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Where Taxpayers and Advisers Meet

Search found 6538 matches

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by King_Maker
Tue Sep 08, 2015 4:30 pm
Forum: Income Tax
Topic: Loan interest
Replies: 5
Views: 1280

Re: Loan interest

If deduction of Basic Rate Tax applies, it may be that the relevant DTA may specify a smaller rate of Withholding (e.g. 5%). As the company is already in the NRL regime, you could contact HMRC - you would need to do so anyway, if (say) 5% is the correct amount to be deducted from the the interest pa...
by King_Maker
Mon Sep 07, 2015 6:04 pm
Forum: Property Taxation
Topic: election of property as main residence
Replies: 4
Views: 863

Re: election of property as main residence

The title of this thread demonstrates a common misconception about such Elections/Nominations. It is only if the taxpayer has two (or more) RESIDENCES not PROPERTIES, then an Election is competent. Therefore, any purported Election (even if lodged with HMRC) may be invalid. It appears from the detai...
by King_Maker
Mon Sep 07, 2015 4:56 pm
Forum: Income Tax
Topic: Loan interest
Replies: 5
Views: 1280

Re: Loan interest

I assume the company is not UK resident?

Did 20% tax have to be deducted by the tenant from the rent?

Did 20% tax have to be deducted from the interest payments?
by King_Maker
Mon Sep 07, 2015 11:42 am
Forum: Property Taxation
Topic: House sale tax liability
Replies: 7
Views: 1660

Re: House sale tax liability

Was the £400,000 Probate Value formally agreed with HMRC?
by King_Maker
Sun Sep 06, 2015 3:05 pm
Forum: Capital Gains Tax, CGT
Topic: Transferring a house?
Replies: 2
Views: 614

Re: Transferring a house?

Are you joint owners, as you used the phrase "we bought the house....."?

If you are transferring the whole of your share in the house, it can be done by amending the Land Registry entry or by making a Declaration of Trust.

SDLT could apply if the property is mortgaged.
by King_Maker
Sun Sep 06, 2015 9:44 am
Forum: Property Taxation
Topic: Form 17 - time to take effect
Replies: 2
Views: 853

Re: Form 17 - time to take effect

If the Declaration of Trust to transfer your share to your wife and Form 17 have been validly executed, the change in income sharing is immediate. There is no need to wait for HMRC acknowledgement. If your wife now owns 100% of the property, then the CGT liability could increase on its disposal. If ...
by King_Maker
Sun Sep 06, 2015 9:32 am
Forum: Income Tax
Topic: Fuel Card (Private Car) - Benefit In Kind
Replies: 2
Views: 704

Re: Fuel Card (Private Car) - Benefit In Kind

It seems that your employer has fortuitously happened onto the most tax efficient method of dealing with your business mileage. Based on your figures (and assuming any non-allowable commuting is not included), you should be able to claim the excess AMAP from HMRC as a tax relief - and no Benefit in ...
by King_Maker
Fri Sep 04, 2015 11:58 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT compliance property valuation query
Replies: 12
Views: 5127

Re: IHT compliance property valuation query

I only obtain Valuations from valuers who are prepared to defend their opinion to the DV/HMRC.

Did you discuss this aspect with the Valuer you engaged?
by King_Maker
Thu Sep 03, 2015 4:25 pm
Forum: Capital Gains Tax, CGT
Topic: Reporting CGT on large grounds
Replies: 4
Views: 1225

Re: Reporting CGT on large grounds

It depends how confident you are in your estimate of £10,000 for the excess land.

You will need to do an estimate of its value on acquisition also.

It will be necessary to notify HMRC that estimates are being used - this is likely to mean HMRC will want more details.
by King_Maker
Wed Sep 02, 2015 7:49 pm
Forum: Capital Gains Tax, CGT
Topic: Income Tax and CGT on 2nd property
Replies: 2
Views: 772

Re: Income Tax and CGT on 2nd property

Is there a good reason(s) why you wish to move out after only one month?

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