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Where Taxpayers and Advisers Meet

Search found 1797 matches

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by Instinctive
Sat Dec 29, 2007 11:22 am
Forum: Capital Gains Tax, CGT
Topic: Purchase of own shares by an unquoted company
Replies: 0
Views: 640

<t>S 219 ICTA 1988 apparently provides for the vendor to secure Capital Gains Tax treatment on the entire proceeds on a sale of shares to the company provided that certain conditions were met. <br/> <br/> One of the main condition is that the company must be an unquoted trading company or the holdin...
by Instinctive
Sat Dec 29, 2007 9:27 am
Forum: Capital Gains Tax, CGT
Topic: Private Ltd Company - Share Buy Back On Director Resignation
Replies: 9
Views: 4957

<t>I have seen it mentioned somewhere that there must be at least 2 shareholders left after the share buyback. In your case, apparently there will be only one shareholder left. You should recheck this provision before you proceed.<br/> <br/> I believe that Auditor's Report (s 173(5) CA 1985, complet...
by Instinctive
Fri Dec 29, 2006 1:36 pm
Forum: Capital Gains Tax, CGT
Topic: Capital gains on selling rented property.
Replies: 11
Views: 2773

If you do not qualify for PPR relief, the gross gains of approx £80,000 is reduced by Indexation (small - Ignore), taper 30% = £24,000, and 2 x annual CGT allowance of £8,500 = £17,000.

This leaves approx £39,000 chargeable to CGT between the two owners.

Ramnik
by Instinctive
Fri Dec 29, 2006 1:29 pm
Forum: Capital Gains Tax, CGT
Topic: Capital gains on selling rented property.
Replies: 11
Views: 2773

<t>Oct 1996 to Apr 97 = 6 months exempt as main residence.<br/> <br/> Final 3 years exempt from Feb 2003 to Feb 2006.<br/> <br/> This leaves the period in between from May 1997 to Feb 2003 (say 5.75 years) which is chargeable. The gain for this period is 5.75 years /9.25 years x £80,000 = £50,000....
by Instinctive
Fri Dec 29, 2006 1:13 pm
Forum: General
Topic: A Question about not being Taxed
Replies: 2
Views: 1215

<t>The amount upto which you can earn tax free each year is called your personal allowance. This is £5,035 for the current tax year and will increase to £5,225 for the next tax year.<br/> <br/> All earnings in any given tax year are aggregated and count towards the single annual allowance. Therefo...
by Instinctive
Wed Nov 29, 2006 7:26 am
Forum: Property Taxation
Topic: CGT allowance with no receipt
Replies: 3
Views: 1536

<t>(1) Second property cannot be registered as only or main residence unless it was actually used to live in.<br/> <br/> (2) If you let the property for say 6 months, and then start using it as your home, another 2 period begins for nominating it as your main home.<br/> <br/> (3) You must have some ...
by Instinctive
Wed Nov 29, 2006 7:16 am
Forum: Capital Gains Tax, CGT
Topic: primary residence becoming buy to let
Replies: 4
Views: 1351

<t>(1) You do not need to register a property which is your only or main residence.<br/> <br/> (2) 1st property used as only or main residence from 3 years ago to August 2006. It is let thereafter. <br/> <br/> All gains are deemed to have accrued evenly throughout the whole period of ownership. Ther...
by Instinctive
Sat Nov 25, 2006 11:07 am
Forum: General
Topic: Is gym membership a claimable expense.
Replies: 3
Views: 4044

If a barrister cannot claim the expense of the clothes she needed to wear in a court (and she had no choice in this), you stand no chance.

An expense has to be wholly and exclusively incurred for the purposes of your business to be deductible.

Ramnik
by Instinctive
Sat Nov 25, 2006 11:03 am
Forum: Income Tax
Topic: Loan interets - let property
Replies: 3
Views: 1286

<t>I am not sure if it works that way.<br/> <br/> I would suggest that your client has two separate letting businesses, one with his wife and the other with his wife and mother.<br/> <br/> A loan normally belongs to a lettings business and not to an individual. The loan interest is an expense of the...
by Instinctive
Sat Nov 25, 2006 10:50 am
Forum: Capital Gains Tax, CGT
Topic: Sale of business with living accommodation included
Replies: 6
Views: 1798

<t>50% value for the residential part seems a bit on the high side. But if the valuation could be substantiated, I don't see any reason why your accountant should use any other figure.<br/> <br/> I am surprised that the accountant originally made no allowance for the residential part of the property...

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