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Where Taxpayers and Advisers Meet

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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: 667

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...
by someone
Fri Mar 10, 2017 6:28 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty on taking over mortgage
Replies: 3
Views: 667

Re: Stamp duty on taking over mortgage

As no one else has replied I'll make a guess. I think you're basically saying you're going to take on your fiance's half of the mortgage, there being no other consideration (you're not paying him anything else) Therefore you're effectively paying him 88K (half of the outstanding mortgage) which is b...
by someone
Fri Mar 10, 2017 12:41 pm
Forum: Capital Gains Tax, CGT
Topic: Individual tax liabilities associated with renting or selling jointly owned property
Replies: 8
Views: 1188

Re: Individual tax liabilities associated with renting or selling jointly owned property

This is my understanding but I'm not an expert: 1. No. The income can be split in a different proportion to ownership 2. I don't believe so but I think you will have to let HMRC know (verbal agreement is sufficient I think, especially if you've then put it in writing to HMRC) 3. Absolutely no idea b...
by someone
Thu Mar 09, 2017 1:41 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Additional contributions to Sipp: non-earner
Replies: 1
Views: 988

Re: Additional contributions to Sipp: non-earner

Firstly, I'm not sure why you would want to - why not put it into an isa instead? You're (probably) going to pay tax (again) when you withdraw it and you're restricting what you can do with the money in the future (up to and including the possibility that the government will increase the minimum pen...
by someone
Wed Mar 08, 2017 8:00 pm
Forum: Income Tax
Topic: Deductions from total pay former p11D re S336
Replies: 1
Views: 1064

Re: Deductions from total pay former p11D re S336

This p11D stuff is one of the most complicated schemes that could have been invented :-( From what I recall of my different interactions there are two (maybe more) different ways it can be accounted for: 1. Nothing appears on your payslip. You then get a p11D detailling what benefits you got - and u...
by someone
Wed Mar 08, 2017 7:45 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Could postponing a marriage be considered tax avoidance?
Replies: 3
Views: 870

Re: Could postponing a marriage be considered tax avoidance?

Thanks. That's what I hoped. I know of people who have been about to get married, cancelled it and then got married later anyway so it does happen, even on short timescales. But I didn't know the scope of the anti avoidance laws.
by someone
Wed Mar 08, 2017 7:17 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT
Replies: 2
Views: 645

Re: SDLT

I'm no expert on this but I think you will not have to pay the additional 3% As you are married you and your wife can only have one main residence and it sounds like you only have one residence therefore it is your main residence. (If you also live in the other property then it could be complicated)...
by someone
Wed Mar 08, 2017 6:33 pm
Forum: Income Tax
Topic: Charitable giving and Higher Rate tax
Replies: 3
Views: 1267

Re: Charitable giving and Higher Rate tax

"100000 contribution to charity" should, of course, have been "100000 contribution to their pension"
by someone
Wed Mar 08, 2017 6:31 pm
Forum: Income Tax
Topic: Charitable giving and Higher Rate tax
Replies: 3
Views: 1267

Re: Charitable giving and Higher Rate tax

Yes, you get your basic rate allowance back. Your charitable gift reduces your income. So if you earn 100005 and give £4 (net) to charity then the charity gets £5 which reduces your income to 100000. You get the £2.50 of allowance back and your tax bill goes down by £2. (60% of £5 less the £1 that t...
by someone
Wed Mar 08, 2017 2:35 pm
Forum: Capital Gains Tax, CGT
Topic: CGT advice on main residence (let for period)
Replies: 5
Views: 1151

Re: CGT advice on main residence (let for period)

I suspect you will have no tax to pay assuming it was your PPR for the period from purchase to letting. Doing this in my head so might have got the numbers wrong but: 6.5 years PPR plus last 1.5 years = 8 years PPR Total time owned is 9.3 years. (which I'll call 10) 80% PRR. 60K gain - reduces to 12...

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