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Where Taxpayers and Advisers Meet

Search found 39 matches

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by Jholm
Thu May 23, 2019 9:46 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax and with/without reservation of benefit
Replies: 1
Views: 9

Re: Inheritance Tax and with/without reservation of benefit

Since they are giving cash and not the house itself, it would not be a gift with reservation of benefit. However, they could be liable to a pre-owned asset charge and be subject to income tax on 'notional income'. This will be the case if they do not pay rent at full market value. See here for info:...
by Jholm
Mon May 20, 2019 5:23 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on Property - deductible costs
Replies: 1
Views: 60

Re: CGT on Property - deductible costs

No, otherwise capital gains tax would be entirely redundant since people would create clauses saying the entire proceeds must go to x, y or z.
by Jholm
Mon May 20, 2019 1:47 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on divided land
Replies: 2
Views: 71

Re: CGT on divided land

Advice on the formula to calculate the allowable cost for a 'part-disposal':

https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg12731
by Jholm
Thu May 16, 2019 3:05 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Bought a house for my daughter
Replies: 5
Views: 117

Re: Bought a house for my daughter

If you move out now, you are treated as making a PET (Potentially exempt transfer) equal to the value of the house at that date. The usual £3,000 annual exemptions are not available. The 7 year window will then apply. Should you die in this period, the transfer will become chargeable and tax may be ...
by Jholm
Thu May 16, 2019 8:07 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Bought a house for my daughter
Replies: 5
Views: 117

Re: Bought a house for my daughter

Have you been paying rent at market value to her?
If not, either you have been paying income tax under the 'gifts with reservation of benefit' rules or the house is still in your death estate for IHT purposes.
by Jholm
Wed May 15, 2019 1:44 pm
Forum: Business Tax
Topic: Dealing with VAT
Replies: 2
Views: 79

Re: Dealing with VAT

As a sole-trader, it will be you who is VAT registered. You would have to charge VAT on both businesses.
by Jholm
Fri May 10, 2019 4:41 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on house sale.
Replies: 7
Views: 385

Re: CGT on house sale.

Yes to the above
by Jholm
Tue May 07, 2019 8:42 am
Forum: International Tax
Topic: Am I a non-dom?
Replies: 1
Views: 62

Re: Am I a non-dom?

No. Domicile is not easily changed in comparison to residency.

I assume before the year away, you've always resided in UK?
by Jholm
Tue May 07, 2019 8:31 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance tax dispute
Replies: 1
Views: 85

Re: Inheritance tax dispute

This sounds more like a legal matter than one of taxation to be honest.
by Jholm
Fri May 03, 2019 1:40 pm
Forum: Tax Investigations and Enquiries
Topic: Not paid tax or filed tax return in 20 years. Help!
Replies: 12
Views: 227

Re: Not paid tax or filed tax return in 20 years. Help!

Wait.... I just tried it out (excuse the crude copy/paste job): Did you work for yourself between 6 April 2018 and 5 April 2019? No What was your total income for the year? Less than £50,000 Did any of your income come from UK property or land? Yes How much did you get from UK property or land? £2,5...

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