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Where Taxpayers and Advisers Meet

Search found 226 matches

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by AdamS93
Mon Jan 21, 2019 9:29 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Buying a house on trust for my Children
Replies: 4
Views: 324

Re: Buying a house on trust for my Children

I agree with AGoodman (as ever). In a few years time, your daughters may not be very happy as they won't get all the benefits first time buyers currently get. Whether or not BTL is a viable investment anymore (especially with a labour government and rent caps potentially on the horizon and interest ...
by AdamS93
Sat Jan 19, 2019 2:47 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 7 Yr Rule options : Passing of Property, Shares and Cash
Replies: 3
Views: 336

Re: 7 Yr Rule options : Passing of Property, Shares and Cash

Your plan is probably caught by the gift with reservation of benefit rules.

With the amount at stake, you should see a few hundred pound for some tailored professional advice as an investment.
by AdamS93
Mon Jan 14, 2019 8:02 pm
Forum: Property Taxation
Topic: Buying a second home - stamp duty
Replies: 3
Views: 332

Re: Buying a second home - stamp duty

I agree with Agoodman.

Not to mention the other tax implications, namely capital gains tax and inheritance tax.

You've got your SDLT blinkers on.
by AdamS93
Thu Jan 10, 2019 9:05 am
Forum: Company Taxation
Topic: Drawing money from Ltd company as interest
Replies: 3
Views: 1972

Re: Drawing money from Ltd company as interest

You have to use an interest rate that reflects the actual market rate taking in to account risk. On the basis the company is very cash rich, and could effectively repay the loan on demand, I wouldn’t suggest an interest rate that is too high! With a £100k loan, you’re not going to need a massively h...
by AdamS93
Thu Jan 10, 2019 8:58 am
Forum: Property Taxation
Topic: Avoiding loss of NRCGT relief to Apr/15 on return to UK
Replies: 4
Views: 325

Re: Avoiding loss of NRCGT relief to Apr/15 on return to UK

Thanks but... is there no way of transferring it to someone, paying up, and then transferring it back? Potentially, but HMRC may look through this as the only purpose of this transaction is to avoid tax. It also has other implications, notibly with inheritance tax and stamp duty land tax, not to me...
by AdamS93
Wed Jan 09, 2019 9:05 am
Forum: Property Taxation
Topic: rent-a-room and main residence with two properties
Replies: 4
Views: 311

Re: rent-a-room and main residence with two properties

The renovations are irrelevant. It is where you reside as your main residence, where you sleep, eat, spend time with your family. You and your wife and only have one main residence between you. The fact your wife and children will be at the new property will strongly indicate that this has become yo...
by AdamS93
Fri Dec 28, 2018 11:04 am
Forum: Property Taxation
Topic: Rent a room
Replies: 2
Views: 283

Re: Rent a room

s.309 ITTOIA refers to ‘only or main residence’.

You can’t have a different main residence for the purposes of income tax and CGT - how would you even be able to justify this without contradicting yourself anyway?
by AdamS93
Sat Dec 22, 2018 2:13 pm
Forum: VAT & Excise Duties
Topic: Garage conversion company and 5%VAT
Replies: 5
Views: 566

Re: Garage conversion company and 5%VAT

20% VAT in my opinion, without further information.

Conversion of a commercial building to residential is 5% but this is not the case here.
by AdamS93
Wed Dec 19, 2018 6:29 pm
Forum: Capital Gains Tax, CGT
Topic: am i liable for CGT
Replies: 12
Views: 775

Re: am i liable for CGT

thank you for your reply. I have not sold my property yet. it is already empty since this November. so do I have to live there to avoid paying CGT and for how long? According to your first post you have sold it. You will always have CGT to consider when you sell it, regardless if you move in to the...
by AdamS93
Wed Dec 19, 2018 3:57 pm
Forum: Capital Gains Tax, CGT
Topic: am i liable for CGT
Replies: 12
Views: 775

Re: am i liable for CGT

You may be saved by s226(8) TCGA 1992 but this seems very unlikely given your situation.

As you have already sold the property, there is nothing you can do retrospectively.

The best advice I would give is to arrange a meeting with a local accountant.

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