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Where Taxpayers and Advisers Meet

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by AdamS93
Fri Mar 02, 2018 12:20 pm
Forum: HMRC Administration, Practices & Methods
Topic: Debt collection
Replies: 5
Views: 16656

Re: Debt collection

With regards to interest, it will be charged daily at an annual rate of 3% - 3% a day would give an annual interest rate of almost 1000% :lol: If he is struggling to pay I take it his income has significantly dropped? If so you can look at reducing the payments on account which will helpfully reduce...
by AdamS93
Fri Mar 02, 2018 9:28 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Purhase of house from Parent
Replies: 5
Views: 950

Re: Purchase of house from Parent

Thank you Maths, Would there be any CGT risk for my Wife and I, if we later sold the property at significant gain some years later? Would the HMRC consider this a transaction designed to unfairly avoid IHT, CGT etc? Would the IHT on the £100K gift element, be only incurred if my Father's estate exc...
by AdamS93
Tue Feb 27, 2018 8:57 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Helping our son buy a property
Replies: 8
Views: 1145

Re: Helping our son buy a property

Thanks for the reply, but what if one if us, does, indeed, die within, say, 3 years? I am looking for a solution that will minimise IHT. Do you think there are any advantages to us loaning him the money? The best way is to gift the money and 'hang on' for 7 years in my opinion - just make sure the ...
by AdamS93
Tue Feb 27, 2018 7:02 pm
Forum: International Tax
Topic: Double tax? - German 6 month employment
Replies: 9
Views: 1144

Re: Double tax? - German 6 month employment

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/554740/2010_Germany_UK_as_amended_2014.pdf This is the UK - Germany double taxation treaty. Nice bed time reading :shock: I had a quick look and it looks like the employment income will be subject to tax in one country, not bo...
by AdamS93
Mon Feb 26, 2018 10:04 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Second Home on Death - IHT or CGT
Replies: 8
Views: 1138

Re: Second Home on Death - IHT or CGT

CGT could be held over if the gift is via a trust Agreed, but this is very short-term solution in my opinion which may or may not suit the OP. If it is in parents death estate, CGT uplift to value in death estate tax free. If transferred to trust to avoid CGT, hold-over relief claimed on both entry...
by AdamS93
Mon Feb 26, 2018 9:56 pm
Forum: Property Taxation
Topic: Transferring property from parent
Replies: 6
Views: 1012

Re: Transferring property from parent

It is impossible to give advise without the full picture. Your dad will have at least £325,000 nil rate band and £100,000 to £175,000 Residence nil rate band. He may also be entitled to the proportion of unused allowance from his spouse (if he has ever had one). Therefore a possibility of £650,000 N...
by AdamS93
Mon Feb 26, 2018 8:20 pm
Forum: VAT & Excise Duties
Topic: EU pre registration VAT
Replies: 1
Views: 876

Re: EU pre registration VAT

You will need to claim a refund under the Electronic Cross-Boarder Refund Scheme. There are minimum amounts claimable and if you claim over a certain amount you have to provide evidence. Generally, it is only worth it if you're talking large sums or you have the time on your hands to complete it. Th...
by AdamS93
Sun Feb 25, 2018 10:42 am
Forum: Property Taxation
Topic: Valuing a 50% Share in a Property
Replies: 4
Views: 1132

Re: Valuing a 50% Share in a Property

If you own a property worth £3m there is potential for you to loose a lot of money and you obviously have the money to pay for tailored tax advice to consider the long-term as well as the short-term implications. You may think you are avoiding IHT but there are all sorts of anti-avoidance laws such ...
by AdamS93
Sat Feb 24, 2018 11:27 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Second Home on Death - IHT or CGT
Replies: 8
Views: 1138

Re: Second Home on Death - IHT or CGT

CGT is a lifetime tax which means it will only be due in ones lifetime. Therefore, IHT will be due is you transfer it as part of your death estate. If you gift it before death, then there will be CGT issues and potentially IHT issues as well. You will also need to consider the IHT (equivalent of) im...
by AdamS93
Fri Feb 23, 2018 9:13 pm
Forum: VAT & Excise Duties
Topic: VAT on farmhouse renovations: Occupied by farm contractor
Replies: 2
Views: 1100

Re: VAT on farmhouse renovations: Occupied by farm contractor

As part of a contract farming arrangement, a client has provided the contractor with full use of the farmhouse. (Client does not live in the farmhouse and never has). Several thousand was spend on repairs to the farmhouse beforehand - can the VAT on this expenditure be reclaimed as it would be if t...

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