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Where Taxpayers and Advisers Meet

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by maths
Tue Jun 25, 2019 11:15 am
Forum: Property Taxation
Topic: Declaration of Trust, SDLT and expense allocation.
Replies: 3
Views: 84

Re: Declaration of Trust, SDLT and expense allocation.

The best approach is to adopt an arm's length basis as the start point. Wife would therefore acquire the 99% beneficial interest thus receiving 99% of the rental income but woulds also be expected to bear 99% of the expenses. However, an alternative arrangement between you/wife may be made re the ex...
by maths
Mon Jun 24, 2019 7:13 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: account in parents' name
Replies: 5
Views: 97

Re: account in parents' name

Either you gifted the monies to your parents OR you (for some reason?) asked them to deposit the monies in their account t but on the clear understanding they were acting as your agent/bare. trustee.

Why did you do this?
by maths
Mon Jun 24, 2019 12:19 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Which is the main residence?
Replies: 9
Views: 105

Re: Which is the main residence?

On re-reading my ;post out seems a bit ambiguous. Can I clarify: where a couple have 2 homes and one is clearly the main residence, if they sell the main residence to replace with a new main residence, am I correct in understanding that they are not liable to the higher rate of SDLT? In the above ci...
by maths
Sun Jun 23, 2019 3:26 pm
Forum: Property Taxation
Topic: Garden plot with planning permission
Replies: 5
Views: 169

Re: Garden plot with planning permission

Obtaining planning permission this should not affect any CGT charge. However, once steps are taken involving staring construction work (which I suggest would be the case) there would be an appropriation of the plot from investment to trading stock at which time a CGT charge would arise albeit covere...
by maths
Sun Jun 23, 2019 12:08 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Which is the main residence?
Replies: 9
Views: 105

Re: Which is the main residence?

I'm not clear if your concerns are about CGT or SDLT even though you refer to IHT? Married couples can only have one primary residence. You/wife need to elect which of the two properties you wish to be your primary residence from the date of marriage. Irrespective of which of the two properties you ...
by maths
Thu Jun 06, 2019 1:47 pm
Forum: International Tax
Topic: Do unpaid holidays affect non-residency status?
Replies: 6
Views: 173

Re: Do unpaid holidays affect non-residency status?

The key issue is not to stay in the UK for 31 days to avoid complications. 30 days is technically ok but the less days you can spend in the UK the better.

Don't forget you also ned to achieve the minimum work hours over the tax year.
by maths
Mon Jun 03, 2019 4:45 pm
Forum: Income Tax
Topic: Visitors tax Liability
Replies: 6
Views: 147

Re: Visitors tax Liability

Quite frankly I wouldn't worry about any UK tax charge.

Even if she became UK resident the UK/USA double tax agreement would almost certainly resolve any dual residence in favour of USA.

Life's too short. Let your mum stay here as long as she wants.

Any UK tax probs I'll sort it!
by maths
Sun Jun 02, 2019 7:53 pm
Forum: Capital Gains Tax, CGT
Topic: Shares passing to spouse by survivorship
Replies: 2
Views: 123

Re: Shares passing to spouse by survivorship

Yes, correct.

As they are quoted simply use market value.

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