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Where Taxpayers and Advisers Meet

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by riccardob
Thu Jun 02, 2011 11:14 pm
Forum: Income Tax
Topic: Form R85 tax rebate ob savings interest
Replies: 6
Views: 862

Re: Form R85 tax rebate ob savings interest

The R85 is used to get interest on UK bank and B/s deposits paid without deduction of income tax at source.

It can only be completed if your total income from all sources (UK or non-UK) is below your personal allowance.
Would this have to also include any income already taxed at source overseas?
by riccardob
Thu Jun 02, 2011 9:20 pm
Forum: Income Tax
Topic: Form R85 tax rebate ob savings interest
Replies: 6
Views: 862

Form R85 tax rebate ob savings interest

I would like to know if foreign income in terms of savings interest should be declared on form R85. If one has an income from saving accounts in uk which is less than the personal allownace limit but has an overseas account which generates interest should this ofreign interest income be declared on ...
by riccardob
Wed Jun 01, 2011 5:58 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: overseas gift
Replies: 6
Views: 1350

Re: overseas gift

In short, in theory "yes" in practice possibly not. In practice it would depend upon the amounts involved. However, on the death of "A" the executors of A's will are under an obligation to track all gifts made within 7 years of death and disclose them; on looking through A's bank account any transf...
by riccardob
Wed Jun 01, 2011 5:56 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: overseas gift
Replies: 6
Views: 1350

Re: overseas gift

In short, in theory "yes" in practice possibly not. In practice it would depend upon the amounts involved. However, on the death of "A" the executors of A's will are under an obligation to track all gifts made within 7 years of death and disclose them; on looking through A's bank account any transf...
by riccardob
Wed Jun 01, 2011 5:54 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: overseas gift
Replies: 6
Views: 1350

Re: overseas gift

In short, in theory "yes" in practice possibly not. In practice it would depend upon the amounts involved. However, on the death of "A" the executors of A's will are under an obligation to track all gifts made within 7 years of death and disclose them; on looking through A's bank account any transf...
by riccardob
Wed Jun 01, 2011 5:17 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: overseas gift
Replies: 6
Views: 1350

overseas gift

I was wondering what the taxation situation would be in the following scenario: A is domiciled in the uk but has assets abroad ie. bank account. A transfers overseas bank account money to B in same overseas country. B has no connection to the UK but is related to A ie brother. B then sends money to ...
by riccardob
Tue May 31, 2011 7:24 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: inheritance tax uk and italy
Replies: 10
Views: 2919

Re: inheritance tax uk and italy

maths your reply is very useful. Does the gift uk rule apply retrospectively to gifts they may have made three years ago whilst they were full italian residents and at the time they did not have intention of coming here or do the gifts only apply if they are made whilst they are uk resident? Also un...
by riccardob
Mon May 30, 2011 3:47 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: inheritance tax uk and italy
Replies: 10
Views: 2919

Re: inheritance tax uk and italy

i have tried reading on the domicile issues and it confused me. Some info I have shows that you have to have been resident here for 17 out of 20 tax years to be deemed domiciled for iht purposes is this correct? If my parents were to be treated as uk domiciled for iht purposed i would guess that the...
by riccardob
Mon May 30, 2011 3:05 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: inheritance tax uk and italy
Replies: 10
Views: 2919

Re: inheritance tax uk and italy

many thanks for your very usefule reply. One last question, if my parents were to transfer the money (the cash they have in italy) now into my name on an italian bank account and also put my name on the deeds of the house they own in italy would this help avoid UK iht (assuming that uk inheritance t...
by riccardob
Mon May 30, 2011 11:31 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: inheritance tax uk and italy
Replies: 10
Views: 2919

Re: inheritance tax uk and italy

Thank you for your reply. It is likely that they will stay here for the rest of their life but will keep property in italy and most cash assets. They currently file a tax return to italian tax authorities every year as they still have legal residence there as far as the italian authorities go. If I ...

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