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Where Taxpayers and Advisers Meet

Search found 112 matches

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by Brightonian
Wed Sep 25, 2013 4:55 pm
Forum: Property Taxation
Topic: Joint ownership but sole mortgage
Replies: 2
Views: 974

Joint ownership but sole mortgage

My clients are unmarried. One is an additional rate taxpayer, while the other is a non-taxpayer. They are planning to purchase a buy to let property jointly. They will agree that profits and losses should be split 99/1 in favour of the non-taxpayer. They will need a mortgage. Instead of taking a buy...
by Brightonian
Wed Aug 14, 2013 9:53 pm
Forum: Capital Gains Tax, CGT
Topic: Election for overseas losses
Replies: 2
Views: 869

Re: Election for overseas losses

Thank you very much. My understanding was that the deadline for claiming was April 2013 but I'll check that in case I got it wrong. He did indeed tick Box 28 (and also 29) as these were appropriate. So it seems that no election is required after all. Thank you very much for taking the time to explai...
by Brightonian
Wed Aug 14, 2013 4:45 pm
Forum: Capital Gains Tax, CGT
Topic: Election for overseas losses
Replies: 2
Views: 869

Election for overseas losses

I am a little concerned in case I have missed the deadline for a S16ZA claim for a client. He 'claimed' the remittance basis for 2008/09 and therefore the deadline has passed. However, I have been looking at the HMRC manuals and am now not certain. He received a tax return for that year and claimed ...
by Brightonian
Wed Nov 09, 2011 10:41 am
Forum: Capital Gains Tax, CGT
Topic: PPR extended relief
Replies: 21
Views: 3770

Re: PPR extended relief

I realise that the nomination would not be valid. We are visiting the client later this week and will inspect all the documentation. But, having spoken to a CGT specialist just now, I do not expect this approach to work. My feeling is that the transfer stands and we will simply have to bite the bull...
by Brightonian
Tue Nov 08, 2011 9:23 pm
Forum: Capital Gains Tax, CGT
Topic: PPR extended relief
Replies: 21
Views: 3770

Re: PPR extended relief

I think I have been misunderstood. I was not proposing anything dodgy simply asking for opinions. An election can be backdated. If done within the proper time limits, it can be effective if the property elected is regarded as a 'residence'. I was simply asking if the property could be regarded as a ...
by Brightonian
Tue Nov 08, 2011 4:06 pm
Forum: Capital Gains Tax, CGT
Topic: PPR extended relief
Replies: 21
Views: 3770

Re: PPR extended relief

Thank you, Maths. You have been very helpful and I apologise for my initial hasty response. I agree about 'there but for the grace of God' - I've been in tax long enough (27 years) to know that it is very easy to slip up.
by Brightonian
Tue Nov 08, 2011 3:04 pm
Forum: Capital Gains Tax, CGT
Topic: PPR extended relief
Replies: 21
Views: 3770

Re: PPR extended relief

I am not proposing anything dishonest. I'm shocked that you think that. I will take advice on whether the facts of the case would support such a view. And I would certainly not risk my livelihood for something that the PI insurers will pay. you may feel you're not gloating but there's a definite whi...
by Brightonian
Tue Nov 08, 2011 2:40 pm
Forum: Capital Gains Tax, CGT
Topic: PPR extended relief
Replies: 21
Views: 3770

Re: PPR extended relief

I'm glad Incredulum is enjoying a good laugh. I'm afraid I'm not. And I don't thimnk it's very fair to gloat. Date of marriage was Feb 2008 so my only hope is arguing that W was holding the property on trust for H or that the gift was a sham. Thanks to those who have taken my enquiry seriously and t...
by Brightonian
Tue Nov 08, 2011 10:37 am
Forum: Capital Gains Tax, CGT
Topic: PPR extended relief
Replies: 21
Views: 3770

Re: PPR extended relief

Thank you, Peter. I haven't run the numbers in detail as I am still waiting for some figures. But my draft indicates it would be better if the disposal were just in the husband's name. I will speak to the clients later today to find out how they effected the transfer. Anotehr thought occurs - probab...
by Brightonian
Tue Nov 08, 2011 6:09 am
Forum: Capital Gains Tax, CGT
Topic: PPR extended relief
Replies: 21
Views: 3770

Re: PPR extended relief

I may be clutching at straws here but is there any mileage in the view that, as all proceeds of sale went to the husband and were invested in his sole name, he retained the beneficial interest throughout and the inter spouse transfer was a sham?

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