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CGT liability on American ShareSave shareholding
I have approximately £78000 in Wal-Mart shares, acquired in several tranches through to September 2015, plus the re-investment of dividends. How do I value these for CGT purposes?
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Capital gain -other income
I have had a capital gain this year so need to submit a capital gain return soon. However I don’t know what my other income will be for the year so am not sure whether the gain will be taxed at 18% or 28%. Is it better to overpay the tax and just claim it back when the 2026 return goes in?
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Trying to understand effect of SIPP contributions
I know this may have been covered in previous threads but can someone check i am not totally misunderstanding how SIPP contributions effect total taxable income. 2023/2024 tax year my total income including saving interest dividends and salary was 50980, i also made a £2000 net SIPP contribution £2500 gross. Would this…
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Situation and what options
Homeowner with mortgage and approx 70k in savings Salary 105k plus a 5k bonus (don't always get it) Put 15k into a pension and 20k into ISA For years haven't bothered to try to reduce what income tax/N.I. is paid over the year but never been so unhappy about the way the country is run and where the money is going so…
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Gifts out of regular income ending
If I were to gift £30k out of my surplus income once every year and I did this for say 5 years running and then year 6 I couldn't afford to do it anymore due to a change of circumstances would the previous 5 years be disallowed or would the £30k pa still be exempt from IHT
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IHT Taper relief
AIUI from threads I have read on here, that taper relief only applies to gifts that exceed your nil rate band. So for example if you give away £300k and die after 6 years and 11 months, the whole £300k is counted back into the estate, as taper relief does not apply. However in the past month I have read four separate…
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Do I need to declare every gift my father made, for Inheritance Tax
Hi all, I am currently sorting the IHT for my father's estate. As part of the IHT400 form, I am completing the Schedule IHT403 (Gifts, etc). My father was fortunate enough to be able to regularly gift money to his sons, and grandsons (although this was paid into his daughter-in-law's accounts first, before being tranferred…
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Multiple incomes: tax code allocation
I have four income streams. Three are DB pensions, so pay monthly. One is a SIPP, which I draw as needed. Typically late in the tax year. HMRC have allocated the tax codes, such that the bulk of the tax comes from the DB pensions. It would suit me better for the bulk of the tax to come out of my SIPP drawdown. Is there any…
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What is Child Trust Fund
Is it a savings account which people have to pay in their own money and savings tax? Or any funds from government?
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Self-assessment - dividends and Capital distributions questions
I have just received my consolidated tax certificate from a unit trust.The Dividend columns are Dividend, equalisation and amount reinvested - do I put the dividend amount in the SA? And the Capital distributions - where do I put this figure? Thanks in advance
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Company shares questions
Hello, Been reading other similar posts to this but need some clarification as I have never sold any shares. My company lets me put up to 150 per month pre tax and NI into their shares. I also get one free for every 4? Or 5?, I need to check that. If I keep the shares more than 5 years I pay no Tax if sell them but I would…
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Self assessment moving to default cash basis - should I elect to remain on accrual basis?
Hello helpful forumites, I hope some of you might be able to shed a little light/give me some advice here. This week I thought I'd get stuck into this early and get my 2024-25 self assessment tax return submitted. I had collected my earnings and expenses figures together and was partway through when I noticed the statement…
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Paying income tax on company shares - not liable for CGT?
Hi, The company I work for has given me free shares a couple of times over the years. Not paid a penny for them. The company has now been acquired, and I will be receiving £14,220 in my next payslip. The company has told me that "Because of the nature of the option scheme, it has to be taxed as income through payroll,…
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Uber Eats delivery drivers and tax
Hi, I want to check my understanding of the position is correct. My 21 year old son and his friend have minimum wage PAYE jobs but aren't getting enough shifts. So both have signed up with UE. I thought I'd check the tax situation as both are pretty naive when it comes to finances and thought either no tax or UE or HMRC…
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Personal Savings Allowance and tax thresholds
Hi Got a question about savings interest that pushes me into the higher rate bracket. Last year I used salary sacrifice to bring all my income from my job into basic rate. My gross income was £50264 I also got £323 of interest from savings. How is my income taxed? i.e. what should I be paying. Various sources are saying I…
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Old tax calculation
Hello! This query relates to a tax calculation (for my wife) from 2017/18 so I guess the first question is is that too long ago to be able to be put right (if it is indeed wrong).. see below. She received a tax calculation statement dated 4 February 2019 saying she owed £84.80 additional tax for 2017/18, including a…
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Importing Building Material from Spain
Hi, we are building our extension, my husband is doing most of the work. Previously we have imported tiles and materials direct from Spain, as it becomes way more cost effective, but this was prior to Brexit. We want to import 10 pallets from Spain, mainly tiles. All products are EU manufactured. The transport companies…
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Self assessment - underpaid tax questions
I am completing Self Assessment for 2024/25 tax year and am struggling to answer the questions on underpaid tax.This is the first time I've used SA and am doing it because my actual savings income in 2024/25 exceeded £10k. In Jan 2025 I received a P800 saying I owed £244.40 from Tax year 2023/24. This was due to exceeding…
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Inheriting house
Hello My husband has passed away very recently. Although he had been ill, we were told we had 2 or 3 years left. Sadly, he died within weeks. He left a will leaving everything to me. I believe that means this is an "excepted estate" and I don't have to get everything valued before Probate, nor will I have to pay…
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Does my bank report my savings to the HMRC?...
Apologies if this is an obvious question/answer to some, however does my bank report my savings to the HMRC? and if so, then why do I need to declare interest on savings on my self assessment return?
