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CGT calculation on GOV.UK
I have an investment portfolio that made a capital gain of £6142 in 24/25, I had losses totalling £10350 in the two previous years, all reported on my SA return. I have completed (3 weeks ago) my SA for 24/25 and carried forward losses from the previous years to set against the £3142 that would have otherwise been liable…
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How to handle Tax Returns for Foreign Asset sale proceeds spanning two tax years
I sold a foreign property in the 2024/25 tax year and will need to declare this in my annual self assessment return. The total agreed sale amount would produce a CGT liability. However the payment schedule was staged with the final payment not due for 12 months (i.e. in the 2025/26 tax year). I need to understand how to…
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HMRC sending 4 MILLION income tax refund letters – how to tell if yours is genuine
The tax office is sending around 4 million income tax refund letters between June and August. But with scammers commonly posing as HMRC, we talk you through the steps you should take to make sure your letter is genuine, and how to claim any money you’re owed. Read the full story: HMRC sending 4 MILLION income tax refund…
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GIA transfer to GIA and how "In-Specie" works?
I've been reviewing my messy GIAs reference filling out self assessment tax form and it's confusing, but think I'm getting there. However to reduce hassle ongoing, I'm looking to transfer one GIA provider in to my GIA platform. I can easily find any great information on how my CGT calculations are handled. My plan is to…
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59L tax code
Hi all, just started reduced hours and also collected my first state pension - I've been put on 59L W1M1 tax code - no idea whether this is long term or if I need to provide any info to HMRC - any help would be welcome thank you PS added this to Cutting Tax as I couldn't find another category to match
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40% Bracket
Hi, My tax code changed to 1193L, my question is do I pay 20% tax from £11,930 - £37,700 & therefore 40% tax threshold kicks in from £49,630 or do I pay 20% tax from £11,930 - £38,340 & 40% tax threshold remains at £50,270 - Please can someone clarify, thankyou in advance
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Granny annexe tax
My mother died before we completed building a separate dwelling granny annexe for her. We are still to put in a kitchen and bathroom in it. If we do put a kitchen and bathroom in it, would we be charged 2 separate council taxes? Or we were thinking not to put a kitchen in it, and have it as a games/gym room with a bedroom…
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Property in a Business
I am looking to retire in the next 3 years and own the building that the business is located. Is there anything I should do to avoid paying Capital Gains or not as much Capital Gain
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A simple guide for CGT liability on GIA please?
Hi all. I'm a slow learner, so please be kind as it appears CGT is simple to understand. I've searched around looking for a dummies guide, but can't find one. A few examples in my head and say 3K is the limit now. I put 100K in a GIA and buy 4 different units 25K each. In 4 years time GIA is say 140K Units value is 50, 50,…
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IHT403
my husband has started
to give a way some money to are daughter from earnings so no inheratance tax we have savings held for
some years we what to spend some of this on a new kitchen how do we with draw savings
and not include it in expenditure
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Income tax or capital gains tax
I am filling in my tax return and I have used Koinly tax software for my cryptocurrency disposals. It has worked out the number of disposals, disposal proceeds, allowable costs, gains in the year before losses and losses in the year and the amount of CGT due. There is also an "other gains" section with £280 profit.…
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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?
