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Where Taxpayers and Advisers Meet

Search found 99 matches

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by Brightonian
Thu Jun 01, 2017 9:32 am
Forum: Income Tax
Topic: Interest on tax return
Replies: 6
Views: 2712

Re: Interest on tax return

Thank you to everyone who has taken the time to reply. Your responses have been extremely helpful and I am very grateful. In tax, I often find that it's the apparently simple stuff that is the most difficult!
by Brightonian
Wed May 31, 2017 9:45 am
Forum: Income Tax
Topic: Interest on tax return
Replies: 6
Views: 2712

Re: Interest on tax return

I have just spoken to HMRC and they say personal loan interest DOES count for the PSA. I am a little reluctant to take them at their word but. . . .
by Brightonian
Fri May 26, 2017 2:37 pm
Forum: Income Tax
Topic: Interest on tax return
Replies: 6
Views: 2712

Re: Interest on tax return

Thank you. It just never occurred to me, but of course it must be the case. I'll check out the link you have given. Peer to peer lending seems to go on the AI pages, so that must count.
by Brightonian
Wed May 24, 2017 2:14 pm
Forum: Income Tax
Topic: Interest on tax return
Replies: 6
Views: 2712

Interest on tax return

Can anyone tell me where interest earned on a personal loan should go on the tax return please? If I make a loan to a family member and they pay me interest, does it go in the section for bank and building society interest or on the additional information section for interest from gilts. I used to p...
by Brightonian
Wed Apr 12, 2017 3:57 pm
Forum: Capital Gains Tax, CGT
Topic: NRCGT
Replies: 3
Views: 757

Re: NRCGT

Thank you for your help. Having looked at the numbers, I agree that this is the easiest approach and also the best in terms of tax unless he can either reoccupy the property - difficult with his ex-wife living there - or else take a job in (say) Edinburgh and avail himself of the ESC D4. If he were ...
by Brightonian
Wed Apr 12, 2017 11:00 am
Forum: Capital Gains Tax, CGT
Topic: NRCGT
Replies: 3
Views: 757

NRCGT

I have a client who was non resident from September 2010 until 1 April 2017. In August 2010, he and his wife bought a London flat with 67 years remaining on the lease. This was intended as their PPR. The following month, my client went to work full-time abroad, which he has done until earlier this m...
by Brightonian
Tue Jan 17, 2017 5:35 pm
Forum: Income Tax
Topic: Interest on personal loans
Replies: 0
Views: 960

Interest on personal loans

I am wondering if anyone can throw some light on this. I have a client who has made several loans in the past to friends. He charges interest and I have always shown the interest on the tax return as 'other income'. Previously it has not mattered where it was returned. However, with the changes to t...
by Brightonian
Thu Oct 27, 2016 9:08 am
Forum: Capital Gains Tax, CGT
Topic: Worthless QCBs
Replies: 2
Views: 570

Re: Worthless QCBs

Thank you for confirming this.
by Brightonian
Wed Oct 26, 2016 2:52 pm
Forum: Capital Gains Tax, CGT
Topic: Worthless QCBs
Replies: 2
Views: 570

Worthless QCBs

My client sold his interest in a company in 2014/15 for a combination of upfront cash and deferred loan notes (QCBs). He is aware that he can make an election by 31 January 2017 to have the entire gain subject to Entrepreneurs Relief. However, it now seems that the company cannot redeem any more loa...
by Brightonian
Wed Sep 28, 2016 9:04 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Pension - death within 2 years
Replies: 2
Views: 804

Re: Pension - death within 2 years

Thank you for your help.

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