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Where Taxpayers and Advisers Meet

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by AdamS93
Sat Feb 29, 2020 1:45 pm
Forum: Property Taxation
Topic: Withdrawing Funds when a Company owes Money to the Director
Replies: 2
Views: 510

Re: Withdrawing Funds when a Company owes Money to the Director

As above, repayment of loans is not an expense as on the contrary the receipt of a loan is not taxable inccome.
by AdamS93
Sat Feb 29, 2020 1:39 pm
Forum: Property Taxation
Topic: Avoid CGT on BTL gift to child
Replies: 3
Views: 640

Re: Avoid CGT on BTL gift to child

Professional advice is the way to go. The gain is the market value less the amount paid, meaning £1.4m based on you numbers. Also, as there is a mortgage stanly duty land tax will be payable. If your father passes away within 7 years of gift, IHT will still be due. Transferring on a piecemeal basis ...
by AdamS93
Thu Feb 13, 2020 7:06 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: bare trust- holding unit trusts for children
Replies: 8
Views: 574

Re: bare trust- holding unit trusts for children

What are you trying to achieve?

The income from the unit trusts will still need to go on your tax return due to the settlements legislation.
by AdamS93
Sun Feb 09, 2020 12:29 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Pension contribution limit calculation
Replies: 3
Views: 598

Re: Pension contribution limit calculation

Yes. It includes all your 'pension input' which includes gross personal pension contributions, employee contributions and employer contributions. The annual allowance of £40k may get tapered if your threshold income exceeds £110,000. You can carry forward any unused annual allowances from the previo...
by AdamS93
Sat Feb 01, 2020 4:26 pm
Forum: Capital Gains Tax, CGT
Topic: Claiming stamp duty on buy-to-let vs residential mortgage properties
Replies: 1
Views: 330

Re: Claiming stamp duty on buy-to-let vs residential mortgage properties

1. yes. 2. The mortgage is irrelevant. The gain is the proceeds from sale less purchase price (in the simplest form) and you will get some PPR relief. However from 6th April 2020, letting relief will no longer be available and PPR relief will be more restricted meaning you will pay more CGT if you s...
by AdamS93
Sat Feb 01, 2020 4:20 pm
Forum: Capital Gains Tax, CGT
Topic: CGT Buy to let to Cousin
Replies: 4
Views: 657

Re: CGT Buy to let to Cousin

Yes. A gift is treated the exact same as if you sold it, using open market value at the date of gift as the disposal proceeds.

The mortgage is irrelevant. The gain is 'proceeds' (as above) less original cost.
by AdamS93
Sun Jan 19, 2020 5:54 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on main residence I've also rented out
Replies: 3
Views: 695

Re: CGT on main residence I've also rented out

You cannot rollover the gain in the situation to describe. If you sell property A before 5th April 2020, you will benefit from letting relief in addition to PPR so I would imagine that there would be no CGT to pay. If you sell after 5th April, then you will lose letting relief and will probably have...
by AdamS93
Thu Jan 16, 2020 7:52 pm
Forum: Business Tax
Topic: Transferring my new electric car to a newly formed limited company
Replies: 1
Views: 649

Re: Transferring my new electric car to a newly formed limited company

No. One of the conditions for 'first year allowances' is that the asset must be new and unused which won't be the case. Have you also considered the balancing charge that may arise in the partnership accounts?
by AdamS93
Wed Jan 15, 2020 2:55 pm
Forum: VAT & Excise Duties
Topic: VAT Ltd property purchase
Replies: 2
Views: 619

Re: VAT Ltd property purchase

Yes. The rent you charge your tenants will be exempt from VAT and as a result, any of the VAT incurred on the improvements to the property will not be recoverable. The company will also be a partially exempt trader. You might benefit from some de-minimis rules. Probably best advised to get some paid...

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