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Where Taxpayers and Advisers Meet

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by jbaileycta@btopenwor
Tue Aug 23, 2005 8:51 am
Forum: Capital Gains Tax, CGT
Topic: CGT on house conversion
Replies: 10
Views: 6691

<t>Dear Puffinette<br/> <br/> Whatever you do, don't put the costs of conversion through your business books - this will make the conversion and sale into a trading venture, liable to income tax not CGT, and will prejudice your relief for main residence.<br/> <br/> I have explained in my previous tw...
by jbaileycta@btopenwor
Thu Aug 18, 2005 2:53 am
Forum: Capital Gains Tax, CGT
Topic: Capital Gains on Sharing an Asset
Replies: 3
Views: 1249

<r>Ian<br/> <br/> Without all the details it is impossible to give a definitive answer, but it sounds to me as though you bought the second aircraft as a partnership asset. This means that though you are named as the owner you are actually a trustee, owning it on behalf of the partnership. The cash ...
by jbaileycta@btopenwor
Tue Aug 16, 2005 8:51 am
Forum: Property Taxation
Topic: Renting a house on behalf of someone else
Replies: 3
Views: 2405

<t>Dear Jody<br/> <br/> There is no easy way for your sister to transfer the right to the rent to her parents while still owning the property.<br/> <br/> It will not surprise you to learn there is a whole raft of legislation designed to frustrate attempts by those entitled to income to transfer it t...
by jbaileycta@btopenwor
Tue Aug 16, 2005 7:16 am
Forum: Capital Gains Tax, CGT
Topic: Capital Gains on Sharing an Asset
Replies: 3
Views: 1249

<t>Ian<br/> <br/> I am confused - is this business a company or a partnership, and when you say you bought the second aircraft, do you mean you bought and own it personally, or do you mean you put the money into the company to enable the company to buy it?<br/> <br/> James Bailey<br/> Chartered Tax ...
by jbaileycta@btopenwor
Tue Aug 16, 2005 7:08 am
Forum: Property Taxation
Topic: CGT for house, jointly owned with sister
Replies: 7
Views: 2023

<t>As the house is jointly owned, any gain on the sale will be assessed on the two of you in equal shares - I am assuming that this is not a tenancy in common in unequal shares. i am also assumig that the land with the house is less than half a hectare (about one acre in English).<br/> <br/> As the ...
by jbaileycta@btopenwor
Tue Aug 16, 2005 4:13 am
Forum: Company Taxation
Topic: Donations to charity
Replies: 5
Views: 1994

<t>Donations to charity by companies and by individuals are dealt with under the Gift Aid scheme - you will find detailed explanations on the Inland Revenue's website.<br/> <br/> To answer your specific question, provided the Gift Aid procedures are observed, the charity concerned does not have to b...
by jbaileycta@btopenwor
Tue Aug 16, 2005 4:06 am
Forum: Property Taxation
Topic: Renting a house on behalf of someone else
Replies: 3
Views: 2405

<r>I am afraid this scheme will not work, as all rents on UK property are taxable in the UK, regardless of where the owner of the property lives. There is a scheme for collecting tax from non-resident landlords, but there is no space to go into it here.<br/> <br/> One way to achieve the income tax e...
by jbaileycta@btopenwor
Tue Aug 16, 2005 3:49 am
Forum: Capital Gains Tax, CGT
Topic: Parents gifting house to Son
Replies: 1
Views: 1335

<t>Assuming that the property has always been the main residence of the three owners, then full relief from CGT should be available on a gift (or a sale, for that matter).<br/> <br/> Are the parents going to move out of the house when they gift their shares to the son? If they continue to live there...
by jbaileycta@btopenwor
Tue Aug 16, 2005 3:40 am
Forum: General
Topic: Gifting money
Replies: 1
Views: 1527

<t>There will be no tax on the gift. The only tax that could apply is Inheritance Tax (IHT). This will only be relevant if either of your parents in law dies within seven years of making the gift - if so, their share of the £20,000 will be part of their estate for IHT. Even then, IHT would only be ...
by jbaileycta@btopenwor
Thu Aug 11, 2005 8:16 am
Forum: Property Taxation
Topic: Tenants in common
Replies: 1
Views: 1567

<t>What you say is exactly right.<br/> <br/> Don't forget to get a "Form 17" from your tax office and use it to make a declaration as to the split of ownership - if you do not do this, the profit will be deemed to go to each of you in equal shares.<br/> <br/> For CGT on a future sale, you would be t...

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