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Where Taxpayers and Advisers Meet

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by AnthonyR
Fri Nov 08, 2019 11:29 am
Forum: VAT & Excise Duties
Topic: Question about a suspected VAT scam
Replies: 3
Views: 5611

Re: Question about a suspected VAT scam

If he is returning the goods and not including the returns on the VAT return (and paying back the VAT reclaimed) then he's committing tax fraud. If you really want to do something about it you can report it to HMRC: https://www.gov.uk/report-vat-fraud However, I'm not sure how long your friendship w...
by AnthonyR
Fri Nov 08, 2019 11:22 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non domicile parent cash gift to daughter
Replies: 6
Views: 2602

Re: Non domicile parent cash gift to daughter

I'll start by saying that if you can't advise on the subject then the client probably shouldn't be relying on advice on a forum, are (were) they on the remittance basis and are the funds unremmitted mixed funds? Have they been advised on the consequences of this? As you'll appreciate the rules are c...
by AnthonyR
Fri Nov 08, 2019 11:05 am
Forum: International Tax
Topic: Buying the shares in an overseas company
Replies: 1
Views: 1357

Re: Buying the shares in an overseas company

What are the assets in the BVI co? If it's residential property it becomes a bit of a minefield. If it's commercial property it's not too complex (for now). If it's not property you then have to look at what the assets are and whether there is UK source income anyway which brings the property into t...
by AnthonyR
Fri Nov 08, 2019 11:00 am
Forum: Capital Gains Tax, CGT
Topic: HELP RE CAPITAL GAINS TAX PLEASE
Replies: 4
Views: 1095

Re: HELP RE CAPITAL GAINS TAX PLEASE

You're taxable on the gain, being the difference between acquisition price and sale proceeds (less costs of sale and purchase). This is often complicated by the fact that income may have been reinvested which increases your original costs. If you're working with an investment manager they should be ...
by AnthonyR
Fri Nov 08, 2019 10:49 am
Forum: Capital Gains Tax, CGT
Topic: De enveloping property
Replies: 1
Views: 671

Re: De enveloping property

It's a complex area and was made far more complex in April 2019, but it seems that you wound up the company prior to these changes. It sounds like you got some advice in the process and as you say a correctly structured distribution on winding up can result in no SDLT charge (assuming no mortgages o...
by AnthonyR
Fri Nov 08, 2019 10:28 am
Forum: Income Tax
Topic: Tax Query
Replies: 2
Views: 631

Re: Tax Query

The only thing that might change is if you own your current home. Usually your main residence is exempt from capital gains tax. If you then moved out and stayed in your parents property for more than 18 months (9 months from April next year) then capital gains will start to accrue on your current ma...
by AnthonyR
Thu Nov 07, 2019 10:38 am
Forum: Capital Gains Tax, CGT
Topic: Sale of Company and Cash Settlement
Replies: 1
Views: 1369

Re: Sale of Company and Cash Settlement

You'll need to find out where that cash came from and how it was accounted for.

It's likely that it was a dividend of all cash prior to sale to clear out the company bank account, but it's impossible to tell without more info so you'll need to speak to the directors/shareholders/lawyers to find out.
by AnthonyR
Thu Nov 07, 2019 10:35 am
Forum: Capital Gains Tax, CGT
Topic: CGT (PPR) - Order of Calculation
Replies: 2
Views: 1161

Re: CGT (PPR) - Order of Calculation

(3) Is my PPR calculated only after BUYING & SELLING COSTS and MORTGAGE REDEMPTION are deducted? Just a note to add as well that your mortgage redemption is not part of your allowable costs for calculating the CGT, it's just the net proceeds less the cost of purchase and improvements (plus PPR/Lett...
by AnthonyR
Thu Nov 07, 2019 10:32 am
Forum: Capital Gains Tax, CGT
Topic: Development deal
Replies: 4
Views: 3756

Re: Development deal

If you give away part of the land you are treated as if you sold it at the full market value (which realistically is £500k if someone has offered that). Equally if you give away a share then you are treated as disposing of that share. This means that if you were to give 25% of the property to your c...
by AnthonyR
Mon Nov 04, 2019 12:06 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Declaration of trust
Replies: 3
Views: 2505

Re: Declaration of trust

Where should we be seeking for the DoT? In your father's filing cabinets or the offices of the solicitor who drew them up. Unfortunately if you can't find it in either place then you won't be able to find it. Generally DoTs aren't registered or stored in any 'official' places such as the land regis...

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