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Where Taxpayers and Advisers Meet

Search found 26 matches

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by hendersontax
Mon Jul 08, 2019 2:49 pm
Forum: Income Tax
Topic: Overseas employment income in a split year
Replies: 2
Views: 1594

Re: Overseas employment income in a split year

On the basis that the income is not within scope of UK tax (i.e. earnings for non-UK duties performed in the overseas part of a split year) then you don't need to declare it. Alternatively, you can report the earnings on the employment pages and also in box 12 page Ai2 to indicate they are not taxab...
by hendersontax
Wed Jul 03, 2019 10:01 am
Forum: Income Tax
Topic: Help with Split Year Treatment/ Foreign income self assessment
Replies: 1
Views: 615

Re: Help with Split Year Treatment/ Foreign income self assessment

Hi templehof1. In terms of your own UK Self Assessment tax return, it sounds about right that you (personally) won't be eligible for split-year treatment under the Statutory Residence Test in your circumstances, but if you did not earn any income after leaving the UK then you will not need to make a...
by hendersontax
Tue Jul 02, 2019 1:25 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on a Foreign Property
Replies: 4
Views: 2295

Re: CGT on a Foreign Property

As the property was gifted to you, your CGT base cost will be the market value of the property at the date of the gift. You'll then need to work out the gain (proceeds less market value at date of acquisition less costs) and assuming it is sold before April 2020, it sounds like you'll get private re...
by hendersontax
Tue Jul 02, 2019 12:57 pm
Forum: Capital Gains Tax, CGT
Topic: More than one transfer
Replies: 5
Views: 2691

Re: More than one transfer

In fact, there is a government consultation on this very issue - see https://www.gov.uk/government/consultations/capital-gains-tax-private-residence-relief-changes-to-the-ancillary-reliefs. The government are proposing to change the rules on PRR for transfers between spouses such that the period of ...
by hendersontax
Tue Jul 02, 2019 11:52 am
Forum: Capital Gains Tax, CGT
Topic: CGT on a gift
Replies: 2
Views: 1881

Re: CGT on a gift

You should also consider the Inheritance Tax implications of the gift as this would be a Potentially Exempt Transfer with IHT potentially due if you do not survive seven years from the date of transfer - and there would be no deduction for the CGT already paid. For IHT purposes there is an additiona...
by hendersontax
Tue Jul 02, 2019 11:33 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Critical illness and dental insurance
Replies: 4
Views: 5661

Re: Critical illness and dental insurance

It does not make sense that you have received a P11D showing taxable amounts (assuming it doesn't show any amounts 'made good') and at the same time you are saying you funded these benefits yourself. Either the P11D should show your own contributions as amounts 'made good' and the taxable benefit is...
by hendersontax
Tue Jul 02, 2019 11:28 am
Forum: International Tax
Topic: Cleansing Income/Capital
Replies: 2
Views: 5094

Re: Cleansing Income/Capital

The individual will need to self-assess whether or not he has made a taxable remittance, there is no need to prove it unless HMRC open an enquiry. If the money was transferred from a bank account which was not a mixed fund and contained nothing other than pre-arrival capital (for example, at the poi...
by hendersontax
Tue Jul 02, 2019 11:19 am
Forum: Property Taxation
Topic: Garden plot with planning permission
Replies: 6
Views: 6134

Re: Garden plot with planning permission

If you consider that the use/enjoyment/character of the garden would not change as a result of the nominal work (including that you have not commenced a 'trade'), then it would follow that the should be no change in whether or not the garden or grounds would qualify for private residence relief if y...
by hendersontax
Tue Jul 02, 2019 10:50 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Tax anomaly and HICBC
Replies: 5
Views: 5696

Re: Tax anomaly and HICBC

It doesn't make any difference to the amount you pay overall - if it's collected via PAYE then it increases the deduction from your salary but doesn't change the amount on which your PAYE tax and NIC is calculated. However, as previously pointed out there is a cash-flow benefit to delaying the colle...

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