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Where Taxpayers and Advisers Meet

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by Ian McTernan CTA
Fri Jun 13, 2003 4:35 am
Forum: Capital Gains Tax, CGT
Topic: CGT on a Boat
Replies: 2
Views: 1924

<r>Not an expert on boats but would assume that CGT would be payable on the basis that the asset has been in existence so long- any boat experts out there I would welcome comments on this.<br/> <br/> As to proving the expenditure, presumably this was done by a boatyard and they should be able to pro...
by Ian McTernan CTA
Fri Jun 13, 2003 4:29 am
Forum: Tax Investigations and Enquiries
Topic: Unpaid Tax Problem
Replies: 3
Views: 5370

<r>You should first check with Companies House to see if the company still exists. It also matters as to what sort of taxes were left unpaid. You should also enquire of the Inspector who dealt with the company's tax to discover what is outstanding. Depending on the position within the company it may...
by Ian McTernan CTA
Fri Jun 13, 2003 4:25 am
Forum: Property Taxation
Topic: Tax rebate on Buy to Rent
Replies: 1
Views: 2155

<r>You do not get a 'rebate' as such. The rental income and expenses are 'ringfenced' and not deductable against other income. You can claim for 1., 2. 3., but not 4. or 5. Furniture will enable you to claim the 10% of gross rent wear and tear deduction on your tax retrun, solicitors fees are a cost...
by Ian McTernan CTA
Fri Jun 13, 2003 4:19 am
Forum: Property Taxation
Topic: inland revenue enquiry
Replies: 2
Views: 2333

<r>Firstly, it is not strictly true that you do not receive rent for the common parts, as these would be provided as part of the rental agreement.<br/> <br/> Fitting of anything new is usually resisted by the Revenue as you can claim for 'repairs and renewals', not replacement of entire assets excep...
by Ian McTernan CTA
Mon Jun 02, 2003 2:07 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: off shore company/ shares
Replies: 4
Views: 2725

<r>The one thing you need to examine closely is the base cost of the property within the company- just because you pay £800K for the shares doesn't mean the company has this as it's base cost for selling the properties. If it bought them for, say, 200K then there is a potential gain of 600k and tax...
by Ian McTernan CTA
Mon Jun 02, 2003 1:59 am
Forum: Property Taxation
Topic: tax on properties sale
Replies: 2
Views: 1612

<r>You will be liable to capital gains tax on the profit over the purchase price of the property, less the annual exemption (currently £7,900), provided you are UK resident. Various reliefs may be available if you ever lived in any of them.<br/> <br/> I would be more than happy to calculate the pot...
by Ian McTernan CTA
Wed May 28, 2003 8:50 am
Forum: Capital Gains Tax, CGT
Topic: Do I need to pay CGT
Replies: 2
Views: 2080

<r>Short answer is you should not be liable to CGT as the principal private residence relief should apply as the property was purchased to be your PPR, and you did not own another property during the period of ownership. You will need to tick the box on your Tax Return regarding disposal of PPR.<br/...
by Ian McTernan CTA
Wed May 28, 2003 8:43 am
Forum: Income Tax
Topic: Paying a director
Replies: 2
Views: 1899

<r>Paying dividends would be slightly cheaper overall than paying a salary. Salaries can be challenged by the Revenue as not being commercial and disallowed in the accounts.<br/> <br/> Without knowing all the circumstances it is not possible for me to comment further, apart to ask who is going to pr...
by Ian McTernan CTA
Sat Feb 22, 2003 12:00 am
Forum: Property Taxation
Topic: cgt on 2nd home,
Replies: 1
Views: 2337

<r>Two potential taxes to look at- IHT and CGT. For Inheritance Tax purposes, the gift is a potentially exempt transfer and provided your father survives for seven years then no IHT is payable.<br/> <br/> For capital gains tax purposes, the gift is between connected parties and hence a hold-over ele...
by Ian McTernan CTA
Sat Feb 22, 2003 12:00 am
Forum: International Tax
Topic: Loan to Ltd Co or LLC
Replies: 2
Views: 2364

Need more information- such as your domicile status, residence status, situ or the property before can give you a reply.

Regards.

Ian McTernan CTA
email: ian@imcternan.com

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