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Swapping houses
I am substantially older than my wife. When I die, could my wife "swap" her £700k house for my son's £350k house without immediate tax implications? I am aware that IHT may come into play in due course, but how about stamp duty? I am thinking that my son would gift his house to my wife, and my wife would gift her house to…
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Big change in tax code
My wife has just had a tax code change notification. It has gone from 1132 to 682. The reason is "Adjustment to rate band 4128" Now, I am assuming this is to do with going into the 40% tax rate. She unfortunately crept into this accidentally when she earned more interest on savings than expected and took out a little to…
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Tax liability for interest on a shared account.
I have a shared savings account with my spouse. Do I only need to declare exactly half the annual interest for HMRC self assessment ?
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Income Tax Changes
Hello New to the forum here, apologies if I've posted in the wrong area. I recently started a new job where my salary has significantly increased. My first and second payslips had slightly differing net pay however my latest payslip (April 2025) states a significantly lower net pay. The income tax has significantly gone…
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Just starting to look at Inheritance Tax - a few question...
Recently married at 58, no children, wife has 3 x children, my 'estate' would currently be worth £450,000 property + £70,000 cash. Her 'estate' would be £350,000 property, £185,000 cash. Basically, I am just starting to look at Inheritance Tax and have a few questions as I seem to be getting a bit confused. This is all…
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Making Tax Digital. Do I need to install new software?
Hi all, HMRC have sent me a letter about the new Making Tax Digital software. They say I need to purchase software in order to 'record' and 'report' my income and send quarterly updates. I have an accountant. Each year I send him all my receipts and spreadsheets showing income/outgoings. He then submits my SA using his…
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Capital gains tax and currency conversion fees
Hello, I have a couple of GIAs (unsheltered investment accounts). Over recent months I've been learning slowly how capital gains tax works in the UK. A few months ago I bought some BRK.B in a GIA. Obviously this is a US stock. It was for quite a lot of money and I've just realised that the platform (Trading 212) charged…
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Lower Earning Savings Rate - Help to get it right please x
Hello I hope you can help me understand this correctly. I do not work and have a pension which with an increase this month pays me £1351.73 a month. I pay 20% tax before I get this - I have no other income and don't pay NI insurance. Am I entitled to any amount of the Lower Earnings Rate for Savers against any interest I…
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Cancelled Marriage Tax Too Late - Will I get a bill?
Hi, For the past few years my wife and I have been using the marriage tax allowance, while she was studying. Last year, I tried to cancel this after the new tax year started, as she had started work. Only then did I find out that you can't cancel it during the year, and the tax code continues until the next tax year. So…
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Annual Tax free Gift Allowance for 2 parents
Hi all Can one parent gift on behalf of the other in relation to annual tax free limits? Each person has a £3000 annual allowance (ignoring the £250 small gifts) For 2 parents, this would be £6000. But if one spouse is the "dominant partner" when it comes to financial affairs, is it ok for all gifts to come from their…
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Saving Inheritance Tax
In inheritance tax, how does the £325k/£175k money/property work with an elderly couple with 2 adult children, one living and will always live at home in the above property until after our deaths. Is this a simple procedure that a solicitor would cover in preparing our wills. On an estimate of a £700k property, and…
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Capital gains tax / inherited property
Looking for some advice please . If I am liable for capital gains tax on an inherited property, would this be requiring the help of an accountant or is it a straightforward thing I could do myself . I also would like some advice re: the date of death valuation which is used for the calculation as this has been set…
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APC's into the LGPS
in 2023/24 my taxable income after deducting my personal allowance was £85,919. I made an APC of £40,000 into the LGPS. What is my tax for 23/24.
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My Latest P55 Claim Issues
HiRecently I completed a P55 as I do at this time every year, in order to claim back the overpaid tax taken when I flexibly drawdown from my private Sipp pension as a lump sum.I always make sure I stay below my tax threshold, to avoid paying Tax. My drawdown, together with my other private pension, is total of £13,500My…
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How do dividends affect the rate bands for a chargeable gain on a bond
This is related to the helpful forum thread Do dividends impact the starting rate for savings Can anyone explain the rules for using the zero-rate Starting Rate for Savings (SRS) and Personal Savings Allowance (PSA) bands for a chargeable gain when there is also dividend income? My interest in this is mostly curiosity - my…
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Capital Gains Tax / Stamp Duty
Hi All, Appologies if I'm posting in the wrong place, but could anyone help me with a query. I own a house which I'm renting out currently, I live with parents. I'm thinking of buying another house that is a wreck and I want to do it up and then sell it for a profit hopefully. I'll live in it whilst its being done up. If…
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IHT Forms - not submitted
Hi there, I am a trustee of a small discretionary trust that was set up when my father passed away. We have just distributed funds to beneficiaries and I have completed an IHT 100C form. My concern is that when completing this form I realised that we should have potentially completed forms for a previous distribution pre…
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Taxation on Investment Bonds held in trust
Hi All, I'm trying to understand the best course of action for family wealth planning. There's four investment bonds held in trust (I'm unsure if this is an absolute or discretionary trust). Set up a long time ago by my mother who is thankfully still with us and in good health. Trustees: Mother and Sister Beneficiaries: Me…
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Taxation of benefit in kind
I am a 20% income tax payer and my employer has offered me a benefit in kind with a value of £100. Does that mean that I will end up paying £20 of additional tax on the benefit?
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A definitive answer to family giving you money
I get mixed answers online so wondered if someone could answer this question. My mother has been helping me financially to cover debt payments due to my disability. These are gifts just voluntarily given and are in no way as payment for anything. Do these have to be counted for tax purposes? Some places say family given…
