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Where Taxpayers and Advisers Meet

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by Ian McTernan CTA
Tue Jul 01, 2003 9:25 am
Forum: Income Tax
Topic: Grossing Up table for personal taxation
Replies: 2
Views: 3511

<r>Am I right in assuming you are operating through a limited company, and if so, have you considered taking dividends instead paying out a salary?<br/> <br/> Also, to make matters easier, you could consider running a directors loan account during the year and then planning out how much actual salar...
by Ian McTernan CTA
Tue Jul 01, 2003 9:17 am
Forum: Property Taxation
Topic: Capital Gains Tax
Replies: 2
Views: 1947

<r>Yes and no. It depends on when each flat is sold. The entirety of the house qualifies for PPR relief up to the date it is split into two properties, the base cost for each will then be the original purchase price split by area and include the costs associated with splitting the property and if bo...
by Ian McTernan CTA
Tue Jul 01, 2003 8:55 am
Forum: Income Tax
Topic: Moving to Spain
Replies: 4
Views: 2267

<r>My understanding is that if it is an armed forces pension then it will be taxable in the UK. Tax will only be payable in the UK and you will be entitled to your UK personal allowance against this income, an the tax deduction will be adjusted accordingly. If not, then a repayment claim can be made...
by Ian McTernan CTA
Tue Jul 01, 2003 8:44 am
Forum: General
Topic: Moving overseas - Tax breaks of this...?
Replies: 4
Views: 1866

<r>If they are UK domiciled then if they remain ordinarily resident in the UK there may be tax implications on money either earned or remitted in the UK.<br/> <br/> They need to seek professional advice on exit and entry planning as they may be able to minimise any potential tax liabilities, depende...
by Ian McTernan CTA
Tue Jul 01, 2003 8:36 am
Forum: Capital Gains Tax, CGT
Topic: How do I avoid paying so much CGT - can i give money away?
Replies: 4
Views: 3383

<r>I think you should beware of falling foul of the 'scheme of arrangement' rules which could be appled to such a scheme. Also, selling over two years could be deemed to be a sale in year one, and very careful drafting of any agreement would be required as any mention of the sale of the whole share ...
by Ian McTernan CTA
Tue Jul 01, 2003 8:24 am
Forum: Capital Gains Tax, CGT
Topic: Help - two houses
Replies: 2
Views: 1858

<r>Consideration also needs to be given to electing as to which house was your principal private residence (PPR) and this will have an effect on your claim for 'rent a room' relief for the rental received. If the first house is claimed then as you can only have one PPR the 'business' address would n...
by Ian McTernan CTA
Tue Jul 01, 2003 8:14 am
Forum: Company Taxation
Topic: Tax implications of transferring private ownership of house 2company
Replies: 2
Views: 2586

<r>There may also be problems if the company is curently a trading company, or is it going to be a newco?<br/> <br/> You may not have to pay stamp duty dependent upon the price paid for the property in the transfer document into the company, as this price can be different from market value.<br/> <br...
by Ian McTernan CTA
Fri Jun 13, 2003 5:37 am
Forum: Property Taxation
Topic: Tax implications of transfering property from holding company to new ltd company
Replies: 1
Views: 1456

<r>There is a way through the group company provisions, but there are a number of hurdles to be overcome and the correct sequence of events to follow in order to achieve the desired result, as well as the co-operation of the current lender. there may well be a stamp duty liability to pay as well and...
by Ian McTernan CTA
Fri Jun 13, 2003 5:31 am
Forum: Property Taxation
Topic: Selling property asset into trust -> when should the sale be declared (for tax purposes)?
Replies: 1
Views: 1309

<r>This depends to a large extent on the wording of the deeds. The first 2/3rds will be taxable when the first deed is signed and the final 1/3rd could be deemed taxable straight away or in two years time. Consult a solicitor to ensure the wording on the transfer deeds is correct.<br/> <br/> Regards...
by Ian McTernan CTA
Fri Jun 13, 2003 5:28 am
Forum: Capital Gains Tax, CGT
Topic: Buy to let
Replies: 1
Views: 1656

<r>The value of the house in future years if you rented it out is combined with the base cost in working out the PPR exemption, so even if the value did not rise in ten years time you could be facing a CGT bill. It is not possible to determine when the tax free period would end, apart from the 36 mo...

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