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Where Taxpayers and Advisers Meet

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by Ian McTernan CTA
Sat Feb 22, 2003 12:00 am
Forum: Income Tax
Topic: Executive Share Options
Replies: 1
Views: 2238

<r>Are they approved or unapproved share options? If unapproved, then taxed on difference through PAYE when option exercised. Due to a recent Court case, the base cost would then be market value PLUS the amount charged to PAYE, leading to a capital loss if shares sold straight away. It is likely tha...
by Ian McTernan CTA
Sat Feb 22, 2003 12:00 am
Forum: Property Taxation
Topic: Sale of 2nd property - can uninsured loss be offset against CGT?
Replies: 1
Views: 1949

<r>Need more details to determine if there will be a CGT charge at all. Provided there is one, then the loss of the furniture is not claimable- you will have been taking the 10% wear and tear deduction in your rental income calculations and if you haven't been doing so, a backdated claim is possible...
by Ian McTernan CTA
Sat Feb 22, 2003 12:00 am
Forum: Company Taxation
Topic: Dividend taxation
Replies: 1
Views: 3335

Quick answer is on ordinary shares, it doesn't.
by Ian McTernan CTA
Sat Feb 22, 2003 12:00 am
Forum: Property Taxation
Topic: Letting property
Replies: 1
Views: 2456

<r>Pre-letting renovation is not allowable as a deduction. Depending on the type of work involved, you may be able to add some of the cost to the purchase price when calculating CGT payable when sold.<br/> <br/> Taxed on rents received less expenses, including the interest element of any mortgage bu...
by Ian McTernan CTA
Sat Feb 22, 2003 12:00 am
Forum: International Tax
Topic: Rental Property abroad
Replies: 1
Views: 2050

<r>Rental income losses only allowable aganist rental property profits of the same class of rental, so no. Also, if you are not domiciled in the UK and the income from this source is not remitted to the UK, then not taxable in the UK.<br/> <br/> Regards.<br/> <br/> Ian McTernan CTA<br/> <br/> Eamil:...
by Ian McTernan CTA
Sat Feb 22, 2003 12:00 am
Forum: Property Taxation
Topic: CGT on Rented Properties
Replies: 1
Views: 1926

<r>Yes. It is held as an investment and hence CGT is payable. Also, you are liable to tax on the rental income received and this should be declared in your Tax Return each year. You could reduce the CGt bill considerably by going and living there for a while.<br/> <br/> Foe more information on a fee...
by Ian McTernan CTA
Sat Feb 22, 2003 12:00 am
Forum: Property Taxation
Topic: To Loan or Not to Loan
Replies: 1
Views: 2138

<r>To the extent the funds are used to purchase another property to let, is allowable, and also to the extent the money is spend on refurbishing the exisiting property, can be set against the rental income from that property. If it is just taken and used elsewhere, then no.<br/> <br/> Regards.<br/> ...
by Ian McTernan CTA
Sat Feb 22, 2003 12:00 am
Forum: Capital Gains Tax, CGT
Topic: buy to let taper relief
Replies: 1
Views: 2030

<r>No, they don't qualify. Property invesments generally don't qualify. Business assets defined on the Revenue's website- <URL url="http://www.inlandrevenue.gov.uk">www.inlandrevenue.gov.uk</URL>.<br/> <br/> Regards.<br/> <br/> Ian McTernan CTA<br/> email: <EMAIL email="ian@imcternan.com">ian@imcter...
by Ian McTernan CTA
Sat Feb 22, 2003 12:00 am
Forum: Capital Gains Tax, CGT
Topic: moving to a second home
Replies: 1
Views: 1962

<r>Depends on how long you have owned the second property, value when bought and value when sold. I would be happy to calculate the position now and at various dates going forward on a fee paying basis.<br/> <br/> Regards.<br/> <br/> Ian McTernan CTA<br/> email: <EMAIL email="ian@imcternan.com">ian@...
by Ian McTernan CTA
Fri Feb 21, 2003 12:00 am
Forum: International Tax
Topic: Capital Gain Tax on property sale for non-British citizens
Replies: 1
Views: 2248

Capital gains tax in the UK applies to residents in the UK, and as it appears you are non-resident, then you will only pay in your country of residence (if applicable).

Regards.

Ian McTernan CTA
email:ian@imcternan.com

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