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Where Taxpayers and Advisers Meet

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by maths
Thu Apr 02, 2020 5:00 pm
Forum: Income Tax
Topic: Covid working from home tax relief
Replies: 4
Views: 267

Re: Covid working from home tax relief

You state employer not paying/reimbursing expenses in which case the £18/month deal doesn't apply. You will see the article states: "If an employer does not choose to reimburse some or all of the homeworking employee’s extra expenses, then the employee is not automatically allowed tax relief on thei...
by maths
Thu Apr 02, 2020 4:50 pm
Forum: Capital Gains Tax, CGT
Topic: Selling USA shares, holding USD, calculating gains?
Replies: 2
Views: 175

Re: Selling USA shares, holding USD, calculating gains?

For UK CGT the gain is the difference between the £ cost at date of acquisition and £ value at date of disposal. Date of disposal is not date when $ received but date of sale contract (assuming. not conditional). On a future exchange of $ into £ there are no CGT consequences as foreign currency bank...
by maths
Thu Apr 02, 2020 4:12 pm
Forum: Capital Gains Tax, CGT
Topic: CGT - Gifts with Reservation
Replies: 2
Views: 204

Re: CGT - Gifts with Reservation

There appears to be some confusion between IHT and CGT. The original gifts by parents to two daughters were gifts with reservation. This means that on the deaths of the parents their original share which was gifted is treated for IHT as part for their estates. For CGT the position is that each daugh...
by maths
Wed Apr 01, 2020 10:01 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Cash gifts
Replies: 5
Views: 317

Re: Cash gifts

The easiest approach is a purchase by you of father's property for the 100k. Disposal for CGT but as it's father's main residence no actual CGT charge arises. If market value of the property is in excess of 100k the excess amount will constitute a gift by father and if father continues to live in it...
by maths
Mon Mar 30, 2020 6:34 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT 35
Replies: 1
Views: 260

Re: IHT 35

No, in theory IHT does not need to be paid first. If a reclaim can be lodged before any IHT on the estate is due this can be done. IHT is payable with 6 months of the end of the month of death (ignoring instalment basis). However, where there are sales of qualifying investments, profits and losses a...
by maths
Sun Mar 29, 2020 5:30 pm
Forum: Capital Gains Tax, CGT
Topic: sterling conversion on sale of overseas home
Replies: 3
Views: 846

Re: sterling conversion on sale of overseas home

In addition to private residence relief and lettings relief you will also be entitled to an annual exempt amount (£12,000 for sale pre 6.4.20 or £12,300 thereafter). As A Goodman comments better if you can "exchange" on the sale pre 6.4.20. Exchange is key, not completion for CGT. If private residen...
by maths
Sat Mar 28, 2020 11:06 pm
Forum: International Tax
Topic: Exceptional circumstance and work days
Replies: 2
Views: 486

Re: Exceptional circumstance and work days

The exceptional circumstances let out is designed to have a day spent in the UK (ie in UK at midnight) treated as if the day was not spent in the UK ie it's not counted for UK day count purposes as a day spent in the UK. Any work done in the UK where the number of hours on any day exceeds 3 hours th...
by maths
Fri Mar 27, 2020 8:35 pm
Forum: Income Tax
Topic: Self Ass' advice RE Covid19 grant..Pls help tax noob
Replies: 3
Views: 426

Re: Self Ass' advice RE Covid19 grant..Pls help tax noob

Per HMRC: "Your self-employed trading profits must also be less than £50,000 and more than half of your income come from self-employment. This is determined by at least one of the following conditions being true: having trading profits/partnership trading profits in 2018-19 of less than £50,000 and ...
by maths
Fri Mar 27, 2020 12:51 am
Forum: Savings & Investments, Pensions & Retirement
Topic: Please help! Tax on With Profits Fund??
Replies: 5
Views: 1326

Re: Please help! Tax on With Profits Fund??

If I may say ben_power's comments make a lot of sense.
by maths
Thu Mar 26, 2020 9:59 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and Ten year anniversary payment
Replies: 5
Views: 588

Re: IHT and Ten year anniversary payment

This is a somewhat of a specialised area and not one in which I have had much experience. You state: "create a discretionary trust for the life interest of their daughter'. I am confused. Either the trust which was set up under the wills was a discretionary trust OR an interest in possession trust? ...

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