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Where Taxpayers and Advisers Meet

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by simplytax
Wed Mar 11, 2009 6:46 pm
Forum: Property Taxation
Topic: Calculation of lease surrender gain
Replies: 0
Views: 1003

Calculation of lease surrender gain

Where a lease agreement between a tenant and company landlord does not include a provision for payment to the landlord for early surrender or renunciation of the lease, as I understand it, the short term lease premium rules do not apply and the full payment is taxable as a chargeable gain. However, ...
by simplytax
Wed Mar 11, 2009 6:18 pm
Forum: Capital Gains Tax, CGT
Topic: Calculation of lease surrender gain
Replies: 0
Views: 776

Calculation of lease surrender gain

Where a lease agreement between a tenant and company landlord does not include a provision for payment to the landlord for early surrender or renunciation of the lease, as I understand it, the short term lease premium rules do not apply and the full payment is taxable as a chargeable gain. However, ...
by simplytax
Wed Jan 10, 2007 6:34 am
Forum: Business Tax
Topic: Application of UITF 40
Replies: 1
Views: 822

<t>If a partnership has reflected closing WIP as uplifted under UITF 40 but not opening WIP, what adjustments are required for tax ?<br/> <br/> Partnership accounts do not need to reflect GAAP but for tax purposes GAAP requires to be followed. Therefore presumably a GAAP adjustment is required in th...
by simplytax
Sun Dec 03, 2006 6:08 am
Forum: Company Taxation
Topic: S707 ICTA 1988 clearance
Replies: 1
Views: 1038

Is there any merit in making an application for clearance under s707 ICTA 1988 where shares in a property investment company are being sold solely for cash ?
by simplytax
Tue Jun 27, 2006 5:31 am
Forum: Capital Gains Tax, CGT
Topic: Gain on foreign currency bank account
Replies: 1
Views: 819

<t>As the surplus is not for personal expenditure overseas then the gain on the currency when withdrawn in £ when UK resident again is liable to CGT.<br/> <br/> May be calculated on LIFO basis by matching withdrawals with deposits in $ converted to £ at that time. <br/> <br/> Anyone have practical...
by simplytax
Thu Jun 22, 2006 8:51 am
Forum: Capital Gains Tax, CGT
Topic: Gain on foreign currency bank account
Replies: 1
Views: 819

<t>Whilst working overseas for three years surplus income and proceeds from sale of shares have accumulated in a $ bank account overseas. On resuming UK residence again ( and UK domiciled ) the funds in the $ bank account are being withdrawn and spent in £. Are there currency gains taxable in the U...

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