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Where Taxpayers and Advisers Meet

Search found 22 matches

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by ben_power
Wed Jul 22, 2020 8:07 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Is Stamp Duty due?
Replies: 15
Views: 1218

Re: Is Stamp Duty due?

Client 2 did not contribute to the purchase and has not paid any of the mortgage, all finances have been provided by client 1, including legal costs, conveyancing costs and stamp duty.
by ben_power
Mon Jul 20, 2020 10:35 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Reverse pension contributions?
Replies: 5
Views: 783

Re: Reverse pension contributions?

Some excellent legal points raised here by 'someone'. Without knowing how this situation arose and why the company chose to pay into an employees SIPP rather than the company scheme it's difficult to determine where the liability is. In my experience, it is unlikely that the receiving scheme (SIPP) ...
by ben_power
Mon Jul 20, 2020 9:29 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Is Stamp Duty due?
Replies: 15
Views: 1218

Re: Is Stamp Duty due?

Thanks for the comments, I wish I could contribute more. I can see both sides of the discussion. Whilst a appreciate the 'debt' isn't changing so in theory stamp duty might not be due I can't help that think this would fall further into the 'evasion' side of tax rather than the 'avoidance', or at le...
by ben_power
Mon Jul 20, 2020 9:27 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Is Stamp Duty due?
Replies: 15
Views: 1218

Re: Is Stamp Duty due?

Thanks for the comments, I wish I could contribute more. I can see both sides of the discussion. Whilst a appreciate the 'debt' isn't changing so in theory stamp duty might not be due I can't help that think this would fall further into the 'evasion' side of tax rather than the 'avoidance', or at le...
by ben_power
Wed Jul 15, 2020 9:37 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Is Stamp Duty due?
Replies: 15
Views: 1218

Re: Is Stamp Duty due?

Thanks for the replies. The clients are confident that no 'tax evasion' took place, they took advice from a mortgage broker, the conveyancer and separate solicitor. I can't for the life of me get my head around the second post though, why can't legal documents be written in English. Hah. Can you tra...
by ben_power
Tue Jul 14, 2020 9:06 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Is Stamp Duty due?
Replies: 15
Views: 1218

Is Stamp Duty due?

Can somebody help with the following situation? Facts: Purchased a property in 2019 for £375,000 with a 15% deposit so it has a mortgage of c.£310k remaining. Client 1 was a first time buyer and client 2 was a homeowner. In order to avoid the surcharge of 3% stamp duty (as a second home owner) and t...
by ben_power
Tue Jul 14, 2020 8:48 pm
Forum: Income Tax
Topic: VCT and Pension Contribs. Tax Relief Double Dipping
Replies: 1
Views: 867

Re: VCT and Pension Contribs. Tax Relief Double Dipping

To benefit from the tax relief you must have paid or owe as much income tax as you are claiming back. VCTs are high risk, normally need to be held for 5 years to benefit from the tax relief, they're illiquid and normally only suitable for experienced investors. The tax relief is offered as an incent...
by ben_power
Mon Jul 06, 2020 10:49 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Does an LTA Excess Lump Sum count as Income?
Replies: 1
Views: 1120

Re: Does an LTA Excess Lump Sum count as Income?

As you correctly state, you have 2 choices, draw the excess above the LTA as 'income' which is attractive to a non-taxpayer or basic rate taxpayer as the LTA charge of 25% + your marginal rate of either 0% (up to £12,500 personal allowance) or 20% (£12,500-£50,000) means a maximum tax charge of 45%....
by ben_power
Wed Jul 01, 2020 10:22 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Voluntary retirement offer from Employer - Tax & PensionImplications
Replies: 5
Views: 1487

Re: Voluntary retirement offer from Employer - Tax & PensionImplications

Hopefully this reply isn't too late. By way of clarification, I'm a senior adviser for a large IFA firm, I advice on this exact situation for 100's of clients a year. I thought I would clarify a couple of things. EFRBS legislation is extremely unlikely to apply but you could check. It's an unapprove...
by ben_power
Tue Mar 31, 2020 11:11 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: ISA or JISA Rules
Replies: 1
Views: 1026

Re: ISA or JISA Rules

ISA rules used to be split into a cash ISA allowance and a separate stock & shares ISA allowance but not anymore. The rules now stipulate we each have an ISA allowance of £20,000, we can split that however we choose between cash and investments. You can however only utilise 1 cash provider and 1 inv...

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