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Another Capital Gains Tax Question!
Hi, I'm in Scotland if that makes a difference. I inherited my parents house after my mum passed away earlier this year and this is now my and my partner's primary residence. We moved in with her 2 years ago to become her full time carers.. Her total estate was below the IHT Threshold and all matters in her estate have now…
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BIK calculation
Hi I'm wondering if anyone can help RE a query I have with BIK calculation for a staff mortgage product. I'm a 40% tax payer, mortgage amount would be £363,000 2 year fixed at 4.19% trying to work out additional tax implications if anyone can help would be greatly appreciated as the calculator that supports the application…
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Tax efficient way to receive gifted money for home deposit
Hiya, Luckily I have grandparents who are happy to help with our first house deposit. It looks like the money will need to be "gifted" rather than a "loan", not to effect our mortgage in principle. The money to be gifted is a lot more than the £3,000 allowed anually. Sadly my grandparents are getting towards 90 now and…
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CANADA IMPORT TAX / gift to son on student visa
Hi, hope this is the correct area to post, grateful for any advice. We have just sent our son a watch for his 21st birthday. It cost £1000 and was sent direct from retailer. DHL have now emailed to say we owe over £100 equivalent in Canadian dollars in import tax. Son is there working as a language assistant as part of his…
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IHT or CGT or both??
SUMMARY: I paid IHT due on an estate, which included a house valued at £500k. Subsequently, the actual sale price of the house was £535k. Do I need to pay tax on the difference and, if so, is it IHT or CGT? DETAILS: I was granted letters of administration last year to deal with the estate of my late uncle. In order to…
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Trading 212 interest on qmmf's taxation query
On Trading 212 i have a small holding in the Invest account and have enabled interest so my cash can be invested in QMMF's.Some times 100% of the cash is allocated to QMMF's whereas others is split up between banks and QMMF.The interest earned on the QMMF would be declared on tax return as foreign interest as the qmmf is…
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Pension Contribution in the "60% tax trap"- impact to Tax calc
Evening all, I'm hoping someone has experience of this, given the coverage in other threads, I made a £2k pension contribution last tax year, guessing how much I was paid over £100k to try and bring me back down. However I had more savings interest than expected with the rate rises. This means I still remained over the…
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Tax/pension advice - who can I get to advise?
Hi, I would appreciate any advice anyone can provide.. We are in the very fortunate position that my husband's salary may soon creep over 100k. We have 3 young children so benefit from funded hours/tax free childcare . I have tried to work out what we need to do to calculate his adjusted net income and believe we can make…
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Trusts to pass on £ to kids, minimising IHT.
Hi all, With pensions falling within your estate now. Are trusts a tax/IHT efficient way to pass on £ to kids if you stay within the threshold every 7years? I know that may also be a decade-ly charge but it sounds minimal compared to IHT.Thanks in advance. M
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Taxes on systematic trading
Hey, I am a software engineer and I have built a trading bot that sells / buys crypto products quite rapidly and frequently. I recently learned this might be considered "trading" and earnings might be taxed at income rate instead of CGT rate. This is on track to produce > 200K GBP a year. I currently have no other…
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tax
I what to live my house to my daughter with a revise that it
then passes to surviving grandchildren dose this course a tax problem they are
6 grand children at this time 4 children to daughter house is being left to and
2 of her sisters
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Receipts and costs for eBay reselling
Hi, I've had a good search but can't find the answer. I'm currently employed earning exactly £52k so anything else I earn will be taxed at 40% (unless I'm contribute to pension etc). I've recently started a side business (very informally, buying on Facebook marketplace/car boots and reselling on eBay). I've only been doing…
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Unsure if I have overpaid tax
Hi all, Basically I have received a tax bill bill from the tax office stating I have underpaid. I receive a drawdown to pay my mortgage at a rate off £1250 a month this includes £250 tax at 20% So last year I took out an extra £5000 this also included £1000 tax at 20%. This equates too £20,000 for the year less the £4,000…
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CGT, Split-year treatment and moving abroad
Hi, I'm EU national, been living and working in the UK since 2020. In the current tax year I had Capital gain of over £3000 by selling stocks. I'm leaving UK next month, with no intent of coming back in the future. My question is. If I don't come back to UK in next 5 years, am I still liable to pay CGT before I leave UK?…
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Does bank interest gets added to your income which dictates your tax bracket and PA?
Hi everyone, Are these scenarios correct or not: Scenario 1: Your income from employment is £100,000, and you've received £500 interest from saving accounts. You're not paying tax on the £500 interest because that's still within the PSA for a higher rate earner. However, the £500 is also seen as income, so your total…
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Sealed Product Investing Tax
Buying sealed products as an investment seems to have become popular over the last few years with lots of people talking about it on Youtube. The first I heard of this was over 10 years ago when I read somewhere that if you had kept a certain Lego box sealed, it could grow in value on average 9% per year as an example. I…
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Selling Main Residence & BTL
My brother has BTL property he has never lived in. He is selling the house he has lived in (Main Residence) and buying another house be his Main residence. Two questions; 1. Because he is buying second house (as he still owns the BTL) does he have to pay the higher Stamp Duty? 2. Would he liable for CGT on the gains of…
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Question on CGT second property
My friend just sold a second property with no allowances. He paid his CGT immediately. I wanted to do the same but lived in my property for half the time and claiming lots of home improvements with associated evidence. Mine says 0% to pay and in review. Does anyone know how long this review takes and if this is a standard…
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CGT calculation
I need to calculate the CGT on my BLT property sale. One of the questions on the HMRC is “How much do you expect your income to be in this tax year?” I salary sacrifice my pension - do I use the gross pay figure or taxable figure? I assume I also add the rent from 6 April to date before the sale?
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Marriage tax allowance and income changes in year.
Ok, so I don't know the answer and need some help. I have always given my husband some of my allowance as I work part time, however this year, due to payrise and carers allowance increases, I earn over £12,570. To top this off my husband got a payrise and he's now in the higher rate tax band so we are not eligible for it…
