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Interest / Tax - Prudential Bond payment after death
Howdo, Just before I make some
calls to HMRC.... My Mum who passed away
last year had a Bond with Prudential and with Probate granted a claim
was made for this to be paid. In addition to the value given when my Mum passed there has been an Interest payment added to the payment made to the Executors with Income Tax at the…
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Overseas land CGT question
Hi, I am a UK resident and have inherited some land overseas and the inheritance tax has all been paid overseas. I am looking to sell the land and wanted to know whether once the proceeds come into my UK bank account, whether I would be subject to further tax in the UK? In these cases, is it best to seek professional…
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Pension + earnings - reduce to below higher tax band
Good morning Not sure whether this is best in pensions or here so I’ll start here I’m in the lucky position that at 55 later this year I can draw my final salary/DB pension from my career long employer (£200k TFLS + £30k pa) Since leaving last year I’ve secured a job ticking all my boxes for the next few years (shifts,…
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Tax Refund Cheque Reissue Delay
Hello!, and hope this is the right place. At the end of January I phoned HMRC to reissue a tax refund cheque as I'd completely forgotten about the original and it was way past the 6 month cheque limit.Lovely lady helped me and said it would take 6 weeks which is also what it says on the government website, although on the…
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HMRC Estimated Earnings Incorrect for Pension Pay Out
Hi, HMRC have made an data entry error on my 2024/2025 Tax Account. Instead on putting the full amount of payout as a one off annual, they inputted it as a monthly amount. Now this year 2025/2026 estimated earnings are stating £134,000 which puts me in the 45% tax bracket. So when I queried this amount with HMRC today,…
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Inheritance Tax Allowances and NRB transfer
Would welcome clarification on NRB and transferable NRB. My Mum and Dad owned a their home together (my Dad passed away in 1987). My understanding is that my Dad’s NRB allowance wasn’t used so this can be transferred when Mum passes. The NRB in 1987 was £71,000 . As Mum is still in the same home, would IHT allowances work…
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Claiming tax back from Management Share Option proceeds paid into an AVC
I have some outstanding MSOs from my former employer. I left due to retirement so under the rules of the scheme I am still allowed to exercise these options within 6 months of leaving. The tax advantaged options seem straightforward enough and I will exercise these and pay any CGT due through SA. However, I'm not so sure…
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Advise on managing a Discretionary Trust
Hello, I'd be grateful for any advice. I am the executor of my father's will as well as one of the Trustees for a discretionary Trust set up for my brother. (I am also a beneficiary of 50 % not via a Trust). I have been granted probate some time ago and since then have managed the property which makes up the whole of the…
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Hmrc app and tax summary
I’m a bit confused looking at my Paye tax summary for 25/26 … it has my 2 pensions showing the estimated income, but it also shows £669 for savings and investments which reduces my personal allowance to 11901. I can’t find anywhere to see where the figure of £669 has come from. I was also under the impression that we have…
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Advise would be gratefully received to help my Grandson self employed on CIS Complete Tax Return
My Grandson has been self employed in the tax year 2024/25 he is a subcontracting electrician in the construction industry. He has had tax deducted under the CIS scheme. Please can anyone advise what allowable expenses he can claim? Would it be worth paying an accountant to complete the return? Any idea what they are…
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CGT Liability on BTL Property
We (wife and myself) have recently sold one of our BTL
properties and have a query around GCT liability. Our net gain since buying the
property in 2008 is approx £72k. We bought the property with a joint tenancy arrangement between
myself and my wife but in 2017 changed the ownership ratio to tenants in common
with a 90/10…
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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.
