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Where Taxpayers and Advisers Meet

Search found 99 matches

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by Brightonian
Fri Jun 28, 2019 9:04 am
Forum: Capital Gains Tax, CGT
Topic: More than one transfer
Replies: 5
Views: 475

Re: More than one transfer

Thank you for replying. I find this a very tricky topic. It seems fairly straightforward but has several elephant traps.
by Brightonian
Tue Jun 18, 2019 2:40 pm
Forum: Capital Gains Tax, CGT
Topic: More than one transfer
Replies: 5
Views: 475

More than one transfer

A client transferred his former PPR to his wife some years ago for income tax purposes using a deed of trust - she was a basic rate taxpayer and he was higher rate and so she paid less tax on rental profit. However, they are now thinking of selling. The transfer occurred after it had been his PPR, s...
by Brightonian
Tue Jun 18, 2019 11:16 am
Forum: Capital Gains Tax, CGT
Topic: Shares passing to spouse by survivorship
Replies: 2
Views: 345

Re: Shares passing to spouse by survivorship

Thank you, Maths. I apologise for my belated thanks but, for some reason, was not notified that I had had a response.
by Brightonian
Fri May 24, 2019 9:59 am
Forum: Capital Gains Tax, CGT
Topic: Shares passing to spouse by survivorship
Replies: 2
Views: 345

Shares passing to spouse by survivorship

I am hoping that someone can confirm my understanding. If a share portfolio passes to a spouse by survivorship, the spouse acquires each holding at their probate value. The shares are added to the spouse's pool and subsequent sales are taken from this pool, made up of the spouse's 50% at original co...
by Brightonian
Mon Apr 08, 2019 10:28 am
Forum: Property Taxation
Topic: HMRC guidance
Replies: 3
Views: 260

Re: HMRC guidance

Thank you for your very helpful reply. I have looked at BIM 45700. The only thing that concerns me slightly is that my client differs in two respects from the example given (example 2). He previously had no mortgage on the property and it has been let for a number of years - he has not just started ...
by Brightonian
Fri Apr 05, 2019 10:00 am
Forum: Property Taxation
Topic: HMRC guidance
Replies: 3
Views: 260

HMRC guidance

Some time ago, there were articles in the tax press about the allowability of interest on a remortgaged buy to let property. I had always believed that it was fine to claim interest on a remortgage up to the level of the value of the property when it was first let. However, I read that HMRC changed ...
by Brightonian
Mon Mar 11, 2019 12:22 pm
Forum: International Tax
Topic: Pension contribution refund
Replies: 0
Views: 145

Pension contribution refund

I have a client who is now UK resident again, having spent 4 years working in Italy. While he was there, he contributed to an employer's pension scheme. As he has now left their employment, he has been given his contributions back, less 27% Italian tax. I am assuming that he has no UK tax liability ...
by Brightonian
Fri Dec 28, 2018 11:12 am
Forum: Property Taxation
Topic: Rent a room
Replies: 2
Views: 254

Re: Rent a room

Thank you for taking the time to reply. I thought you could have a different main residence for CGT and income tax but, thinking about it, this would only be if you had made an election in favour of one but spent more time at the other. You can't have two different factual main residences.
by Brightonian
Fri Dec 28, 2018 10:43 am
Forum: Property Taxation
Topic: Rent a room
Replies: 2
Views: 254

Rent a room

I took on a client recently who, with her husband, has two residences. I do not act for H, who deals with his own self-assessment. They have been married for years and owned both properties for years before marriage and are now out of date for a PPR election. Traditionally, she has always shown the ...
by Brightonian
Thu Nov 29, 2018 2:47 pm
Forum: International Tax
Topic: US withholding tax on dividends
Replies: 3
Views: 665

Re: US withholding tax on dividends

Thank you for taking the time to reply. I think I may have located the problem, however. The company is headquartered in Canada and is listed on both the Toronto exchange and NASDAQ. They pay dividends in US dollars but I am wondering if the dividend was perhaps paid in Canada. That would account fo...

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