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Where Taxpayers and Advisers Meet

Search found 396 matches

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by someone
Wed Jul 03, 2019 9:19 pm
Forum: Property Taxation
Topic: Tax efficient way to gift commercial property to spouse
Replies: 7
Views: 16038

Re: Tax efficient way to gift commercial property to spouse

I know there wont be now, but if my wife later sells the property, and we have 50/50 ownership, (lets say its a 100k gain to keep it simple) am I right in thinking she inherits 50k from me (so no cgt on sale of that bit) which will leave a gain of 50k for her (-allowances etc) to pay cgt on IF she ...
by someone
Wed Jul 03, 2019 2:50 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Corbyn IHT grab
Replies: 3
Views: 6415

Re: Corbyn IHT grab

Haven't seen it but I'd assume gifts are taxed in the year they are made. So give your kid 125k on the day they are born and 12k p.a. for 20 years until they finish univ and start work. That's not far off the current IHT limit but you can do it per kid. (kids should ensure they are born to parents w...
by someone
Wed Jul 03, 2019 2:38 pm
Forum: Income Tax
Topic: Advice please on tax refund via re-coding and sipp
Replies: 2
Views: 2122

Re: Advice please on tax refund via re-coding and sipp

Can't help you with this year but I've found if you put the figures you want them to use in the whitespace of your SA return they do seem to read them and act on them. I got 'clobbered' due to a redundancy payment causing the pension taper to kick in. In the white space I said what I expected the ne...
by someone
Mon Jul 01, 2019 5:54 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Higher SDLT refund query
Replies: 1
Views: 11274

Re: Higher SDLT refund query

Yes if C is (and was bought to replace) your main residence (on the facts, CGT election doesn't count) and B is or was your main residence in the last 3 years (again on the facts)

No if not.
by someone
Fri Jun 28, 2019 8:37 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: account in parents' name
Replies: 11
Views: 4313

Re: account in parents' name

I'd agree with Maths. Looks more like an interest free loan to me.
by someone
Fri Jun 28, 2019 11:38 am
Forum: Capital Gains Tax, CGT
Topic: More than one transfer
Replies: 5
Views: 3769

Re: More than one transfer

There is a possible loophole they could use if it's not a residence but can be made a residence. Wife transfers back to husband while it's NOT a PRR residence. husband and wife make it a residence (evict tenants, furnish) husband and wife make ppr election in favour of said residence. Due to a quirk...
by someone
Tue Jun 11, 2019 2:53 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Refund
Replies: 8
Views: 15120

Re: Refund

You don't have to sell A, merely dispose of it. You could, for example, gift it to your parents. It would then form part of their estate for IHT, care home fees etc but you might be willing to risk that if you hope to eventually inherit. Rental income would be theirs too. This all probably depends o...
by someone
Tue Jun 11, 2019 2:47 pm
Forum: Tax Investigations and Enquiries
Topic: Not paid income tax in 8 years
Replies: 1
Views: 11791

Re: Not paid income tax in 8 years

I would doubt HMRC will care unless there's something to suggest you should have been in SA all along. If you know you shouldn't have been then don't sweat it. An 8 year gap must be common where someone stays home until the youngest kid is ready for school. OTOH, if you know you should have been pay...
by someone
Mon Jun 10, 2019 10:20 am
Forum: Capital Gains Tax, CGT
Topic: Selling rented houses and CGT
Replies: 3
Views: 925

Re: Selling rented houses and CGT

Thanks AdamS93. I think I got the impression that this could be done from the MPs expenses a few years ago. As I remember it was called "flipping" I think. Flipping for MPs was, mostly, related to their expenses for second homes. They could claim sonething rediculous like 20k p.a. tax free for main...
by someone
Sun May 26, 2019 6:48 pm
Forum: Capital Gains Tax, CGT
Topic: Is transfer of Share ownership to spouse necessary before sale to avoid UK CGT?
Replies: 3
Views: 856

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...

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