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Where Taxpayers and Advisers Meet

Search found 92 matches

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by riccardob
Sat Jul 23, 2011 7:15 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: gift with(out) reservation
Replies: 13
Views: 2624

gift with(out) reservation

If a child is gifted half of a property by a parents and said parent still lives in the house am I correct in saying that rent should be paid? How does one establish market rent? The other half is owned by the other parent who still lives in the house too. Am I right in saying that 50% of full rent ...
by riccardob
Thu Jul 21, 2011 10:25 pm
Forum: Income Tax
Topic: tax return
Replies: 1
Views: 673

tax return

Hi,

For someone that earns 30k a year on a payee basis how much extra can he earn before having to pay 40% tax, for example through rental income?

I am confused by the allowance concept. Someone told me you can earn up to 42500 but I read that 35k is the treshold for 40% tax.

many thanks
by riccardob
Thu Jul 21, 2011 3:10 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Dom status
Replies: 6
Views: 1114

Re: Dom status

Thanks maths. So if hmrc class them as non uk dom they are only liable to uk iht on uk assets. If they class them as both uk doms then worldwide assets are included in iht BUT the nil band rate would be 650k. My worry was that hmrc could pull a fast one on first death and say that one is non uk dom ...
by riccardob
Wed Jul 20, 2011 5:35 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Dom status
Replies: 6
Views: 1114

Re: Dom status

More detail:

Husband is italian born in Italy.
Mother is dual national british italian but born in the uk
by riccardob
Wed Jul 20, 2011 5:34 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Dom status
Replies: 6
Views: 1114

Dom status

Hello, I have a specific question on the dom status of my parents. I understand that the dom issue is complicated however I would like to know if one spouse can be considered uk domiciled and the other non uk domiciled for iht purposes even if the marriage is pre 1974. I have read somewhere that the...
by riccardob
Wed Jul 13, 2011 7:39 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: allowances
Replies: 1
Views: 481

allowances

1) If a spouse is non dom and the other one isn't am I correct in saying that only 325k + 55k is iht is the nil band rate passed onto the other spouse?

2) if the non dom spouse has assets abroad and he dies, is he liable to uk iht?

Thanks
by riccardob
Sat Jul 09, 2011 7:32 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: property business iht
Replies: 2
Views: 614

property business iht

Hello,

If a parents gifts some money to a son who is setting up a small property business (ie. buying and letting out a couple of houses) would this money be subject to IHT should the donor pass away before the seven years have expired.

The property company would be a LTD company.

Regards,
by riccardob
Fri Jun 03, 2011 5:18 pm
Forum: Income Tax
Topic: foreign pension
Replies: 2
Views: 729

Re: foreign pension

my father is in a similar position as the OP however as far as the italian authorities go he is still resident there for fiscal purposes. My father has only recently come to live here ie. beginning of 2010 and he would like to file a tax return however is intention is to claim dual residency, he wou...
by riccardob
Fri Jun 03, 2011 12:13 pm
Forum: International Tax
Topic: double taxation treaty info
Replies: 2
Views: 533

double taxation treaty info

Hello,

I am after the double taxation treaty info between italy and uk.
I have searched on the hmrc site but it does not come up.

Is there anywhere online where I can find this on its entirety?

Many thanks
by riccardob
Fri Jun 03, 2011 9:18 am
Forum: Income Tax
Topic: Form R85 tax rebate ob savings interest
Replies: 6
Views: 862

Re: Form R85 tax rebate ob savings interest

thanks for your help maths. I am having a difficult time gathering all the info needed to make sure my parents are filing the right stuff. I should clarify further my mum's position with regards to R85. She has a bank account here in the uk and the assets abroad are all in my dad's name. She would b...

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