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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…
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HMRC over estimate of untaxed interest
I’ve just received notification of a change in tax code for the current year, due to their estimate of untaxed interest. There is also a small amount of tax to pay from the previous tax year. My issue is that their estimate is way over the interest earned this year (mainly due to me using my ISA allowance and a reduction…
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Help needed - have I made a big mess?
Back in November my mum needed some minor repairs to her house and replace some white goods. She's on a state pension so I suggested I could sell a few things on her ebay account. We started doing this and sold about 2ks worth of used stuff. During this time I found a good deal on a mobile which I purchased and sold that…
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Tax implications on futures trading
Hi everyone, Thanks in advance to everyone who will post a constructive and helpful answer to this post. I am looking at becoming a full-time futures trader within the next 18-24 months. Only following a rigorous process of simulation and risk- management. Could anyone tell me how I can be as tax efficient as possible? I…
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Does my wife need to register for self assessment?
My wifes only income is state pension and savings interest. I pay 40% tax so all savings are in my wifes name. Increased savings and increased interest rates have pushed my wife to the level she needs to pay a bit of tax for 24/25, this is after 5K and 1K allowance. We have been building up ISA pots, so 24/25 will be a one…
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APR on purchased land
My uncle just left me some land in his will. He bought it in 1994 and rented it out under a farm business tenancy in 1998 to a tenant who is still farming it today. There was an earlier tenant between 1994 and 1998. My uncle was a farmer before he retired but he never farmed this particular piece of land himself. Does this…
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CGT/IHT Implications of Mother Transferring House into Joint Names with Son (both live at the house)
My mother and I recently saw a solicitor for IHT advice and the solicitor advised my mother to transfer either all or 50% of the house we both live in to me (so we would be joint tenants or tenants in common) in order to protect me from potential care home fees and IHT, should the IHT nil band threshold be reduced in the…
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Request payment fault on hmrc tax returns?
Not sure if im the only one having this problem, but i submitted my tax return on 7th April, well my accountant did, normally a day or two later it changes its status to bank payment pending, however this year every 48 hours it asks me to request the payment. My accountant said try and enter my bank details and request it,…
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Paid too much national insurance?
Hi there, I’m new to the forum and looking for advice. I had a letter last week to say I might’ve paid too much NI in 23/24. As I had more than one job. I have a full time job where my tax free allowance etc goes and I pay NI. In my spare time I play sport and get paid in a payment at the end of the season. I have always…
