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Inheritance tax interest
Hi all We'll be making our 2nd IHT instalment at the end of March. Then, hopefully by the end of April(ish) the house sale will go through and we'll be able to pay off the remaining £150kish. My question is about how the interest is applied. We'll be paying around £15k interest on top of the instalment amount in March,…
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Cutting tax ahead of end 25/26 tax year - check calcs
Hi all, I would just like a sense check of my calcs please. I've laid these out in the same way as the self-assessment calculation. Pay from all employments £ 53,100.00 Interest from UK banks, building societies and securities etc £0.00 Dividends from UK companies £ 11,344.80 Total income received £ 64,444.80…
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Tax free child care - change in circumstances
Some advice please I 'claim' tax free child care to pay for breakfast and after school clubs for my kids. I do the quarterly reassessment as required, last completed in Jan Due to an unexpectedly large bonus due to be paid March this year my 25/26 income will be 100K+ …… each time i filled in the declarations i was honest…
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Tax on savings and pension drawdown
I will have received about £8k in savings interest in the 2025-26 tax year. I am not getting state pension just yet and have no other income. I have already taken my tax-free lump sum from my pension. I need to decide how much to draw down from my crystallised private pension pot in this tax year, before 5th April. I know…
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Inheritance Tax
My mother has inherited £450,000, but wants to gift the money (after a house sell) to my sister and myself. Is there any reason to pursue to cut the IHT due or is it like death, Inevitable….
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Milage rates applicable for a private and company car
I have received conflicting guidance and would be grateful for advice. Current situation: - I get paid a car allowance from my work (in addition to my salary) and this is taxed. - I use my privately owned car for travel demanded of by my job (I’m not including commuting to my place of work in this). - It is an electric car…
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Ignorant question about savings interest and tax returns
Having always worked in the public sector, for a modest salary, I have never done a tax return in my life until very recently, when it became necessary due to becoming an accidental landlord. Most of my income is occupational pension taxed at source. If I have money in savings accounts on which I earn interest, am I…
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Scottish Widows Personal Investment plan - gifted by late father, tax implications?
Hello, I hope somebody can help with this. My father transferred a Scottish Widows PIP (Balanced Growth Life policy) into my name shortly before he passed away in October 2025 - the value was approx £75k at the time and is now valued at £77.7k. When my father transferred this to me, it was to be split 50/50 with my…
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How To Claim Backdated Marriage Allowance
How to claim my backdated Marriage Allowance for previous tax years which I did not receive? I would like to know how to contact HMRC to receive my backdated Marriage Allowance which is sitting in my account for many years, Please. Thank You For Your Help!
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Self-employed & taking a break from work - do I tell HMRC?
Hi all I cannot find a definitive answer to this in google, so I thought this forum might help. (No idea which category to use, sorry, so I used the closest one.) I am 59 and a self-employed sole trader. Due to health and other reasons, I slowed down my work last year and have not worked at all since October 2025. Living…
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Ad-hoc manual pension contributions to workplace pension and tax relief
Not sure if this should be in this section or the pensions section as it kind of overlaps a bit so feel free to move if it is in the wrong place. I want to max out my pension contributions for this tax year (2025-26) however the problem I have is I get a bonus at the end of March and my bonus amount won't be known until…
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How to reduce tax as much possible on rental income abroad?
Hello, I am UK resident but I have rental income from abroad, exactly Malta. I earn 15.700 GBP a year (more or less). According to the Maltese Law, I can choose to pay flat rate 15 % on rental income in Malta. But then, is there anyway to reduce what I will have to pay to the UK tax? I am self employed. As far as I know,…
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Is RNRB tapering calculated before or after gifts to charity?
I asked ChatCPT whether gifts in wills to charity are taken into account for assessing the net estate for RNRB purposes. Say, including a late spouse’s allowance, you leave £2.7m of assets and gift £700k to charity. Does your estate receive all or none of the RNRB? I got two contradictory answers - see below - and was…
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Gift Aid on memberships
In certain cases a charity is able to reclaim at least some tax on membership subscriptions, even though part of the membership fee gives some benefit to the subscriber. Possibly the best known case is the National Trust. But it also applies to much smaller charities such as the choir in which I sing. Where the subscriber…
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SA and Simple Assessment interaction
I submitted a Self Assessment for 2024/25 on 24 January 2026 (I’m not normally in SA but filed to ensure correct figures after the Zopa reporting error involving ISA interest). Despite this, HMRC issued a Simple Assessment on 10 February 2026 based on the incorrect Zopa data. It’s showing on my account with a 16 May…
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Is Capital Gains Tax due on a property I've occupied?
Hi all, I'm brand new to property letting and all the tax complications that go with it. I bought a property in 2019 and lived in it until summer 2025. I then relocated for work and am currently renting until I decide where I want to buy. Meanwhile I'm renting out the property I own. Firstly, I'm struggling to work out how…
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Simple? income tax circumstances
I thought I'd try to get an idea about how much tax I'll have to pay this year (2025/6). So I asked three AIs and got three wildly different answers, none of which seemed correct. I have only three income streams: £12k pension income, £18k dividends and £20k interest. (The numbers are rounded up, not least because the…
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Tax codes & UFPLS - how do they work?
Hi I'm currently taking two pensions. One has tax code 1257L and the other a tax code of BR I plan to take £24k from my SIPP this financial year, by means of one or many UFPLS. Looking at ii's set up I will be charged emergency tax on at least the first payment so I'm reluctant to make a single large withdrawal (on the…
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Chargeable gain event - reporting to HMRC
Can anyone help? I will have a chargeable gain event soon when I cash in an inherited bond, by using top-slicing this will NOT take me above the basic rate tax threshold so according to a financial advisor there will be no tax to pay. The financial advisor says no need to report to HMRC via self-assessment (I have never…
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HMRC savings interest estimation
Does anyone know how HMRC estimates the amount of savings interest that will be earned in the next tax year? They finally finished totalling my interest for 2024/5 in January (approx. £8100) and this month they have calculated what they believe my interest for 2025/6 will be (approx £7000). Although I've still got a few…
