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Where Taxpayers and Advisers Meet

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by simplytax
Sat Jan 16, 2010 8:44 pm
Forum: Capital Gains Tax, CGT
Topic: Buying parents house and declaration of trust
Replies: 4
Views: 1119

Buying parents house and declaration of trust

What tax issues are there if purchase parents house and pay market value ( less than nil rate band )then make declaration of trust that they can live in it rent free whilst they are alive ? No gift with reservation for IHT if MV paid. Any implication for Pre-owned asset tax if parents continue to li...
by simplytax
Sat Jan 16, 2010 8:11 pm
Forum: Capital Gains Tax, CGT
Topic: Gifted shares in a limited company
Replies: 7
Views: 4757

Re: Gifted shares in a limited company

If you have already promised to gift 5% to them and they are directors then in the first instance is this not a securities option under the employment related securities legislation whereby they will be deemed to be receiving shares or payment from you post sale as by virtue of employment. The compa...
by simplytax
Sat Jan 16, 2010 7:31 pm
Forum: Income Tax
Topic: Avoiding 50% tax with dividends
Replies: 1
Views: 641

Avoiding 50% tax with dividends

Are any issues forseen with the following proposed plan of action. Director/shareholder planning to take large dividend £0.5m in Feb. lend the money back to the company and then take another £0.5m in March. Advancing income to pay tax at 25% on net dividends ie £250k to avoid paying tax after 5 Apri...
by simplytax
Sun Dec 20, 2009 7:42 pm
Forum: Capital Gains Tax, CGT
Topic: Valuation of Earnout right on company sale
Replies: 6
Views: 1907

Re: Valuation of Earnout right on company sale

Incredulum Not sure I follow you. Assume sale September 2008 and two earnout dates December 2010 and December 2012, but earnout at time of sale anticipated on EBIT figures which have since been revised down substantially in post sale forecasts. Sale and value of right to earnout require to be report...
by simplytax
Sun Dec 20, 2009 5:55 pm
Forum: Capital Gains Tax, CGT
Topic: Valuation of Earnout right on company sale
Replies: 6
Views: 1907

Re: Valuation of Earnout right on company sale

Thanks Incredulum for your comments. I suspect in the current economic climate this will be more common. Any experience of how to value a "right" to earnout in cash ? Presumably there will be some forecasts and projections by the company prior to the sale completion date and one would have to factor...
by simplytax
Sat Dec 19, 2009 3:59 pm
Forum: Company Taxation
Topic: Associated company and greater right to assets on a wind up
Replies: 1
Views: 726

Associated company and greater right to assets on a wind up

Co. B has the following participators: Mr X 1 share out of 2 issued ie 50% Mr Y 1 share out of 2 issued Co. A has lent £100k to Co. B and also £100k to each of Mr X and Mr Y who in turn lent the money to Co B. The loans to Co B are interest free and can be converted to equity or repaid after two ye...
by simplytax
Sat Dec 19, 2009 3:53 pm
Forum: Capital Gains Tax, CGT
Topic: Valuation of Earnout right on company sale
Replies: 6
Views: 1907

Valuation of Earnout right on company sale

How does HMRC expect to see a right to a cash earnout on a company sale valued ? If the estimated amount expected at the time of sale completion was significantly higher than the current expectation when completing the tax return due to economic downturn, what is the valuation of the right to be bas...
by simplytax
Tue Oct 13, 2009 1:04 pm
Forum: Income Tax
Topic: Car scrappage allowance and benefit in kind
Replies: 0
Views: 373

Car scrappage allowance and benefit in kind

If a director has his company car replaced and at the same time introduces a personally owned car to be scrapped and a scrappage allowance is given, can the manufacturers list price be reduced by a £2,000 for a capital contribution by the director personally in calculating his benefit in kind ? or c...
by simplytax
Wed Mar 18, 2009 7:30 pm
Forum: Company Taxation
Topic: When does accounting period start for company
Replies: 1
Views: 664

Re: When does accounting period start for company

First AP should be 1 June to 19 August ?
by simplytax
Wed Mar 18, 2009 7:27 pm
Forum: Company Taxation
Topic: When does accounting period start for company
Replies: 1
Views: 664

When does accounting period start for company

If a company is formed and a bank account opened on 1March but no money deposited until 1 June with some bank interest in July and trading commencing on 20 August what are the accounting periods for CT600s ? Does first AP start when acquire source of potential interest income being date of deposit i...

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