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Where Taxpayers and Advisers Meet

Search found 69 matches

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by Herbs16
Tue Jun 20, 2017 1:30 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Property trust
Replies: 12
Views: 2421

Re: Property trust

The trust was set up by the grandfather for the benefit of his grandchildren to pay school fees; I presume therefore this therefore becomes non taxable when completing the trust return
by Herbs16
Mon Jun 12, 2017 5:30 pm
Forum: Capital Gains Tax, CGT
Topic: Cgt calc , tax due
Replies: 3
Views: 839

Re: Cgt calc , tax due

Thanks,
Where did the 276/341 come from and the qual days of £1969
Appreciate your help
by Herbs16
Mon Jun 12, 2017 3:57 pm
Forum: Capital Gains Tax, CGT
Topic: Cgt calc , tax due
Replies: 3
Views: 839

Cgt calc , tax due

Hi Forum
Can anyone help me please?

Property purchased April 1988 for £32000
Lived in as PPR then rented out 25 Oct 09 to 6 April 16, empty until sold on 15 Sep 16 for £186000
Agents and sols fees £1551.

Basic rate taxpayer, sole owner, any idea on tax due please?
many thanks
by Herbs16
Mon Jun 05, 2017 3:13 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Property trust
Replies: 12
Views: 2421

Re: Property trust

Hi
Its a standard discretionary trust so I was under the impression if the beneficiary is small children, then no tax is payable on the rental income?

Am I wrong, if so does anyone know any legislation I can read?

Thanks
by Herbs16
Wed May 24, 2017 12:01 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Property trust
Replies: 12
Views: 2421

Re: Property trust

If the beneficiaries are the children and the income falls within their personal allowance, then I thought no tax was due? The grandparents and parents are the trustees, the rental profit is only £5000.
by Herbs16
Tue May 23, 2017 12:17 pm
Forum: Professionals in Practice & Industry
Topic: CT600 software
Replies: 1
Views: 11605

Re: CT600 software

Andica - £60 for 5 Ct600s
Cheapest one Ive seen
by Herbs16
Mon May 22, 2017 3:18 pm
Forum: International Tax
Topic: Italian income
Replies: 1
Views: 613

Italian income

Dear forum I have an Italian doctor friend who lives and is domiciled in the UK, he received private practice income from Italy. Is that taxed in the UK? Im undertaking his tax return to help him and the software is not including the income on his tax return as I am stating this is foreign, Im guess...
by Herbs16
Wed May 17, 2017 3:48 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Property trust
Replies: 12
Views: 2421

Property trust

Hi
Ive a colleague who has set up a trust and put a residential property in it which receives rental income.
Is this profit taxable?
The beneficiaries are his 3 young children.
Many thanks
Dave
by Herbs16
Tue Jun 07, 2016 10:25 am
Forum: Property Taxation
Topic: CGT calc
Replies: 1
Views: 592

CGT calc

Hi Forum I need someone to help on my cgt calc pls Mr and Mrs purchased a rental property in 2006 for £194k Rented out 50% of the ownership Selling next month for £270k Mr income for 16/17 £27500 Mrs income £18k Can someone give me an estimate of CGT please? is letting relief claimable? it was never...
by Herbs16
Mon Feb 29, 2016 2:53 pm
Forum: VAT & Excise Duties
Topic: VAT on property query
Replies: 3
Views: 663

Re: VAT on property query

So if the children are over 18, all good? Claim back VAT on development and gift to children as exempt sale, no VAT?

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