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Where Taxpayers and Advisers Meet

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by Ian McTernan CTA
Fri Jun 13, 2003 5:22 am
Forum: Property Taxation
Topic: Rental and CGT Taxes on UK property whilst abroad
Replies: 1
Views: 1235

<r>Seems like a reasonable plan. You will be subject to the non-residents tax deduction scheme and can apply to receive rents free of tax, which are then declared on your UK Tax Returns. Put the property in joint names, so you have the use of two personal allowances against the net rent. If you stay...
by Ian McTernan CTA
Fri Jun 13, 2003 5:16 am
Forum: Capital Gains Tax, CGT
Topic: Will I pay CGT on selling my flat?
Replies: 1
Views: 1502

<r>Depends when you actually bought the property- if prior to 1998 and sold in the tax year before you return, then no CGT to pay, otherwise as you originally lived in it PPR relief is due on the time you actually lived there and you will also have the benefit of the 36 month rule and also the letti...
by Ian McTernan CTA
Fri Jun 13, 2003 5:12 am
Forum: Company Taxation
Topic: Staff Entertainment
Replies: 1
Views: 2000

Your wife would be taxed on the holiday as a benefit in kind which would be reportable on her P11D.

Regards.

Ian McTernan CTA
McTernan Associates Ltd
ian@imcternan.com
by Ian McTernan CTA
Fri Jun 13, 2003 5:10 am
Forum: Capital Gains Tax, CGT
Topic: Buying house from Mother
Replies: 1
Views: 1510

<r>As you are connected persons, the properties will be deemed to be sold for market value (as determined by the District Valuer if necessary), so you can buy from your mother for whatever price you deem appropriate, with possibly a large saving on stamp duty.<br/> <br/> Renovation costs will be dee...
by Ian McTernan CTA
Fri Jun 13, 2003 5:04 am
Forum: Property Taxation
Topic: avoiding paying stamp duty/any CGT on a new property
Replies: 1
Views: 1807

Stamp duty- don't know of any schemes to avoid this.

CGT would be payable on disposal.

Regards.

Ian McTernan CTA
McTernan Associates Ltd
ian@imcternan.com
by Ian McTernan CTA
Fri Jun 13, 2003 5:03 am
Forum: Capital Gains Tax, CGT
Topic: help!! will i get screwed for CGT, want cash to start business
Replies: 2
Views: 1625

<r>You may be better off in the long run remortaging both your properties once the renovations are complete and lending the money to the property company rather than trying the 3 month tactic. The Revenue can review your intentions when looking at such a claim and if it was your intention to sell wh...
by Ian McTernan CTA
Fri Jun 13, 2003 4:55 am
Forum: General
Topic: Constructive Dismissal Award
Replies: 1
Views: 1186

<r>Not too hot on constructive dismissal awards, but the short answer as I understand it is you cannot avoid paying the tax if the court rules it is taxable, no matter where you move to in the meantime. The Revenue will tax the amount as it arises from a claim relating to employment whilst in the UK...
by Ian McTernan CTA
Fri Jun 13, 2003 4:51 am
Forum: Capital Gains Tax, CGT
Topic: sale of land
Replies: 2
Views: 1172

<r>Land is usually treated as a capital asset and hence capital gains tax would apply, based on the sale proceeds less certain costs and the acquisition cost, indexation allowance, taper relief, and annual exemption.<br/> <br/> Regards.<br/> <br/> Ian McTernan CTA<br/> McTernan Associates Ltd<br/> <...
by Ian McTernan CTA
Fri Jun 13, 2003 4:48 am
Forum: Company Taxation
Topic: Dividends & Notional tax credits
Replies: 2
Views: 2723

<r>Better to vote a director's bonus to bring the profit below the magical £10K 0% rate of CT.<br/> <br/> Would be happy to review the situation for you ona fee paying basis.<br/> <br/> Regards.<br/> <br/> Ian McTernan CTA<br/> McTernan Associates Ltd<br/> <EMAIL email="ian@imcternan.com">ian@imcte...
by Ian McTernan CTA
Fri Jun 13, 2003 4:38 am
Forum: VAT & Excise Duties
Topic: used motorcycles
Replies: 3
Views: 4553

<r>Not clear- is this a one-off, are you a trader, is it in the UK, etc.<br/> <br/> Suggest you call the Customs & Excise helpline (don't have the number here as I'm at home) and they should be able to advise once given the full facts.<br/> <br/> Regards.<br/> <br/> Ian McTernan CTA<br/> McTerna...

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