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Where Taxpayers and Advisers Meet

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by jerome.lane
Thu Jan 23, 2020 2:16 pm
Forum: Property Taxation
Topic: Stamp Duty on Gifted BTL Property
Replies: 1
Views: 230

Re: Stamp Duty on Gifted BTL Property

You will be assuming the finance so each of you will be liable to SDLT at 3% on £55,833 or so. The seller will also need to consider CGT.
by jerome.lane
Tue Jan 21, 2020 10:15 am
Forum: Income Tax
Topic: SEIS Question (supply services to company I invested in)
Replies: 1
Views: 239

Re: SEIS Question (supply services to company I invested in)

Brothers and sisters are not counted as associates for SEIS purposes. Reasonable commercial payment for services provided by a company you control should not be construed as an arrangement to allow you to benefit from the SEIS company. Therefore I think you should take comfort that anti avoidance pr...
by jerome.lane
Mon Jan 13, 2020 9:32 am
Forum: Business Tax
Topic: Closure of Ltd Company
Replies: 1
Views: 419

Re: Closure of Ltd Company

Once the company is no longer active for over 3 months, you can just send a form DS01 (https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/771476/DS01_V7.2.pdf) to strike off and this costs £10. Anything less than £25k in the company bank account can be ta...
by jerome.lane
Fri Jan 10, 2020 12:51 pm
Forum: General
Topic: CTA Exams
Replies: 1
Views: 285

Re: CTA Exams

I personally found Tolley's to be the best provider. You'd have to see what works for you as if you're doing class room led learning as often the best lecturers are routed to London; I think they all offer online distance learning now so in many ways its probably down to who's invested the most in I...
by jerome.lane
Thu Jan 09, 2020 4:04 pm
Forum: Income Tax
Topic: multiple jobs and confusion
Replies: 3
Views: 441

Re: multiple jobs and confusion

Hi, unless you find a really cheap accountant, there will be limited benefits to incorporation given the costs and admin to run a company. You are unlikely to be a higher rate tax payer, so the only sting in the tail is NIC. Your external clients are likely to be put off by the admin of payrolling y...
by jerome.lane
Thu Jan 09, 2020 10:06 am
Forum: Income Tax
Topic: multiple jobs and confusion
Replies: 3
Views: 441

Re: multiple jobs and confusion

Each new PAYE engagement should have a basic rate or higher rate tax code and you can defer NIC in certain situations. It depends on the amount of income as to what to do. The alternative is to set up a limited company to provide ad hoc services. This may reduce overall tax liabilities although it w...
by jerome.lane
Wed Jan 08, 2020 11:25 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 10 year charge on Discretionary trust help !
Replies: 14
Views: 971

Re: 10 year charge on Discretionary trust help !

thank you Jerome and Goodman. Firstly I am sure that it is a discretionary Trust. Secondly Jerome, you are correct it is only half the house that is in the Trust, the other half owned outright by Uncle. can i ask you to elaborate on "it always possible to reorganise and avoid the 10 year charge if ...
by jerome.lane
Tue Jan 07, 2020 10:17 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 10 year charge on Discretionary trust help !
Replies: 14
Views: 971

Re: 10 year charge on Discretionary trust help !

It depends on the deed but if potential beneficiaries are limited, then it always possible to reorganise and avoid the 10 year charge if all the beneficiaries and Trustees agree. You would need to get full professional advice and weigh up losing the IHT benefits the Trust may confer versus the 10 ye...
by jerome.lane
Mon Jan 06, 2020 2:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT UK GER
Replies: 2
Views: 244

Re: IHT UK GER

Case 1 - Income tax on annual basis and IHT if deemed domiciled. CGT if sell subject to remittance basis rules. Case 2 - Income tax if let and IHT if deemed domiciled. CGT if sell subject to remittance basis rules. Case 3 - same as 2. Bonus case - no your brother wouldn't but your estate might if yo...

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