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Where Taxpayers and Advisers Meet

Search found 112 matches

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by Brightonian
Tue Jan 26, 2016 11:04 pm
Forum: Income Tax
Topic: Restriction of loss relief
Replies: 0
Views: 349

Restriction of loss relief

Can anyone help with the post-April 2013 rules please? Does the £50,000 limit appear to the year in which the losses arise or the year in which they are relieved? If, say, I had losses of £100,000 in 2014/15, could I claim up to £50,000 in 2014/15 and a further amount of up to £50,000 in 2013/14 und...
by Brightonian
Tue Dec 15, 2015 1:27 pm
Forum: Capital Gains Tax, CGT
Topic: S169R election
Replies: 1
Views: 748

S169R election

My client sold his business in 2014/15. He received QCBs and cash and was planning to make a S169R election to get the entrepreneurs' relief upfront. However, there are some reasons to think that the new company may default on payments so he wants to defer making his decision for as long as possible...
by Brightonian
Tue Dec 15, 2015 1:20 pm
Forum: Capital Gains Tax, CGT
Topic: Deed of variation creating trust
Replies: 5
Views: 1965

Re: Deed of variation creating trust

Good advice but I'm happy to say that this is being done with an agreed fee. I see more clients now with bonds from Old Mutual and Fidelity which are just like their portfolios of unit trusts but in a bond wrapper. The old-fashioned high charging bonds issued by insurance companies seem to be out of...
by Brightonian
Mon Dec 14, 2015 11:03 am
Forum: Capital Gains Tax, CGT
Topic: Deed of variation creating trust
Replies: 5
Views: 1965

Re: Deed of variation creating trust

Thabnk you, Maths. That's very helpful. It looks like there may be some point in making this investment after all.
by Brightonian
Fri Dec 11, 2015 5:50 pm
Forum: Capital Gains Tax, CGT
Topic: Deed of variation creating trust
Replies: 5
Views: 1965

Deed of variation creating trust

I have a client whose mother died in 2014. She is an additional rate taxpayer and does not need the legacy - conveniently around £324,000. She has two minor children (8 and 4) and her financial adviser has suggested that she do a deed of variation and vary the legacy into a discretionary trust. She ...
by Brightonian
Wed Sep 24, 2014 5:02 pm
Forum: International Tax
Topic: Share options
Replies: 2
Views: 875

Re: Share options

Thank you for your help. I have been looking at various sources and wonder if either the employer decided that there should be UK tax at the exercise date because the employee already knew that he would be returning to the UK before the award vested or whether they do not regard them as a marketable...
by Brightonian
Tue Sep 23, 2014 5:29 pm
Forum: International Tax
Topic: Share options
Replies: 2
Views: 875

Share options

I am preparing a tax return for someone who was US resident when options were granted in 2011. He returned to the UK and was UK resident in 2014, when the options vested and he sold the shares. He worked for the same company throughout. They time-apportioned the gain with part being taxed under PAYE...
by Brightonian
Mon Jun 16, 2014 9:21 am
Forum: Property Taxation
Topic: Renting furniture
Replies: 3
Views: 799

Re: Renting furniture

Thank you, Robbob. That is very helpful. It seems that, no matter how long you've worked in tax, clients can still come up with something you've never encountered before!
by Brightonian
Fri Jun 06, 2014 10:50 am
Forum: Property Taxation
Topic: Renting furniture
Replies: 3
Views: 799

Renting furniture

This is something I have never encountered before. A client has a number of buy to let properties (all let fully furnished) and has just bought a new one. There have been delays and he will not be able to buy furniture for the property before the tenants move in. He is thinking of hiring furniture i...
by Brightonian
Fri Nov 01, 2013 1:40 pm
Forum: Income Tax
Topic: Payments on account and averaging
Replies: 0
Views: 533

Payments on account and averaging

I have a client, an author, whose profits fluctuate wildly and therefore I have used averaging on a number of occasions. As it happens, the 2012/13 profits are similar to those for 2011/12 and so cannot be averaged. However, he expects his profits to plummet in 2013/14 and has asked me to look at re...

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