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CGT and Deed of Trust
Hi - my wife and I married in 2008 and I went to live in her property and we rented out my flat. In 2017 I set up a deed of trust giving her 99:1 interest in the property as she wasn't working and the rental income was offset against her allowances. Now we are 73 & 63 we want to sell the flat. For purposes of CGT will the…
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Job bonus to push me into higher rate tax band
Hi. I will be getting a bonus soon from my employer. I have savings interest that gets me to just below the higher rate tax threshold of £50270. Bonus will push me into higher rate tax band. What is the best way to reduce/avoid tax on this. I was thinking just get the company to directly pay this into my work pension…
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Self Assessment - Not sure why it is saying my Dad owes Tax
Question of tax returns. I have been doing
self assessment forms for my parents for the 1st time,
they have very simple incomes, state pension, private pension and
interest from savings and a tiny amount of shares in non isa
holdings. They are both well
within the 20% income tax band. The reason for the
self assessment…
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Higher rate tax payer
My father (90s) has found himself in the bizarre situation of becoming a higher rate tax payer because of his pensions. He has a military pension and a teachers pension, as well as his OAP so not anything wild or outlandish. He never came near being a higher rate tax payer when working. He is well aware of how fortunate he…
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Tax Question Cashing In Private Pension
A Pensioner can take £2234.45 lump sum as one off payment from private pension by 29th Oct 24. This is taxable but will they get taxed on remainder of state pension this tax year as takes over taxable limit? Thank you in advance for any replies ;-)
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Do banks tell HMRC about interest earned?
I’m retired and pay basic tax on my occupational pension . I have saved my 130k lump sum in a couple of higher interest banks and also have 2 ISAs.Both banks have my NI number and have paid me interest. Taxman hasn’t been in touch. About this yet . Will they contact me or do I contact them with my interest statements.…
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Pension Sharing order arrears of pension
I was awarded a pension sharing order from my former spouse dating back to October 2023. I was recently paid the arrears in pension payment dating back to October 2023. HMRC taxed me assuming that this income was all earned during this tax year. Am I entitled to utilise my unused tax allowance for 2022/33 against a part of…
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Tax increase when withdrawing from private pension
I'm thinking of closing my private pension, withdrawing all the money and putting it into an ISA before the new government increases the rate to 40% as it seems they are going to. I will loose money to tax but at 20% and not 40%. Can anyone see any drawbacks to this?
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CGT and property
I'm been doing some reading and over thinking this now and confusing myself so can someone please tell me straight. We are putting our home on the market next year and expecting it to sell quicker then us finding a new house. Where we are moving to there are not that many properties that come up and when they do they go…
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Tax whilst working in the US/other
I'll shortly be working overseas on a rotational basis, for a US company who will be paying me in USD into a US bank account (that they are setting up). I will be looking to transfer most (if not all) of the money across to a UK bank account to pay bills etc whilst I am away and am concerned about tax implications. Will I…
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Capital gains tax, private residence relief on sale of rented property that has been main residence
I'm trying to work out my capital gains tax liability on the recent sale of my second property, the information I have found is contradictory, it's possible the rules changed in 2020? My question is, am I able to claim private residence relief, or some version of it on the sale of my second property which I've owned for 21…
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Personal Allowance/Adjustment to Rate Band Query
I retired on 31st July 2024 having essentially been in the same job for the whole of my career. In retirement I will however receive pension from two sources as a result of a company merger that took place a few years ago. On retirement as well as tax free lump sums I took a one off taxable lump sum of £15,145.04. I…
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New EV through LTD co in practice?
Hoping for a bit of advice/guidance specifically around the practicalities of buying a new EV through a LTD company. I’ve read around this but can’t see an actual worked example. NHS doctor with private practice. I am contemplating setting up a LTD company for private work mainly to try to reduce pension AA charges. I do…
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Reducing tax via pension when pay rise plus rental income results in higher rate tax
I am currently pay basic rate tax on my income which comes from work as an employee plus income from a rental property. I pay into a work salary sacrifice pension scheme. My salary will be increasing and so that I am just under the 40% tax band however the rental income with push me into 40%. I am not sure if I will go…
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Static caravan income
Dear Forum Just before lockdown I purchased a static caravan. To help with the site fees c£4,400 pa I let it out for short periods through Air BnB. I also use the caravan myself during the year. As the income I have received falls well short of the running costs, site fees, maintenance and repairs, utility costs, cleaning…
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Non-resident (12 years). CGT on mutual funds with uk broker?
Hi all. I'm hoping for a quick but of help. I have lived abroad for 7 years and am non-resident for UK tax. I have some mutual funds with a UK broker. As far as I’m aware, a non-resident would not pay tax (in the UK) on these if sold: HMRC says… You do not pay Capital Gains Tax on other UK assets, for example shares in UK…
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cgt on trading 212 free shares
If i receive a free fractional share from Trading 212, then sell it.......is the total amount received classed as capital gain?
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Inheritance Tax on Classic Cars
Hello, I was wondering about the most efficient way to pass on a classic car. Anything to do with the seven year rule won't work at this stage. Would selling the car to a family member work? Thanks in advance.
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Student Loan Repayment & Pension income
Hi, I have query about private pension income being considered as "Income" for calculating student loan payments? I understood, it was NOT because under regulations 41 and 45(1) of the Education (Student Support)(Repayment) Regulations 2009 (as amended), student loan deductions are taken from any income subject to…
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Adjusted Net income
Apologies as this has been done to death I’m sure but here I am…another confused person trying to figure out if eligible for the free childcare hours so needing adjusted net income to be under £100k For FY22/23 my details were as follows: Taxable income before personal allowance : £99,585 this is my only income Gift aid: I…
