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Where Taxpayers and Advisers Meet

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by someone
Fri Nov 30, 2018 1:05 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Higher rate SDLT
Replies: 5
Views: 495

Re: Higher rate SDLT

You are buying a 75 year lease. That lease is not itself subject to a lease so Condition B applies. Arguably Condition B may not apply to the share of freehold but I imagine the value of that is a tiny part of the price you are paying. (there may also be some legislation on this point, I don't know...
by someone
Tue Nov 20, 2018 2:38 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: SIPP drawdown
Replies: 1
Views: 538

Re: SIPP drawdown

You cannot pay in and get the tax advantage. But your daughter can pay in from her own taxed income (which doesn't have to be 'surplus' - she can use gifts from you to subsidise her lifestyle.)

Personally, I'd chose an ISA over a pension if I were a basic rate taxpayer. YMMV.
by someone
Tue Nov 20, 2018 2:23 pm
Forum: Property Taxation
Topic: Landlords expenses uk, prior to letting.
Replies: 1
Views: 259

Re: Landlords expenses uk, prior to letting.

As noone else has replied I'll try. Expenses incurred prior to the first let, (within 7 years I think) that are wholly and exclusively incurred for letting can be claimed as if they were incurred on the first day of the letting business. (if you already have a letting business then they are accounte...
by someone
Tue Nov 20, 2018 2:11 pm
Forum: Company Taxation
Topic: HMRC Debit Card charges
Replies: 1
Views: 333

Re: HMRC Debit Card charges

I believe the prohibition on fees only applies to personal cards, not company ones.
by someone
Sat Nov 10, 2018 5:37 pm
Forum: Property Taxation
Topic: Selling BTL As Startup Capital For Property Business
Replies: 3
Views: 330

Re: Selling BTL As Startup Capital For Property Business

Nothing springs to mind. If you are married (or civil partners) the property or part of it can be transferred to you on a no gain/no loss basis to use your allowance and lower tax base but if not, it is probably just a case of paying the tax. At least CGT rates are currently low compared to 10/20 y...
by someone
Tue Sep 11, 2018 1:21 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Help IHT, Gift & RNRB allowance
Replies: 2
Views: 360

Re: Help IHT, Gift & RNRB allowance

I think you and your brothers/sisters would have needed to pay the bills for gwrob not to apply. Anyway, the gift uses up the nil rate band first (and I assume RNRB) So the gift that might be tapered is: 540-325-125 = 90 and the tax difference between 34% and 40% on 90k is less than 6k. (unless ther...
by someone
Mon Sep 03, 2018 6:36 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Parents gifting my a larger share of property
Replies: 5
Views: 448

Re: Parents gifting my a larger share of property

I'm pretty sure the law (not tax law) says that transfers of property must be in writing and must be witnessed (must be a deed).


Think I've found it:

Law of property act 1925 s52

https://www.legislation.gov.uk/ukpga/Geo5/15-16/20/section/52
by someone
Thu Aug 30, 2018 3:46 pm
Forum: Capital Gains Tax, CGT
Topic: CGT confusion!
Replies: 2
Views: 341

Re: CGT confusion!

Hi there My husband and I own a number of B2Ls and are looking to sell a few of them and our own property to fund another business (land and a Ltd co). If we sold the B2Ls in mind we would have approx £250k profit, and our own house sale we would have approx £450k, so £700k total. The business and ...
by someone
Tue Aug 21, 2018 12:02 pm
Forum: Capital Gains Tax, CGT
Topic: Cash out unit trust to buy new house, the re-buy units after selling old house
Replies: 2
Views: 303

Re: Cash out unit trust to buy new house, the re-buy units after selling old house

I think the term you're looking for is 'bridging loan'

They are aimed at (amongst others) asset rich people who need short term finance.

The rates and fees are often very high and they need approaching with care but I suspect they're less concerned with income levels given sufficient assets. BICBW
by someone
Tue Aug 21, 2018 9:28 am
Forum: Capital Gains Tax, CGT
Topic: NRCGT return
Replies: 239
Views: 93578

Re: NRCGT return

I only skimmed them but the ones that were denied seemed to give the judge very little to work with. I think they only pleaded 'special circumstances' and not 'reasonable excuse' which is what succeeded in the other two. The successful ones show what I consider to be 'legal logic' The taxpayer could...

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