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Stay out of Jail
Stay out of jail by the use of legal and sensible Inheritance Tax Avoidance. The Inland Revenue and the Association of British Insurers have agreed that a new version of the old gift and loan plan will not be considered to be evasion but will be considered as avoidance. See item on Page one of Sunday Times Money Section…
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Go To Jail
The first person likely to go to jail for Inheritance Tax fraud has been sent to the High Court for sentencing. The man did not tell the Inland Revenue or his brother about £400,000 which was part of his aunt's estate. The Inland Revenue lost about £160,000 tax. See item on page one of the Sunday Telegraph Money Section.
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Pre-Budget Report.
It is expected that in his Pre-Budget Report George Brown will give clarification of the pore-owned assets rules to prevent innocent people being caught by measure being introduced which are aimed at limiting Inheritance Tax Avoidance by the super rich.
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what's the best way to buy a house
hi, i'm not sure if i've got the right board, so feel free to tell me off if i've got it wrong. my partner and i are going to buy a house for ourselves to live in. I was told by a financial advisor that buying it as joint is not a good idea, but has not had any more advice. We would like to reduce any inheritance tax later…
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£300 million owed to Savers!
I was surprised to learn today (or yesterday as its now after midnight!) that the Inland Revenue have launched their latest TaxBack campaign this week. This usually receives a lot of publicity but I have seen nothing this time around, although that might be because their press release (see below) seems to concentrate more…
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Pensions/AVCs & tax credits
I have just been told by those nice people at the "revenue" that I no longer qualify for child tax credit. I am a higher rate tax payer. I believe by paying pension contributions /avcs to reduce my gross income I may get back into these credits effectively giving me a greater incentive to put money into my pension. Any…
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Tax free savings? outside a mini cash isa
I was wondering if there was any good way of getting a decent tax-free (or something less than 40%) for short-term < 1 year savings? Would premium bonds work for this?
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Tax Free loans to students
I'm currently in the unhappy position of paying tax at the top whack on my savings. I have never felt comfortable with having to surrender 40% of any interest earned to Gordon. Not exactly an incentive to save! Is it legal for me to give my nephew, who has no income as a student, a loan so that he can benefit from tax free…
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tax relief on heathcare scheme????
??? I have just taken out a health care sheme with insure-for-less.com, I have been assured by the salesman(who was very persisant) that the monthly premium would be tax deductable if I paid it from my business account, I am a self employed plasterer. He put it in writing quote 'Our understanding of the present revenue…
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IHT/CGT Questions
New to the site and hoping you can help out with a bit of advise. Relative of my girlfriend bought a house a couple of years ago for cash and put it in her name, his solicitor drew up a lifetime tenancy agreement for her uncle at £1 a year rent. The rely died a few months back and she now wants to sell the house and I…
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Tax free spouse
My wife doesn't work she stays home with the kids. We have a joint current account earning interest, it's only a few quid but can I reduce the tax I pay on this because half of it should be classed as my wife's ? On the same note, should any savings we have be in her name as much as possible so we pay less/ no tax ?
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Kids tax free savings
I believe I can put money into an account for my kids and the interest is tax free. Is there any reason why I can't use this to simply get tax free savings ?
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Is my sister my landlord?
Hi All - First post so please bear with me. I have just moved into my sisters home, and am paying her mortgage whilst she is living in Australia. She previously had tenants in there, and had been paying income tax on the rental income. Now i have moved in i would consider myself as living "in a family home" - does anyone…
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Tax on Savings (Help!)
Hi Folks, My wife is self employed and has had to give up work due to ill health :( She is unlikely to return to work for at least 12 months. We have about £7,000 in a savings account (in my name only) which we plan to spend on home improvements in May of next year. She did not work from April 2003 to November 2003 then…
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Paying tax on rental profits and reducing CGT
I received this as part of a newsletter from https://www.iaprops.com Paying tax on your rental profits For many readers, this will be the first year that you will have to pay tax on the profits from your rental income. It's always great to see how much money you have made in the first year but it's important to keep your…
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Do i have to pay Tax on rental income?
My wife and i are moving to military rented accommodation in march 05, at present we live in our own house, the mortgage in my name only. My wife is having a baby and intends to give up work to be a full time mum, i am planning to rent our house out while we are away, with all rental income paid to my wife's seperate bank…
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Does getting married change how much tax you pay
I just got married, and going through the usual changing of the wifes name and informing the relevent people. two quick questions a, do i have to tell the tax man? b, does it have any effect, will i save or loose money Thanks Chris
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Expenses Claim for Garage and Room
Hi was wondering if anyone can advise with the following. Along side my full time job I have started a part time business. For this business I needed storage space so I have moved into a slightly larger flat than required that has a garage for the purpose of storing my goods for resale. My question is that can I make a…
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New Business Self Empl Losses Against Other Salary
Hi, first time here was looking for a bit of advice, I would love some help but contacting an accountant will eat further into my losses and make things even worse so any help gratefully received. I work full time for a company and have also at the same time just set up as a sole trader as well in my spare time. This spare…
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Inheritance Tax question
Having read Martin's tip about inheritance tax I have a question on behalf of my Mum. My Mum's brother died leaving everything to his mother. A solicitor was hired to deal with the estate left by my uncle, however the solicitor stole a lot of money form my uncles estate and a huge row broke out with my family trying to…
