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Where Taxpayers and Advisers Meet

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by King_Maker
Thu Mar 17, 2005 7:00 am
Forum: Capital Gains Tax, CGT
Topic: CGT or not ?
Replies: 9
Views: 1791

Normally, it is the date of Exchange of Contracts which triggers the CGT point.

Unless the disposal is conditional - in which case, it is the date when the condition is fulfilled.
by King_Maker
Thu Mar 17, 2005 6:58 am
Forum: Capital Gains Tax, CGT
Topic: CGT or not ?
Replies: 9
Views: 1791

<t>I would agree. You seem to have a good case for the property you own to be your main residence. If it continues to remain your main residence, it will be exempt from CGT under current legislation.<br/> <br/> Your circumstances may enable you to make a Late Nomination claim, in accordance with the...
by King_Maker
Mon Mar 14, 2005 2:49 am
Forum: Capital Gains Tax, CGT
Topic: CGT on rented/ppr property
Replies: 2
Views: 1164

<t>I am not sure the full £40,000 of Lettings Relief will be available, as the 2nd letting period falls within the exempt 36 month period.<br/> <br/> However, this will not effect the tax calculation which still remains Nil.<br/> <br/> But the 7 month period of occupation *might* be open challenge ...
by King_Maker
Mon Mar 14, 2005 2:30 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Property transfer to spouse
Replies: 3
Views: 3665

Stamp Duty could be payable if the property is mortgaged.

Warwick
by King_Maker
Tue Mar 01, 2005 11:56 am
Forum: Income Tax
Topic: Transfering deposit money as Capital for new purchase
Replies: 1
Views: 960

It is likely to depend on your Domicile status and how many US accounts you have.

It is important to have interest receivable in a separate account.

Warwick
by King_Maker
Tue Mar 01, 2005 11:49 am
Forum: International Tax
Topic: Interest earned on private loan
Replies: 2
Views: 1126

<t>For UK tax purposes, it will depend on your Domicile and whether you have "remitted" (broadly, brought into the UK) the interest to the UK.<br/> <br/> If you are not UK domiciled (not to be confused with residence nor nationality), you are taxable on the basis of remitted income. <br/> <br/> I ca...
by King_Maker
Tue Mar 01, 2005 11:37 am
Forum: General
Topic: Gift to grandparents and school fees
Replies: 3
Views: 1367

This "gift" appears to have strings attached.

And why are you giving your mother the Child Benefit?

As a tax avoidance scheme, I fear that it is unlikely to fly.
by King_Maker
Tue Mar 01, 2005 11:18 am
Forum: Business Tax
Topic: Running a taxi business - questions about tax relief
Replies: 3
Views: 3685

<t>That is not quite the whole story.<br/> <br/> Up to 5 April 2002, taxi drivers were not permitted to use the FPCS mileage rates.<br/> <br/> However, this changed from 6 April 2002. Although the turnover limit (set at the VAT Registration threshold)still applied (as it does to other self-employed)...

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