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Where Taxpayers and Advisers Meet

Search found 47 matches

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by NonDom41
Mon May 25, 2020 1:59 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Divorce and Taxes
Replies: 2
Views: 660

Divorce and Taxes

A man has lived with his (female) partner for about thirty years in the same household (not married, so-called cohabition). He was self employed all the time and has retired now. She was (and still is) employed by different employers the same period of time and earned her own money. Let's say this c...
by NonDom41
Thu Apr 30, 2020 10:11 pm
Forum: Income Tax
Topic: What is Basic Rate Limit ?
Replies: 5
Views: 628

Re: What is Basic Rate Limit ?

Thank you. Yes, we are talking about a bog standard type person.
by NonDom41
Thu Apr 30, 2020 5:22 pm
Forum: Income Tax
Topic: What is Basic Rate Limit ?
Replies: 5
Views: 628

Re: What is Basic Rate Limit ?

Thank you both for the explanation. If I am understanding correctly : If someone earns GBP 60,000 e.g., he deducts the 12,500 allowance first, leaving GBP 47,500 taxable amount. Then he has to pay GBP 7,500 ( 20% for the Basic rate limit 37,500) and 40% for the remaining GBP 10,000 which is GBP 4,00...
by NonDom41
Thu Apr 30, 2020 1:26 pm
Forum: Income Tax
Topic: What is Basic Rate Limit ?
Replies: 5
Views: 628

What is Basic Rate Limit ?

The UK-income tax rules are quite simple and I have no problems in understanding them : Band Taxable income Tax rate Personal Allowance Up to £12,500 0% Basic rate £12,501 to £50,000 20% Higher rate £50,001 to £150,000 40% However, what on earth is the sometimes mentioned Basic Rate Limit of GBP 37,...
by NonDom41
Tue Feb 18, 2020 10:38 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Deferred Pension
Replies: 1
Views: 753

Deferred Pension

The facts are as follows : A lifelong native UK-resident (born before 1952) has not claimed his state pension yet - he has voluntarily deferred his pension. This means he was entitled to pension payments for past years which have not been paid to him. On the other hand, he also owes HMRC national In...
by NonDom41
Tue Oct 01, 2019 3:16 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: High Bank Charges
Replies: 1
Views: 7254

High Bank Charges

If you have an investment fund (Pimco, BlackRock, Schroder etc.) at your bank, the bank charges you very high fees just for keeping your fund portfolio with them. These fees are not even tax deductible. Is it possible to hold your funds directly with the fund company without involving a bank to save...
by NonDom41
Sun Aug 18, 2019 3:56 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax Wife
Replies: 7
Views: 10405

Re: Inheritance Tax Wife

Does that mean the wife of a UK-resident/domiciled inherits all assets (local and worldwide) of her husband 100% UK-tax-free automatically even if there is no Last Will existing ? Or is the existence of a Last Will required that indicates the wife as the sole heir ?
by NonDom41
Wed Aug 07, 2019 9:05 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax Wife
Replies: 7
Views: 10405

Re: Inheritance Tax Wife

Thank you.

That means, I can give assets to my wife UK-tax-free regardless of the total value ? There is no threshold ?

I have read somewhere that there is a difference if the wife was not born in the UK.

Can you answer these two questions ?
by NonDom41
Wed Aug 07, 2019 2:20 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax Wife
Replies: 7
Views: 10405

Inheritance Tax Wife

I am considered domiciled in the UK (previously a NonDom but now resident in the UK for more than 15 years). If I die and give all my assets in my last will to my wife she will inherit all my assets UK-tax-free; no matter the value. All assets lie outside the UK and have been outside before we moved...
by NonDom41
Fri Mar 01, 2019 1:54 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: UK tax for house in the USA
Replies: 6
Views: 1058

Re: UK tax for house in the USA

Thank you all for your valuable information.

I will not proceed with my plan as described. As far as I can see there is no effective measure for an alien non-resident to lower US-inheritance tax in a case like mine. Is this correct?

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