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Where Taxpayers and Advisers Meet

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by someone
Wed Mar 22, 2017 3:21 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Gains tax calculation
Replies: 7
Views: 1294

Re: Capital Gains tax calculation

It doesn't affect my thoughts (but as I said, they might be as worthless as her brothers estate) I have no idea what HMRCs options are with regards to his gift to your sister. One possibility is that they can go whistle - the estate is bankrupt. But another is that the 22.5K gift to your sister can ...
by someone
Wed Mar 22, 2017 2:14 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Gains tax calculation
Replies: 7
Views: 1294

Re: Capital Gains tax calculation

Then I think it goes something like this (but when there's a comment saying that I'm talking absolute rubbish then heed that advice) Her base cost is 50% of 32K plus 50% of 85K. So the gain is 85K less 58K less 2.23K Her brothers gain is 50% of 85K less 50% of 32K (which I think should have been dec...
by someone
Wed Mar 22, 2017 1:11 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Gains tax calculation
Replies: 7
Views: 1294

Re: Capital Gains tax calculation

This is all way out of my league but I suspect the answer depends on whether she bought it from her brother while he was still alive or bought it from his estate after death.
by someone
Tue Mar 21, 2017 7:49 pm
Forum: Property Taxation
Topic: BTL transfer to spouse
Replies: 18
Views: 5195

Re: BTL transfer to spouse

This seems to have chapter and verse:

http://www.accountingweb.co.uk/any-answ ... th-husband

See "By Portia Nina Levin 21st Nov 2014 16:29"
by someone
Tue Mar 21, 2017 1:44 pm
Forum: Property Taxation
Topic: BTL transfer to spouse
Replies: 18
Views: 5195

Re: BTL transfer to spouse

I also understood the situation to be as per that article. However, the comment above was that it was joint legal interest that triggered the automatic 50/50 split in income. In order to get clarification I've just run up the HMRC helpline and, I quote: "you can split the income in whatever proporti...
by someone
Tue Mar 21, 2017 9:07 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: inheritance in UK for a Belgian coming to live permenantly in UK
Replies: 6
Views: 1118

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

It's not obvious what you are trying to achieve here. I know absolutely nothing about Belgium tax law at all but I'm guessing that what you're trying to do is avoid any inheritance tax when the first of you dies (which is the usual case in the UK but presumably not in Belgium) and that you don't rea...
by someone
Fri Mar 17, 2017 3:45 pm
Forum: Property Taxation
Topic: BTL transfer to spouse
Replies: 18
Views: 5195

Re: BTL transfer to spouse

THe automatic 50/50 rule only applies where the legal title is held by both spouses (not the case here) unless a declaration of trust is executed and Form 17 is filed with HMRC. Oh! Thank you for that useful piece of information. I didn't realize the automatic 50/50 rule only applies where the lega...
by someone
Mon Mar 13, 2017 2:33 pm
Forum: Property Taxation
Topic: Buy to let or mortgage on main home.
Replies: 0
Views: 492

Buy to let or mortgage on main home.

This is hypothetical but a situation that I might find myself in in the foreseeable future and I'd like to structure things now so that I don't inadvertently pay more tax than I need to in the future. Assume two properties, one is let and the other is a home. Assume that the let property has no mort...
by someone
Mon Mar 13, 2017 12:38 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: How Do I Claim Tax Releif on Pension Contribution
Replies: 3
Views: 1066

Re: How Do I Claim Tax Releif on Pension Contribution

Not sure if AmanSood has answered the question you were asking or not. If you're paying the 50K in via a net pay agreement then you just pay the 50K in (I think technically it's your employer who will pay the money in) But if you receive the 50K and then pay it into a pension you will be using "reli...
by someone
Fri Mar 10, 2017 6:32 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty on taking over mortgage
Replies: 3
Views: 627

Re: Stamp duty on taking over mortgage

Just to make clear. CGT will be his liability to pay, not yours so you don't need to do anything special if he agrees to give you his share in return for being taken off the mortgage. (which is why parties in deals like this are usually advised to get independent legal advice and not use the same so...

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