm
Forum: Business Tax
Topic: Buy a residential property using my company profits
Replies: 3
Views: 124

Re: Buy a residential property using my company profits

There are a lot of cons. 1. A company will pay the SDLT surcharge anyway so there will be no SDLT saving 2. A company doesn't benefit from PPR relief meaning there may be significant tax to pay when the property is sold 3. The company will pay corporation tax on the rent it receives from you and to ...
by AdamS93
Sat Mar 16, 2019 12:40 pm
Forum: Capital Gains Tax, CGT
Topic: Entrepreneurs relief
Replies: 2
Views: 111

Re: Entrepreneurs relief

You may want to get up to speed on the rules around transactions in securities.

Buy the sounds of it this will be caught, and if so, you will be looking at income tax and not capital gains tax.
by AdamS93
Fri Feb 15, 2019 4:41 pm
Forum: Property Taxation
Topic: Transfer BTL to joint ownership with spouse to reduce GCT
Replies: 3
Views: 183

Re: Transfer BTL to joint ownership with spouse to reduce GCT

Thanks, very helpful. Will there be an issue with declaring the change of beneficial ownership immediately before the sale? The existing 100% ownership has worked for us as regards income tax on the rental income, but we want to change it before disposal to plan for CGT. I assume my conveyancing so...
by AdamS93
Sun Feb 10, 2019 8:33 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Pensions allowance and relief - returned from overseas
Replies: 3
Views: 194

Re: Pensions allowance and relief - returned from overseas

Yes, that’s correct. It is irrelevant what you have earnt in previous years. You can contribute what you like, but there will be no tax relief beyond 100% of your net relevant earnings. If you contribute more than the available annual allowance (including carried forward allowances) you will face an...
by AdamS93
Sun Feb 10, 2019 1:29 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Pensions allowance and relief - returned from overseas
Replies: 3
Views: 194

Re: Pensions allowance and relief - returned from overseas

A, B and C are all slightly wrong in my opinion. In 2018/19 (the current tax year). You can make gross personal contributions up to 100% of your net relevant earnings period. Any contributions on top of this will not attract tax relief. Therefore, unless you have relevant earnings in excess of £40k,...

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