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Where Taxpayers and Advisers Meet

Search found 33 matches

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by hendersontax
Tue Jul 02, 2019 1:25 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on a Foreign Property
Replies: 4
Views: 3221

Re: CGT on a Foreign Property

As the property was gifted to you, your CGT base cost will be the market value of the property at the date of the gift. You'll then need to work out the gain (proceeds less market value at date of acquisition less costs) and assuming it is sold before April 2020, it sounds like you'll get private re...
by hendersontax
Tue Jul 02, 2019 12:57 pm
Forum: Capital Gains Tax, CGT
Topic: More than one transfer
Replies: 5
Views: 3834

Re: More than one transfer

In fact, there is a government consultation on this very issue - see https://www.gov.uk/government/consultations/capital-gains-tax-private-residence-relief-changes-to-the-ancillary-reliefs. The government are proposing to change the rules on PRR for transfers between spouses such that the period of ...
by hendersontax
Tue Jul 02, 2019 11:52 am
Forum: Capital Gains Tax, CGT
Topic: CGT on a gift
Replies: 2
Views: 2670

Re: CGT on a gift

You should also consider the Inheritance Tax implications of the gift as this would be a Potentially Exempt Transfer with IHT potentially due if you do not survive seven years from the date of transfer - and there would be no deduction for the CGT already paid. For IHT purposes there is an additiona...
by hendersontax
Tue Jul 02, 2019 11:33 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Critical illness and dental insurance
Replies: 4
Views: 13034

Re: Critical illness and dental insurance

It does not make sense that you have received a P11D showing taxable amounts (assuming it doesn't show any amounts 'made good') and at the same time you are saying you funded these benefits yourself. Either the P11D should show your own contributions as amounts 'made good' and the taxable benefit is...
by hendersontax
Tue Jul 02, 2019 11:28 am
Forum: International Tax
Topic: Cleansing Income/Capital
Replies: 2
Views: 7133

Re: Cleansing Income/Capital

The individual will need to self-assess whether or not he has made a taxable remittance, there is no need to prove it unless HMRC open an enquiry. If the money was transferred from a bank account which was not a mixed fund and contained nothing other than pre-arrival capital (for example, at the poi...
by hendersontax
Tue Jul 02, 2019 11:19 am
Forum: Property Taxation
Topic: Garden plot with planning permission
Replies: 6
Views: 13456

Re: Garden plot with planning permission

If you consider that the use/enjoyment/character of the garden would not change as a result of the nominal work (including that you have not commenced a 'trade'), then it would follow that the should be no change in whether or not the garden or grounds would qualify for private residence relief if y...
by hendersontax
Tue Jul 02, 2019 10:50 am
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Tax anomaly and HICBC
Replies: 5
Views: 13108

Re: Tax anomaly and HICBC

It doesn't make any difference to the amount you pay overall - if it's collected via PAYE then it increases the deduction from your salary but doesn't change the amount on which your PAYE tax and NIC is calculated. However, as previously pointed out there is a cash-flow benefit to delaying the colle...
by hendersontax
Tue Jun 25, 2019 4:05 pm
Forum: International Tax
Topic: Worldwide Disclosure Facility for non UK resident.
Replies: 5
Views: 8052

Re: Worldwide Disclosure Facility for non UK resident.

You would typically advise HMRC you are leaving the UK on a form P85 (which is a non-statutory form, principally used to claim a refund for taxes paid in your year of departure) or on your Self Assessment tax return for your year of departure. If you didn't file either and HMRC have you down as livi...
by hendersontax
Tue Jun 25, 2019 9:01 am
Forum: International Tax
Topic: Worldwide Disclosure Facility for non UK resident.
Replies: 5
Views: 8052

Re: Worldwide Disclosure Facility for non UK resident.

Did you ever notify HMRC that you left the UK or have you ever declared you are non-resident? It sounds like they are under the impression you are resident in the UK. If you have never earned any non-UK income while you were resident in the UK (going back up to 20 years) then you will not have anyth...
by hendersontax
Mon Jun 24, 2019 9:43 pm
Forum: Business Tax
Topic: What steps to find NI number online. . . as a new Self Assessment gateway user
Replies: 9
Views: 15892

Re: What steps to find NI number online. . . as a new Self Assessment gateway user

Hi again. I'm not sure that would be correct, as you already have a Government Gateway ID. When I sign in with my own details on this page, it takes me to the personal tax account. I would suggest you contact the online services helpdesk as referenced in my previous post as something appears to be n...

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