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Inheritance Tax - Gifts from Income and Small Gifts exemption
As my wife and I get older and expect to be hit by IHT, I have been
setting out to maximise the amounts I can legitimately give to our
family within the IHT gift exemptions. I have made full use of the
Annual Exemptions (£3,000 per donor pa) and Small Gift exemptions
(£250 to any number of individuals pa) plus, when…
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CGT on sale of rented property
Farther in Law is in care, he has used all his capital, but still has a property that is rented out. The tenant has been given notice that the property will have to go up for sale in the summer. In the mean time the family has been contributing to FiL care costs. Could these contributions be claimed back from the house…
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Tax Code change and savings interest
Hi, another question regarding interest on savings. Last tax year I started withdrawing from my SIPP with monthly UFPLS. I was issued a full tax code 1257L, therefore I paid no tax each month. Today my tax code has been changed to 1042L, therefore an allowance of £10420. I understand this is due to savings interest (no tax…
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Canceling married tax allowance oddness
I am somewhat confused as to how HMRC handled cancelling married tax allowance. Last tax year I called the HMRC and told them I want to cancel the transfer at the end of the tax year, surprisingly they made the change instantly and our tax codes changed. So I went online and re-instated it. As the new tax year starts today…
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How to get round 60% tax issue
I am going to be earning 103k (gross salary + car allowance). On top of this each year I will get a bonus maybe 15k-18k on top of the 103k. I am aware even going to 103k will cost me 60% tax. How much should I salary sacrifice into pension bearing in mind I have to take account of bonus too. Should I keep salary to 99k? If…
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Gift Aid on charity shop donations & tax
Hi, I always Gift Aid my donations to my local charity shop and once in a while, I get a statement that tells me how much they sold the items that I donated for. If I make a cash donation to a charity, I can mark it as a "Gift Aid payment made" on my self-assessment return. Can I do anything similar with my donations of…
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Tax numpty question
Morning all. As someone who has never had to complete any self assessment and has basically relied on my employer, any banks and HMRC to get things right between them (no judgement please), I have had an HMRC letter telling me I have underpaid my tax for the tax year 23 - 24 by £141 I have no clue why and the explanatory…
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Advice for an NHS worker who has never claimed relief on uniform/wfh/car?
Any advice would be appreciated with regard to my wife's circumstances. She has worked for the NHS as a dietician for many years, and has never claimed tax relief on anything that she is most likely entitled to, e.g. professional subscriptions like the BDA My basic understanding is that she can claim a rebate (until…
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Gifts
My wife wants to sell a house her father left her in2015.she has been renting it to her daughter. 1.can she gift money from the sale to her 2 daughters without them being penalised. 2 would she have to pay capital gains on any of money she got from sale.
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HMRC return 23/24
Another self assessment done. Now to nervously wait for the next couple of weeks. Judging by last years bank holiday involvement, we could be looking as early as 18-19th April this year.
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Should I cancel marriage allowance?
Have been giving spouse the marriage allowance for a few years. Now my income from state pension and small private pension is over my Personal Allowance of £11310 (12570 - 1260). I also previously benefited from the full £5000 Starting Rate for Savings plus the Personal Savings Allowance of £1000. Since I am over my…
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online marriage allowance claim confusion
I have manged to go online to make a claim fro present tax year 2024/25. However I only wanted to claim this year and not backdate. There was no option. I did not want to claim for backdated years. Will this be an issue or is it just how it works online. I managed to do this prior to the cut off for 2024/25. I also managed…
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SIPP contributions to get lower rate tax
With income of £88k and bank interest of £1.5k, I would like if possible to reduce my tax band to lower rate. My tired brain is struggling so could anyone help me in calculating what SIPP contributions would be needed to facilitate this?
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TAX on Medical Insurance - is this right?
I've tried to research thus but to no avail. My work offered me personal medical cover (2 years running now) . It costs the company around £2000 to £2200 a year. I was told that I pay the tax on this. Just got my tax code notice for this year and it says Personal allowance 12570 Less medical insurance 2152 Is that correct?…
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Can't access HMRC personal account for about a year now!
Looking for advice. About a year ago I received a letter from HMRC saying my tax code has changed. In that letter I had two employers, my correct one, and some other I didn'#t recognise. I rang HMRC and after a lot of to and from they said I was subject to fraud, someone was using my details and they'd lock my account and…
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Foreign Life Insurance - Tax for Beneficiary
Hi All, I am French, UK
fiscal resident since 2020, and beneficiary of a life insurance policy opened
by my grandmother in 2007 in France (with a French bank). My grandmother was a
French fiscal resident. I am not too sure what is the exact UK tax terminology
for this insurance so I will try to describe it but please let…
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Updating current year untaxed interest
Following the guidance on the first page of this thread https://forums.moneysavingexpert.com/discussion/6584331/hmrc-over-estimate-of-untaxed-interest/p1 I have attempted to update my untaxed interest figure for 2024/5. In my Personal Tax Account I've gone to Pay As You Earn then Check Current Tax Year. On that page I…
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Working From Home Tax Relief - claiming extra?
Has anyone had any joy in claiming above and beyond the basic flat rate of tax relief (£6 week) for home workers I've read https://www.gov.uk/hmrc-internal-manuals/employment-income-manual/eim32815 and it is still pretty vague when it says "Employees who wish to deduct more than £6 per week/£26 per month will be expected…
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Capital allowances balancing charge
If you claim capital allowances, but have a private use element (taken into account when the capital allowances were claimed), what happens when you sell an item? For example if you have an asset which cost £100 and claim £100 capital allowances less £20 private use - your pool shows £0. But then you sell the asset for £50…
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Income tax on inheritance
This is not a question about inheritance tax itself, but rather income tax payable by the recipient of the inheritance. I'm assuming that the recipient is not the spouce or civil partner of the deceased, and that they died aged 75 or above. I'm aware that things may change at the budget or thereafter, but the situation now…
