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Where Taxpayers and Advisers Meet

Search found 108 matches

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by Jholm
Fri Aug 16, 2019 2:29 pm
Forum: Capital Gains Tax, CGT
Topic: Returns from third party shares
Replies: 7
Views: 10954

Re: Returns from third party shares

You would pay tax on it as it arises to the fund, regardless of when you receive the payments, i.e. dividends received from 6 April 2019 to 5 April 2020 by the fund would be taxable on you for the 19/20, even if you receive an income distribution after this date.
by Jholm
Fri Aug 16, 2019 1:22 pm
Forum: Capital Gains Tax, CGT
Topic: Returns from third party shares
Replies: 7
Views: 10954

Re: Returns from third party shares

P.S. the original asset value for CGT is not the cash you give him but the cost of subsequent acquisitions.
by Jholm
Fri Aug 16, 2019 1:21 pm
Forum: Capital Gains Tax, CGT
Topic: Returns from third party shares
Replies: 7
Views: 10954

Re: Returns from third party shares

Generally, the income generated will be subject to income tax, whether dividends, interest, REITs etc. Any decent stockbroker would provide an annual tax summary to assist completing a tax return. Sales of shares would be subject to CGT. Again the price at purchase and the proceeds at sale would be ...
by Jholm
Thu Aug 15, 2019 12:13 pm
Forum: Property Taxation
Topic: Tenants in Common v Declaration of Trust
Replies: 3
Views: 13521

Re: Tenants in Common v Declaration of Trust

I will let someone more legally minded respond to the deed element but my brief understanding is that it is possible. However, HMRC will also treat the income earned as 50/50 regardless of the actual split.... UNLESS you also submit form 17 to them. See here: https://www.gov.uk/government/publicatio...
by Jholm
Tue Aug 06, 2019 9:07 am
Forum: Property Taxation
Topic: Selling one BTL, buying another - two Qs
Replies: 4
Views: 12853

Re: Selling one BTL, buying another - two Qs

In your instance, it is probably advisable to appoint a tax advisor to discuss the CGT and IHT elements, particularly to weigh up the 20% tax rate for income generated (assuming that rate) against the potential increase to assets charged at 40% in the future death estate.
by Jholm
Mon Aug 05, 2019 4:08 pm
Forum: Property Taxation
Topic: Selling one BTL, buying another - two Qs
Replies: 4
Views: 12853

Re: Selling one BTL, buying another - two Qs

Yes, you would have CGT to pay (assuming a gain in excess of the annual exemption). Other relifs may be available for either of you depending on whether you lived there at some point. Re: new property. Would it be bought outright? Naturally, her share of the house could form part of her estate for I...
by Jholm
Thu Aug 01, 2019 4:22 pm
Forum: Income Tax
Topic: New Tax Policy
Replies: 5
Views: 9006

Re: New Tax Policy

More info please.... eg. countries operated in/across.

I can't see why tax would not be payable
by Jholm
Thu Aug 01, 2019 8:10 am
Forum: Capital Gains Tax, CGT
Topic: Cgt on option sold on shared land
Replies: 1
Views: 6076

Re: Cgt on option sold on shared land

Correct. Not sure what your base cost would be (value at probate) but if the value has since dropped, might want to consider carrying a loss forward. Otherwise, no action needed.
by Jholm
Wed Jul 31, 2019 12:20 pm
Forum: Capital Gains Tax, CGT
Topic: CGT One Year Rule, I am in Shock.
Replies: 15
Views: 22495

Re: CGT One Year Rule, I am in Shock.

Sadly this seems another case demonstrating the value of tax advice prior to doing something rather than after.
by Jholm
Wed Jul 31, 2019 12:19 pm
Forum: Capital Gains Tax, CGT
Topic: CGT One Year Rule, I am in Shock.
Replies: 15
Views: 22495

Re: CGT One Year Rule, I am in Shock.

Can we assume that the property was only ever let (i.e. you never lived in it as your primary residence)?

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