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Where Taxpayers and Advisers Meet

Search found 381 matches

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by someone
Sun May 05, 2019 11:32 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Re-mortgaging and adding spouse
Replies: 4
Views: 2354

Re: Re-mortgaging and adding spouse

It depends on the current mortgage and the proportion of beneficial interest your husband acquires. No current mortgage = no consideration = no sdlt. 300k current mortgage, 50% to H, sdlt on 150k consideration (no 3% surcharge though) 300k current mortgage, 99% to H, sdlt on 297k consideration (ditt...
by someone
Fri May 03, 2019 6:41 pm
Forum: Tax Investigations and Enquiries
Topic: Not paid tax or filed tax return in 20 years. Help!
Replies: 12
Views: 3137

Re: Not paid tax or filed tax return in 20 years. Help!

Isn't this the 'you must fill in the pages on a tax return if you do one'/'you must do a tax return' question again? I ran into similar when I sold a property not completely covered by PPR. There was no tax due. As far as I could see, I had to put it on my SA because HMRC had asked me to do one but ...
by someone
Wed May 01, 2019 6:22 pm
Forum: Capital Gains Tax, CGT
Topic: Former property and cgt
Replies: 6
Views: 322

Re: Former property and cgt

You say you bought partner out when it was worth 130k. If you were not married and you paid 65k for their half share then base cost would be 97.5k. Not sure of the situation if this was part of a divorce. But even if you were married you get 12 years PPR so in round numbers taxable part of gain afte...
by someone
Wed Apr 24, 2019 1:22 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax payments prior to probate
Replies: 5
Views: 454

Re: Inheritance Tax payments prior to probate

Unrelated to your question but I believe these certificates can be inherited. As they are no longer available to buy, if I were a beneficiary I'd prefer to inherit them rather than get the cash - and I'd probably be willing to fund the IHT in order to avoid at least some of my share from being cashe...
by someone
Wed Apr 24, 2019 8:10 am
Forum: Property Taxation
Topic: Transfer 50% of property to my wife to reduce CGT
Replies: 3
Views: 386

Re: Transfer 50% of property to my wife to reduce CGT

The CGT is calculated based on ownership proportions at time of sale (assuming you are legally married)

My quick back of envelope calc suggests you'd pay less tax if you gave 80% to your wife before sale (assuming no PPR for yourself, HR for you, BR for your wife)
by someone
Sun Apr 21, 2019 6:04 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Pension taper and property losses carried forward from earlier years
Replies: 0
Views: 1623

Pension taper and property losses carried forward from earlier years

Year 1: Income 280000 Property losses 15000 Pension annual allowance is tapered down to 10K regardless of whether the property losses are used to reduce the taxable income and hence the "net income" Year 2: Income 160000 Property profit 15000 The property profit in year 2 uses up the losses from the...
by someone
Sat Apr 06, 2019 8:01 am
Forum: Property Taxation
Topic: HMRC guidance
Replies: 3
Views: 323

Re: HMRC guidance

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim45700
I'm not the OP but thank you. It is as I understood but I'd have been looking in pim rather than bim if I'd tried googling this.
by someone
Thu Apr 04, 2019 1:59 pm
Forum: Income Tax
Topic: Pension contribution calculation help needed
Replies: 4
Views: 215

Re: Pension contribution calculation help needed

Sorry, just seen it's next year you're talking about so lots of time to sort this out.
by someone
Thu Apr 04, 2019 1:41 pm
Forum: Income Tax
Topic: Pension contribution calculation help needed
Replies: 4
Views: 215

Re: Pension contribution calculation help needed

Just to add, the tax relief is 60% for the numbers you give so an extra 8k (assuming you can) gets your income below 100k and you get all your personal allowance.
by someone
Thu Apr 04, 2019 1:35 pm
Forum: Income Tax
Topic: Pension contribution calculation help needed
Replies: 4
Views: 215

Re: Pension contribution calculation help needed

Looks reasonable to me. The pension contribution MUST be made in this tax year for it to work. You need to be careful because a withdrawal from your account/credit card today might not be credited, and counted, in this tax year. I'd recommend checking with the pension firm. Also note that your calcu...

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