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Where Taxpayers and Advisers Meet

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by King_Maker
Mon Oct 05, 2015 2:20 pm
Forum: Property Taxation
Topic: Historic house valuation
Replies: 6
Views: 1375

Re: Historic house valuation

I purchased the local authority property in July 1989 in my mothers name,she has always lived there rent free and I carry out any repairs etc,i also pay the buildings insurance. If the potential CGT is significant, it may be worthwhile obtaining professional advice on whether PPR exemption applies,...
by King_Maker
Mon Oct 05, 2015 2:13 pm
Forum: Capital Gains Tax, CGT
Topic: Capital loss from foreign investment.
Replies: 6
Views: 1840

Re: Capital loss from foreign investment.

Can I clarify this 4 year rule / election. Am I right in saying you have to notify HMRC within 4 years of a incurring capital loss through the tax return, but once you have the notified that capital loss it be can be offset indefinitely against a capital gain? The 4 year Time Limit refers to the en...
by King_Maker
Mon Oct 05, 2015 10:46 am
Forum: International Tax
Topic: Balancing different tax year UK vs. Australia
Replies: 1
Views: 799

Re: Balancing different tax year UK vs. Australia

These are the sort items you will need to consider when completing your UK Tax Return 1. Check the provisions of the UK-Australia Double Tax Treaty. 2. Convert the P&L figures from AUS$ to £Sterling. 3. Apportion the Australian accounts for the relevant UK Tax year - e.g. for 2014-15 it would be ~ 9...
by King_Maker
Mon Oct 05, 2015 10:27 am
Forum: Property Taxation
Topic: Historic house valuation
Replies: 6
Views: 1375

Re: Historic house valuation

Was there some sort of provision made for your mother to continue to live in the property - (say) rent free etc?

If so, there may be no CGT to pay on its sale.

You would need to check the paperwork etc when the original purchase was made.
by King_Maker
Sat Oct 03, 2015 11:14 am
Forum: Property Taxation
Topic: CGT on appreciation prior to BTL
Replies: 5
Views: 1439

Re: CGT on appreciation prior to BTL

Yes - impossible to know what is going to happen on the property tax front, especially after George's BTL bombshell. PPR relief seems to be a prime candidate. Although total removal is unlikely - not a great vote getter - restriction to (say) £250,000 ( or whatever is the average value at the time) ...
by King_Maker
Sat Oct 03, 2015 10:53 am
Forum: Capital Gains Tax, CGT
Topic: Reclaiming overpaid CGT
Replies: 4
Views: 1374

Re: Reclaiming overpaid CGT

I assume CGT not Income Tax is the correct treatment for your share disposals - e.g. not acquired via your employment. Generally, capital losses have to be carried forward and deducted from future capital gains. However, if the loss (including Negligible Value claims) arose in respect of shares subs...
by King_Maker
Fri Oct 02, 2015 10:06 am
Forum: General
Topic: Private person tax and NI
Replies: 1
Views: 1414

Re: Private person tax and NI

You will need to ascertain if she is self-employed or a part-time employee of yours. Only if the latter will you be responsible for operating PAYE (Income Tax & NI). However, it is a question of fact - not merely what label you and she wish to put on the Contract. If she is classed as your employee,...
by King_Maker
Thu Oct 01, 2015 8:52 am
Forum: General
Topic: minimum wage as a self employed person
Replies: 2
Views: 1732

Re: minimum wage as a self employed person

NMW regulations do not apply to the self-employed, only employees.

A sales assistant is likely to be classified as an employee.

How many other clients do you have as a drum tutor?
by King_Maker
Tue Sep 29, 2015 3:13 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on gift of property
Replies: 5
Views: 1067

Re: CGT on gift of property

With the correct paperwork, it could be possible that no CGT would be due on disposal of the property even if it was NOT your main residence. You would need to consult your solicitor.

However, such a transfer may not be effective to avoid care home fees if this is relevant.
by King_Maker
Tue Sep 29, 2015 12:21 am
Forum: Property Taxation
Topic: CGT on appreciation prior to BTL
Replies: 5
Views: 1439

Re: CGT on appreciation prior to BTL

The value when it is rented out is not relevant. Any gain is measured from acquisition to disposal, and is split into exempt and non-exempt periods + Letting Relief. Have you read HMRC's Help Sheet HS283 on the subject? http://www.hmrc.gov.uk/helpsheets/hs283.pdf [For disposals after 5 April 2014, t...

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