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Where Taxpayers and Advisers Meet

Search found 7419 matches

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by maths
Tue Feb 12, 2019 3:57 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift subject to immediate IHT?
Replies: 2
Views: 147

Re: Gift subject to immediate IHT?

At the date you gift the Belgium located property you are not for UK tax purposes domicile or deemed domiciled. Hence, no inheritance tax or other UK tax charges arise. If daughter remains non-deemed domiciled but UK resident for UK tax purposes any future gift or disposal of the foreign property by...
by maths
Tue Feb 12, 2019 3:41 pm
Forum: Income Tax
Topic: UK tax residency certificate and claiming tax relief on foreign interests
Replies: 1
Views: 105

Re: UK tax residency certificate and claiming tax relief on foreign interests

No you can't claim for the 15% foreign tax; only the 10% (which I assume is the rate applicable under a double tax treaty).
by maths
Tue Feb 12, 2019 3:38 pm
Forum: International Tax
Topic: UK-Austria DTT
Replies: 1
Views: 69

Re: UK-Austria DTT

Unfortunately the position may not be as straight forward as it seems. It is necessary to determine the source of the dividends. If the company is resident in the UK then the dividends have a UK source. In which case no UK income tax arises on the recipient non-UK resident shareholder. Only Austrian...
by maths
Tue Feb 12, 2019 3:11 pm
Forum: Capital Gains Tax, CGT
Topic: Naunce of CGT on property during a divorce/separation
Replies: 5
Views: 111

Re: Naunce of CGT on property during a divorce/separation

A CGT charge arises if the disposal occurs after the tax year of separation (ie couple no longer living together).
by maths
Tue Dec 04, 2018 1:09 pm
Forum: Property Taxation
Topic: BTL Transfer of Equity to Daughter
Replies: 5
Views: 332

Re: BTL Transfer of Equity to Daughter

You can execute a declaration of trust under which you continue to hold the legal title only in your name and confirm that you hold it as to 55% beneficial interest for you and 45% for daughter. There is no need for her to take on any part of the mortgage (should be confirmed in declaration). You wo...
by maths
Wed Nov 28, 2018 1:41 pm
Forum: Income Tax
Topic: 90 day rule
Replies: 2
Views: 180

Re: 90 day rule

The only relevance of 90 days relates to the non-resident CGT charge and a requirement to spend at least 90 days in a property for it to qualify as a residence.

91 days is relevant to the second automatic residence test for SRT purposes.
by maths
Tue Nov 27, 2018 7:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Discretionary Trust - death of trustees
Replies: 3
Views: 156

Re: Discretionary Trust - death of trustees

Trust deeds should contain a "Default" clause which states what should happen if, for example, all the beneficiaries are dead. Thus the clause may say the trust property is to pass to "XYZ charity" or "Sam Smith" etc. If no such clause then the trust property would be held on resulting trust for the...
by maths
Mon Nov 26, 2018 5:46 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Capital Gains in Discounted Gift Trust
Replies: 3
Views: 195

Re: Capital Gains in Discounted Gift Trust

Invariably discounted gift trusts are used as a way of reducing IHT on death.

Typically, the asset within the trust is an insurance bond albeit with certain rights thereunder being so-called "carved out".

I do not therefore understand your questions?
by maths
Thu Nov 22, 2018 2:06 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Confused about how grandfathers property will be treated
Replies: 5
Views: 217

Re: Confused about how grandfathers property will be treated

By "release" are you referring to a surrender?

Why no transferable nil rate band from husband on death of widow?
by maths
Thu Nov 22, 2018 1:13 pm
Forum: Income Tax
Topic: US dollar gift from to UK domiciled husband to wife
Replies: 9
Views: 308

Re: US dollar gift from to UK domiciled husband to wife

AG I should have been a little more expansive in my response. You are correct. A disposal of a foreign currency bank account (eg a withdrawal or transfer to another account) no longer constitutes a chargeable disposal for CGT; post April 2012. However, foreign currency itself still constitutes a cha...

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