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Where Taxpayers and Advisers Meet

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by AnthonyR
Mon Mar 20, 2017 8:38 pm
Forum: Income Tax
Topic: Non-Dom tax planning of global income after 7 years stay in UK
Replies: 2
Views: 1342

Re: Non-Dom tax planning of global income after 7 years stay in UK

If you are a non-dom that has been resident in the UK for 7 of the last 9 tax years then as you state, you have a choice of declaring income and gains on a worldwide basis or paying the remittance basis charge (RBC). 1. In order to avoid the above you need to be non-residence in the 7th year, which ...
by AnthonyR
Mon Mar 20, 2017 8:26 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: inheritance in UK for a Belgian coming to live permenantly in UK
Replies: 6
Views: 1321

Re: inheritance in UK for a Belgian coming to live permenantly in UK

UK inheritance tax for non-domiciled individuals is only chargeable on UK assets. This means that as a married couple, if your UK assets are below £650,000 there is no IHT to pay. If your UK assets include a property that you left to your children/grandchildren you would also benefit from a further ...
by AnthonyR
Mon Mar 20, 2017 7:25 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance from Mother. How to avoid tax?
Replies: 5
Views: 1261

Re: Inheritance from Mother. How to avoid tax?

That means for IHT purposes you are both deemed to be UK domiciled. It is possible to still place assets into trust, however your mother will need to be excluded from benefiting from the trust and will need to survive 7 years to get the full IHT benefit. She can be a trustee to allow her to retain c...
by AnthonyR
Sun Mar 19, 2017 6:57 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: SIP query
Replies: 2
Views: 980

Re: SIP query

I assume you mean an approved Share Incentive Plan issued by your employer? In which case, are you talking about an income gain as a result of taking the shares out of the plan too early or CGT on the sale of the shares after the qualifying period? It's quite a complex area, but in simple terms, if ...
by AnthonyR
Sun Mar 19, 2017 6:47 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Iht or cgt on gifted property with reservation?
Replies: 9
Views: 1763

Re: Iht or cgt on gifted property with reservation?

You would be liable to CGT on the gain since 1987 but receive PPR on the period you lived there - about 17.5 years out of 24 so 73% of the gain (taking into account the additional 18 months). AG Ownership period was 1987-2017 = 30 years PPR 1987 - 1993 = 6yrs + 1.5 So PPR is 7.5/30 = 25% Plus letti...
by AnthonyR
Sun Mar 19, 2017 6:43 pm
Forum: Capital Gains Tax, CGT
Topic: Cgt on second property ? Or IHT as it was a gwr?
Replies: 1
Views: 617

Re: Cgt on second property ? Or IHT as it was a gwr?

I've answered your thread asking the same question in property taxes. Although I note that some of the numbers differ - so you need to do the calculations properly to make sure you self assess properly (or get an accountant to do it for you). Your other thread says you got it in 1984, so I've offere...
by AnthonyR
Sun Mar 19, 2017 6:35 pm
Forum: Property Taxation
Topic: Iht or CGT on gifted property
Replies: 5
Views: 1547

Re: Iht or CGT on gifted property

You won't pay IHT on it as the estate was under the nil rate band (it is of course part of your estate so subject to IHT when you die). The question is going to CGT on a sale. You received it at market value when your parents transferred it to you in 1984. As you've identified, the question of what ...
by AnthonyR
Sun Mar 19, 2017 5:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gifiting Property
Replies: 2
Views: 706

Re: Gifiting Property

Welcome back. Still not found anyone to help you with this? If the parent remains in the property then there is no benefit unless they pay full market rent to the owner for the remainder of their occupation of the property. Which would of course be taxable on the owner as rental income. So the paren...
by AnthonyR
Sun Mar 19, 2017 5:29 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance from Mother. How to avoid tax?
Replies: 5
Views: 1261

Re: Inheritance from Mother. How to avoid tax?

Maths has asked some important questions, but just picking up on a point I noticed that probably needs clarifying. Your mother is concerned about using a trust and giving up control. She can of course be a trustee and retain control of a trust. She can't, however, retain any benefit, including incom...
by AnthonyR
Wed Mar 15, 2017 1:27 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and primary home
Replies: 6
Views: 1395

Re: IHT and primary home

The period where the property was let out will not qualify for relief, so the gain during that period will be subject to CGT (less lettings relief), the gain going forward will be exempt, including the final 18m of ownership. However, this is only relevant if they sell it during their lifetime, if t...

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