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Where Taxpayers and Advisers Meet

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by King_Maker
Fri Sep 11, 2015 4:17 pm
Forum: Company Taxation
Topic: HMRC approval
Replies: 7
Views: 1276

Re: HMRC approval

No explicit Approval from HMRC is necessary - however, that does not mean that they will not seek further information to see if the Pension Contribution qualifies for a CT deduction. The biggest mistake is often not making the physical payment in the period of account - an accrual will not be accept...
by King_Maker
Fri Sep 11, 2015 4:01 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT or CGT due on inherited property sale?
Replies: 3
Views: 699

Re: IHT or CGT due on inherited property sale?

Is there a good reason to support the £300,000 increase in 18 months? It may be that your Valuer (RICS, hopefully) will be able to assist here?

If not, HMRC will be wanting 40% IHT on the extra £300,000 not 28% CGT. Interest and Penalties could be payable on top.
by King_Maker
Fri Sep 11, 2015 3:53 pm
Forum: Property Taxation
Topic: Assured Tenancy
Replies: 4
Views: 828

Re: Assured Tenancy

I think it is a capital rather than income receipt, and therefore subject to CGT. even though it's a short lease? Yes - IMHO. AFAIK, this is also HMRC's view - which is unlikely to evoke any disagreement from a tenant receiving such a tax free payment. :) I think it would apply to a mere Licence al...
by King_Maker
Fri Sep 11, 2015 3:47 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on rented-property owned by parents
Replies: 9
Views: 823

Re: CGT on rented-property owned by parents

If your grandmother lived there before 6 April 1988, then Dependent Relative Relief may be available.

[Note : CGT is a tax on DISPOSALS - which includes gifts as well as sales.]
by King_Maker
Fri Sep 11, 2015 10:57 am
Forum: Capital Gains Tax, CGT
Topic: Interest on loans for CGT purpose
Replies: 2
Views: 492

Re: Interest on loans for CGT purpose

Loans are not deductible for CGT purposes.

However, the loan interest might be claimable as a business expense. Have you asked your accountant?
by King_Maker
Fri Sep 11, 2015 10:54 am
Forum: Property Taxation
Topic: House sale tax liability
Replies: 7
Views: 1186

Re: House sale tax liability

If no IHT was paid on your father's death, it is possible that HMRC did not formally agree its valuation.
by King_Maker
Fri Sep 11, 2015 10:50 am
Forum: Property Taxation
Topic: Assured Tenancy
Replies: 4
Views: 828

Re: Assured Tenancy

This has come up before recently. My view - not universally accepted - is that is payment for your surrendering your tenancy. I don't believe it could be categorised as "ex-gratia". I think it is a capital rather than income receipt, and therefore subject to CGT. However, I consider PPR exemption sh...
by King_Maker
Tue Sep 08, 2015 6:10 pm
Forum: Property Taxation
Topic: Property transfer
Replies: 6
Views: 792

Re: Property transfer

Why is your husband's share "cheaper"?

Is he in a lower tax band to you?
by King_Maker
Tue Sep 08, 2015 6:05 pm
Forum: Income Tax
Topic: HMRC trying to collect tax from 17 years ago!
Replies: 11
Views: 2138

Re: HMRC trying to collect tax from 17 years ago!

I am still confused despite reading this thread several times. Does he owe HMRC or do they owe him? If the latter, I would request a review from someone higher up the totem pole in HMRC. If no joy, there is still the Adjudicator to appeal to. If the information given is correct, HMRC would be likely...
by King_Maker
Tue Sep 08, 2015 4:36 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: Wife been told no longer salaried, has to sort NI and tax - advice please :)
Replies: 5
Views: 1359

Re: Wife been told no longer salaried, has to sort NI and tax - advice please :)

As you surmise, the salon has no tax to pay on your wife's salary. Her employer merely deducts the tax and employee NI and forwards it to HMRC. I suspect it is the avoidance of Employer's NI and other employee protections which is worrying the salon - Holiday Pay (or lack of it) immediately springs ...

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