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Where Taxpayers and Advisers Meet

Search found 8002 matches

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by maths
Sat Nov 28, 2020 2:07 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Adding a trustee to a bare trust
Replies: 3
Views: 173

Re: Adding a trustee to a bare trust

There is no need to register a bare trust with HMRC.

I was using the term "property" to mean all forms of assets be they OEICs, land etc.
by maths
Fri Nov 27, 2020 2:15 pm
Forum: Capital Gains Tax, CGT
Topic: Gift of house to son
Replies: 2
Views: 225

Re: Gift of house to son

It is possible to settle the property on discretionary trust and hold-over any gain. In due course trustees can appoint property out to son and again hold over any gain. CGT is thus avoided on any gain until son sells. If son holds property until his death any gain is simply wiped out. However, if s...
by maths
Fri Nov 27, 2020 2:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Adding a trustee to a bare trust
Replies: 3
Views: 173

Re: Adding a trustee to a bare trust

1, Check the terms of the trust to see what they provide in this regard. Often the person who provided the trust property is entitled under the trust during his/her lifetime to appoint new trustees. Failing this: 2.There is a statutory power for the surviving trustees to appoint new trustees in writ...
by maths
Wed Nov 25, 2020 6:04 pm
Forum: Capital Gains Tax, CGT
Topic: Main Residence Query
Replies: 8
Views: 447

Re: Main Residence Query

It is possible for someone to have no residence which qualifies for favourable CGT . Occupation of a property does not mean that it is automatically a residence. If two separate properties do each qualify as a residence for CGT purposes then the taxpayer can choose/elect which he/she wants to be tre...
by maths
Mon Nov 23, 2020 11:11 pm
Forum: Income Tax
Topic: whether i am non-domicile or not?
Replies: 4
Views: 787

Re: whether i am non-domicile or not?

There is no need for a claim to be lodged for remittance basis treatment where unremitted foreign income and gains (ie foreign income and capital gains arising in a tax year less the amount of such income/gains which are remitted to the UK in that tax year) are less than £2,000. In addition, in such...
by maths
Mon Nov 23, 2020 12:40 am
Forum: Income Tax
Topic: Secondment abroad - third automatic UK test
Replies: 1
Views: 811

Re: Secondment abroad - third automatic UK test

Is a UK tax resident for the year 2016-2017 CORRECT Is a resident in the UK for the year 2017-2018 CORRECT Is non a resident in the UK for the year 2018-2019, and notably fails the third automatic UK test. IF HE ARRIVES IN THE UK ON OR BFORE 5 MARCH AND WORKS EVERY DAY THROUGH TO 5 APRIL INCLUSIVE T...
by maths
Mon Nov 23, 2020 12:18 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Divorce settlement and potential long term IHT consequences
Replies: 5
Views: 441

Re: Divorce settlement and potential long term IHT consequences

Thank you for your full response. "I do realise I should have pushed harder at the time to get better advice." I'm not sure you could have done much more. Unfortunately tax, of whatever description, is extremely complex and we all make mistakes. However, I'm not all that impressed with the advice yo...
by maths
Sun Nov 22, 2020 8:51 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Divorce settlement and potential long term IHT consequences
Replies: 5
Views: 441

Re: Divorce settlement and potential long term IHT consequences

HMRC won't comment. Also I'm a believer in not voluntarily putting one's head into the lion's mouth ...... but that's just me. Technically, there is not gift as there is no gratuitous intent. IHTA 1984 s 11 I believe is also of help. Under the Order the property was to be transferred to the children...
by maths
Sun Nov 22, 2020 5:20 pm
Forum: Capital Gains Tax, CGT
Topic: Capital gains on an overseas company
Replies: 2
Views: 447

Re: Capital gains on an overseas company

Assuming US company is not UK resident (and assuming no UK anti-avoidance provisions as AG refers to are not in point) no UK tax charge arises on any gain unless basically 75% of the UK's gross asset value is attributable to UK land, in which case any gain will be subject to UK corporation tax, not ...
by maths
Sun Nov 22, 2020 3:18 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Transfer of equity - Stamp Duty queries (urgent!)
Replies: 3
Views: 456

Re: Transfer of equity - Stamp Duty queries (urgent!)

Yes. Presumably the three of you each have a beneficial interest in the property ie you didn't simply agree to help obtain the mortgage but not taking a beneficial interest your self? Legal title is always held as joint tenants but beneficial interests can be held as joint tenants or tenants in comm...

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