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Where Taxpayers and Advisers Meet

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by King_Maker
Mon Sep 28, 2015 10:14 am
Forum: Capital Gains Tax, CGT
Topic: Personal allowance & Capital Gains Tax allowance
Replies: 3
Views: 4182

Re: Personal allowance & Capital Gains Tax allowance

Yes, there are two separate Allowances - one for Income Tax, and one for Capital Gains Tax.

Don't forget that there is a reporting requirement to HMRC even if there is no CGT due, if the disposal PROCEEDS are more than 4x the AEA (Annual Exempt Amount) i.e. £44,000 for 2014-15.
by King_Maker
Mon Sep 28, 2015 10:08 am
Forum: Capital Gains Tax, CGT
Topic: Tax treatment of futures and options trading
Replies: 3
Views: 679

Re: Tax treatment of futures and options trading

Hi, thanks for the reply. Where did you read this? Any reference?
Through many years dealing with HMRC.
by King_Maker
Sun Sep 27, 2015 11:23 am
Forum: Capital Gains Tax, CGT
Topic: Tax treatment of futures and options trading
Replies: 3
Views: 679

Re: Tax treatment of futures and options trading

The cynical answer is HMRC will treat the activity as liable to CGT, if there are Losses - and Income Tax if there Profits/Gains. :roll:
by King_Maker
Sun Sep 27, 2015 11:19 am
Forum: Capital Gains Tax, CGT
Topic: Any Liabilities From A Long Delayed Transaction
Replies: 5
Views: 699

Re: Any Liabilities From A Long Delayed Transaction

It is the Beneficial ownership not Legal ownership which matters for CGT.

http://www.hmrc.gov.uk/manuals/cgmanual/cg11730.htm
by King_Maker
Sun Sep 27, 2015 9:10 am
Forum: Capital Gains Tax, CGT
Topic: Any Liabilities From A Long Delayed Transaction
Replies: 5
Views: 699

Re: Any Liabilities From A Long Delayed Transaction

The position for both of you seems very straight forward on the information supplied. You own 100% of the property since 2010 (assuming there was no agreement to share any future rise in value). It has been your PPR since its purchase in 2005. The gain is exempt from CGT. Your sister's gain (if any)...
by King_Maker
Sat Sep 26, 2015 4:01 pm
Forum: Company Taxation
Topic: Withdrawing money from limited company bank account
Replies: 4
Views: 968

Re: Withdrawing money from limited company bank account

I had assumed that your reference to 25% tax was to the company charge under section 455 CTA 2010 (loans to participators) - as there is no 25% Income Tax Rate.

However, it seems that you may mean the "effective" tax rate of 25% on dividends for a 40% Income Tax payer?
by King_Maker
Sat Sep 26, 2015 1:14 pm
Forum: Property Taxation
Topic: Thinking of letting property out to buy
Replies: 2
Views: 450

Re: Thinking of letting property out to buy

Have you done a search on the forums, as this type of question appears on a regular basis? Unless you use the Declaration of Trust and Form 17 procedure, married couples MUST share the rental income 50:50. Although it is possible in theory to utilise a partnership, most instances remain jointly owne...
by King_Maker
Sat Sep 26, 2015 1:07 pm
Forum: Property Taxation
Topic: Advise for Friend...Lost receipts....What happens now?
Replies: 13
Views: 1272

Re: Advise for Friend...Lost receipts....What happens now?

Unless you are confident in your own ability to deal with the matter, I suggest you engage a professional adviser (maybe one versed in HMRC Enquiry/Investigations work). This Enquiry may well expand into other areas, if HMRC consider the lack of receipts to cast doubt on the rental accounts for prev...
by King_Maker
Sat Sep 26, 2015 10:44 am
Forum: Property Taxation
Topic: Advise for Friend...Lost receipts....What happens now?
Replies: 13
Views: 1272

Re: Advise for Friend...Lost receipts....What happens now?

It is not possible to say how much the extra Income Tax would be, as it would depend on his exact circumstances for the relevant tax year(s). There is usually no way to mitigate the interest, as he will have had the benefit of not paying the tax at an earlier date. His ill health should be taken int...

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