This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 99 matches

Go to advanced search

by simpsonite
Mon Feb 22, 2016 5:08 pm
Forum: Property Taxation
Topic: Acquisition at probate & property developer trading
Replies: 6
Views: 946

Re: Acquisition at probate & property developer trading

Hi Maths, Yep I concur with your points. What about the market value of the land to be introduced into the property building business. Is it the mv of the levelled site with planning permission which is valued at over £1 million. Or is it the lower probate value of the plot (current house and garden...
by simpsonite
Mon Feb 22, 2016 3:52 pm
Forum: Property Taxation
Topic: Acquisition at probate & property developer trading
Replies: 6
Views: 946

Acquisition at probate & property developer trading

Hi All, My client has acquired his late father's home at probate. He is currently residing at the property. In the next few years he is looking to develop the plot and either sell it as it is with planning permission to a property developer or demolish the site & self build 4 new homes. The base cos...
by simpsonite
Mon Jun 08, 2015 9:39 am
Forum: Company Taxation
Topic: Dividend waiver & section 620 ITTOIA
Replies: 6
Views: 1632

Re: Dividend waiver & section 620 ITTOIA

bd6759, The extra 499 shares were issued to Mr on advice of prior accountant. As already stated earlier, it is my understanding that Mr was trying to protect his share of the company In the event of him & his wife splitting up. But in doing so it would appear that the divs should also have been spli...
by simpsonite
Fri Jun 05, 2015 11:01 am
Forum: Company Taxation
Topic: Dividend waiver & section 620 ITTOIA
Replies: 6
Views: 1632

Re: Dividend waiver & section 620 ITTOIA

the authorised was 500 A & 500 B

the issued and fully paid was £1 A & £1B

in 2003 Mr 499 A shares were issued to him and paid
by simpsonite
Thu Jun 04, 2015 3:40 pm
Forum: Company Taxation
Topic: Dividend waiver & section 620 ITTOIA
Replies: 6
Views: 1632

Re: Dividend waiver & section 620 ITTOIA

HI CGA, The company was incorporated in 1998. The authorised share capital was £1000 shares divided into 500 'A' ord of £1 ea & 500 'B' ord shares of £1ea. It wasn't until in or around 2003 that the share capital was altered to 500/1 The A & B shares have the right to receive out of the profits of t...
by simpsonite
Tue Jun 02, 2015 4:29 pm
Forum: Company Taxation
Topic: Dividend waiver & section 620 ITTOIA
Replies: 6
Views: 1632

Dividend waiver & section 620 ITTOIA

Hi all, I recently have taken on an a new company client The share capital was split 500 'A' ordinary shares to Mr & 1 'B' ordinary share to Mrs. I understand that the share capital was split in this way because Mr wanted protection in the event that he split up with his wife! In previous years the ...
by simpsonite
Tue Mar 31, 2015 12:18 pm
Forum: Capital Gains Tax, CGT
Topic: Grant of short lease out of freehold & entr relief
Replies: 3
Views: 1025

Re: Grant of short lease out of freehold & entr relief

Hi loza,
sorry, my error. :oops: :oops:
Yes I agree your gain of 29k.

simpsonite
by simpsonite
Tue Mar 31, 2015 11:42 am
Forum: Capital Gains Tax, CGT
Topic: Grant of short lease out of freehold & entr relief
Replies: 3
Views: 1025

Re: Grant of short lease out of freehold & entr relief

Hi Loza, Thanks for your response. So it appears you are in agreement that the capital improvement element is also plumbed into the calculation in addition to the initial free hold purchase cost, In order to find the adjusted part disposal base cost. I am still waiting on the reversionary figures fr...
by simpsonite
Tue Mar 24, 2015 12:51 pm
Forum: Capital Gains Tax, CGT
Topic: Grant of short lease out of freehold & entr relief
Replies: 3
Views: 1025

Grant of short lease out of freehold & entr relief

Hi all, My client owns a freehold property which is held in his own name. The free hold is used for the commercial activities of his company. He has decided to grant a 15 year lease for a premium of £215,000 with an annual rent of £25,000 He bought the freehold in 1980 for around £50k. So, for the t...
by simpsonite
Mon Mar 23, 2015 2:56 pm
Forum: Company Taxation
Topic: Inter company loan write off
Replies: 2
Views: 862

Re: Inter company loan write off

yes, on reflection the money lent is still being held inside his newco so no tax avoidance in any way.
ok thanks
pawncob

Go to advanced search