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Where Taxpayers and Advisers Meet

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by AnthonyR
Sun Feb 19, 2017 1:45 pm
Forum: Income Tax
Topic: Too Much Tax
Replies: 4
Views: 2277

Re: Too Much Tax

If you are a basic rate taxpayer then the tax charged against your State Pension is, at the most, 20%, which means you are still getting at least 80% of your full State Pension. If you cut down your working hours you'll save the 20% in tax you pay, but you'll lose the 80% in cash you're paid. This ...
by AnthonyR
Thu Feb 16, 2017 4:21 pm
Forum: Capital Gains Tax, CGT
Topic: Buy to let property - 30 day B&B rules
Replies: 2
Views: 832

Re: Buy to let property - 30 day B&B rules

The purchaser would have to pay stamp duty on the purchase. You would then have to pay stamp duty to re-purchase the property. Plus all the costs of the legals. Bearing in mind the extra 3% SDLT, unless your property was under £40,000, then I would imagine that his would remove all benefit (and make...
by AnthonyR
Thu Feb 16, 2017 12:45 pm
Forum: Income Tax
Topic: Tax in a partnership
Replies: 6
Views: 2146

Re: Tax in a partnership

You only pay tax on the profits - stock is an allowable expense for the business so will reduce your profits and hence your tax.
by AnthonyR
Thu Feb 16, 2017 12:42 pm
Forum: International Tax
Topic: Which country is best for lowest corporation tax around uk
Replies: 4
Views: 1168

Re: Which country is best for lowest corporation tax around uk

As GTA says, this is a complex area and the main area that people fall down on the planning is simply the question of central management and control. You can set up a BVI/Bermuda/Cook Island/etc company but if you are running it from the UK, making decisions in the UK and living in the UK then the l...
by AnthonyR
Thu Feb 16, 2017 12:34 pm
Forum: Property Taxation
Topic: Gifting share of mixed-use properties to children
Replies: 4
Views: 1160

Re: Gifting share of mixed-use properties to children

This is a complex area and will depend on your long term intentions and whether you need to retain access to the income and capital. I've seen a lot of talk from promoters/sales people recently about the advantages of a Hybrid Partnership, but none really seem to take into account the complex CGT/SD...
by AnthonyR
Thu Feb 16, 2017 11:42 am
Forum: General
Topic: Help Needed - With what to Replace CASIO MJ-100 Calculator?
Replies: 9
Views: 3006

Re: Help Needed - With what to Replace CASIO MJ-100 Calculator?

Anyone? I love the fact that this was such a pressing issue that it kept you awake until 2-32 in the morning. Did you get any sleep at all? I've had a classic Casio MX-8 (approx £5 online) sat next to me for about 5 years. Although, to be honest, 9 out of 10 times I've got excel open, Ctrl+N and pl...
by AnthonyR
Mon Feb 13, 2017 2:58 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Trustee complaints
Replies: 3
Views: 1107

Re: Trustee complaints

As above, but bear in mind that if it's a discretionary trust, they will likely have wide powers to invest and use the funds. On top of that, there is usually no requirement to provide specific beneficiaries with any benefit at all. You should seek specialist advice on this one (and get a copy of th...
by AnthonyR
Mon Feb 13, 2017 11:51 am
Forum: Income Tax
Topic: Can I offset personal losses against a limited company
Replies: 2
Views: 1760

Re: Can I offset personal losses against a limited company

As Aman said, unfortunately as your company is a separate legal person it's losses are not transferable to you. There is relief for early years losses for self employment, which can be off set against the previous 3 years income, but this doesn't apply in your circumstances (assuming your sole trade...
by AnthonyR
Sun Feb 12, 2017 1:28 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 7 year rule transferring to new properties
Replies: 3
Views: 1213

Re: 7 year rule transferring to new properties

If the father has no beneficial interest in the property I would suggest that the gift and the 7 year period would have started in 2013. The fact that he's on the deed can be explained through him holding "his" share on trust for the son, who beneficially owns 100%. I would suggest that it's importa...
by AnthonyR
Fri Feb 10, 2017 12:21 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 7 year rule transferring to new properties
Replies: 3
Views: 1213

Re: 7 year rule transferring to new properties

The 7 year rule runs from the date of the gift itself, although I'm a bit unclear, but do you mean that in 2013 the father gifted the funds to the son to allow him to buy the property, or they bought it together and he intends to gift his share now? If the gift was in 2013 and the full value belongs...

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