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Where Taxpayers and Advisers Meet

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by AnthonyR
Mon Jun 03, 2019 5:27 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Remittance charge, Resident but Non dom
Replies: 7
Views: 1649

Re: Remittance charge, Resident but Non dom

Remittance basis is a claim. If they didn't claim it then they are taxable on the arising basis on worldwide income.

Is the client still in time to make the election for the year in question?
by AnthonyR
Mon Jun 03, 2019 10:56 am
Forum: Capital Gains Tax, CGT
Topic: Is transfer of Share ownership to spouse necessary before sale to avoid UK CGT?
Replies: 3
Views: 412

Re: Is transfer of Share ownership to spouse necessary before sale to avoid UK CGT?

The situation is my wife has been gifted some shares by her company as part of their IPO. She has paid a peppercorn for these so I believe they are all taxable as a CGT gain. The shares are currently worth 70k. I'm not an accountant but I was of the understanding that if shares are sold to an emplo...
by AnthonyR
Mon Jun 03, 2019 10:48 am
Forum: Income Tax
Topic: Any tax reliefs/expenses for a place rented purely for work?
Replies: 7
Views: 477

Re: Any tax reliefs/expenses for a place rented purely for work?

Unfortunately, HMRC take the view that as you could live in a cardboard box on the steps of your new office for free anything you do that creates a cost in terms of living and getting to your employment is a personal indulgence and shouldn't be tax deductible.
by AnthonyR
Mon Jun 03, 2019 10:45 am
Forum: Income Tax
Topic: Starting a business as a tax agent, registering with HMRC and required qualifications
Replies: 7
Views: 387

Re: Starting a business as a tax agent, registering with HMRC and required qualifications

As per the other posters, rather shockingly there is no requirement to have any tax qualifications at all to run a tax business. If you're planning on running a reclaim business then unless you are going to be giving the tax advice yourself there's no reason to qualify with ATT or CTA and it's proba...
by AnthonyR
Mon Jun 03, 2019 10:22 am
Forum: Income Tax
Topic: [UK] Gaming Community (Sticky situation, kinda?)
Replies: 3
Views: 284

Re: [UK] Gaming Community (Sticky situation, kinda?)

A lot of the answers to the questions will depend on what you plan to do with the service. If your donations are simply voluntary contributions paid by people because they want to support what you are doing and assist with the running costs and you don't make any profit (ie you are having to cover s...
by AnthonyR
Fri May 31, 2019 1:33 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Offshore assets transfered to a UK Trust via an aunt
Replies: 1
Views: 389

Re: Offshore assets transfered to a UK Trust via an aunt

How long have you all been resident in the UK and how much are you looking to settle into trust? If you have been in the UK for more than 15 years you may be deemed domicile. What's the intention with the funds are they going to be brought into the UK and invested into UK assets? If you are still no...
by AnthonyR
Fri May 31, 2019 1:27 pm
Forum: Company Taxation
Topic: Mitigate Corp tax on windfall
Replies: 1
Views: 3581

Re: Mitigate Corp tax on windfall

Unfortunately there's no magic pill that makes your tax go away. You had a good year and made a profit, be glad your company will only pay 19%/17% corporation tax. Other than pension contributions, assuming your business doesn't require any investment in equipment you could buy a Tesla or two for 10...
by AnthonyR
Wed May 29, 2019 5:56 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Please help
Replies: 2
Views: 380

Re: Please help

As DarthBling says, the cash gift doesn't need to be disclosed unless you die within 7 years. It's a Potentially Exempt Transfer (PET) which becomes exempt after 7 years. However, you should make a record of the gift somewhere your executors can find (less of an issue if your children are your execu...
by AnthonyR
Thu May 23, 2019 9:15 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax and with/without reservation of benefit
Replies: 2
Views: 277

Re: Inheritance Tax and with/without reservation of benefit

Since they are giving cash and not the house itself, it would not be a gift with reservation of benefit. However, they could be liable to a pre-owned asset charge and be subject to income tax on 'notional income'. This will be the case if they do not pay rent at full market value. See here for info...
by AnthonyR
Tue May 21, 2019 9:58 am
Forum: International Tax
Topic: Investments: what is a remittance and/or UK source income?
Replies: 2
Views: 3785

Re: Investments: what is a remittance and/or UK source income?

If you are a non-dom on the remittance basis I'd seek some formal advice on the subject as responses on a forum aren't likely to be sufficient to cover your position fully. It's a horribly complex area and HMRC have widened the remit of remittances over the years. In respect of your examples, the fi...

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