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Stamp Duty on replacing main home when you own buy-to-lets
I'm not sure but I believe my solicitor may be telling me a load of nonsense. Can anyone here confirm for certain what google searches seem to show, namely that an owner of buy-to-lets only pays the standard rate of Stamp Duty if simply selling one 'principal private residence' and replacing it with another... i.e. moving…
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Do you get taxed on selling shares given to you by your employer?
Hey all, The company I used to work for would award me shares every year. I'm in the process of selling my flat and the money from these shares would really help towards buying the next property. I no longer work for the company and being based in the UK the shares are actually handled by a US stock firm. So just wondering…
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Inheritance tax, wedding gift and other things
Hi everyone, We are coming into a situation and just looking for some guidance. This is more for me being pre-armed with some info and questions to ask a financial adviser that we are booking in to see next week. My future parents in law have both unfortunately within 3 months of each other been diagnosed with stage 4…
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Car Allowance - Included or separate to salary?
Hi all. I tried to order a car this morning via my employers NHS Fleet Solutions contract. I currently receive a base salary with a car allowance on top, and I'm taxed on both under the 1257L code. Under my order I advised my current income as base salary + car allowance, however Payroll have rejected the order as they…
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Downsizing relief after gift of property to children instead of sale
Hi there, would anyone know the answer to the following? have found multiple examples of the first scenario but nothing concrete for 2) and 3). I believe no IHT to pay but wanted to be sure. Elderly widow has £400k house and 2 x NRB + 2 x RNRB (so £1m in total). 1) she sells house for £400k in 2022 and passes on £1m cash…
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Simple assessment MIA what next
I still have not received my simple assessment which normally arrives in July. I contacted HMRC & the person I spoke to says there is nothing for 23-24 showing on my account. There should be state pension, personal pension & some taxable interest. So according to them no tax due, which I know is not going to be true. So…
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CGT on Temporary Property
I bought a house (renovation project) and bought another one to live in (paid 2nd home SDLT). The work took 2 years and I decided to move back to the renovated house even though loads of work still needs to be done. I'd registered the other house with HMRC as my primary residence. I now need to sell the other house or rent…
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Claiming retrospective tax refund for gift aid as a higher rate tax payer
I think I've tipped into the higher, 40% tax band this year due to fiscal drag. This co-incides with higher additional income I will earn this year from savings accounts which means that the savings income will be depleted by 40% rather than 20% in tax. I believe I can claim an additional 20% off HMRC for my gift aid…
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Beware savings income losing you the Marriage allowance
Even though I only have a small amount of savings income (well below the amount you are allowance to get before paying tax) I have just effectively paid 37% tax on the little savings income I have because it caused me to lose the marriage allowance. My income excluding savings income went up this year to just below the 40%…
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HMRC payment for higher income child benefit charge
Hi All, I'm hoping someone might be able to help clarify what's going on here. For the year 2022/23, I completed a tax return due to the need to pay the "high income child benefit charge". I was told the amount I needed to pay was £500-odd, and so I made the payment as requested via the HMRC website. I did the "same again"…
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Career Break Tax Refund
Hi i am going on a career break 16/12 for 3 years but will still be employed by my current employer for that time. i have been paying 40% tax all year but will not hit the £50k threshold this financial year due to when I leave. will i get this back through payroll? also, will I receive 4 months of the tax free allowance…
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When is CGT due?
If you sell units in an investment fund, what date is the gain (or loss) made for tax purposes? a. The date you click the button to place the "sell" order? b. The date the order is "filled", i.e. a buyer places their buy order on the other side of the trade c. The settlement date when the buyer has paid and the broker…
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Crypto
I have randomly bought and sold small amounts of crypto since 2017Currently my coinbase account holds 15kI estimate my input has been 7-8k over the last 7 yearsCan I take 3k per year from my account without having to declare capital gains
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Capital Gains Tax changes and upcoming Budget
Hi a quick question. If there are changes in Capital Gains Tax in the upcoming budget will the changes apply to when the gains were made or when the tax has to be paid? Are they likely to be implemented immediately or in the next tax year? tia sx
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Capital Gains on PI Trust - help please
My daughter has a Personal Injury Trust bank account with Barclays and a PI Trust Investment account with Fidelity. She is on Universal Credit so it is imperative that the money stays under protection from benefits assessment. My daughter is the settlor and we are both trustees. The funds with Fidelity are in Vanguard…
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Mother gifts family home - in return for having rent paid on different apartment
Hi there my elderly mother wishes to gift us the family home (or sell it and give us the cash proceeds).
In return we will need to pay for her rent of a smaller one bed apartment. I understand that if she gifts us the family home (or the cash proceeds from the sale of it), and we *buy* her an apartment to live in, this…
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Tax for dummies (well, me)
Hi, I'm struggling to understand something I'm sure is quite basic... but its just not 'clicking' with me... I know the higher rate (40%) tax band starts at £50,271. The better half is a Nurse with a salary this year of £52,809 and I believe her pension contribution rate is 10.7%. If I stick those figures into the MSE tax…
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Martin's advice on Inheritance Tax - But what about single people who are again being penalised?
May I start by saying how much I admire the advice you give and the campaigns you support, however I think it might be worth your while reviewing your general advance to the effect that "the vast majority of people won't pay inheritance tax". Especially as it applies to single people who are property owners (again…
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IHT - house ownership, 7 year rule & paperwork
Hi all, my parents are asking to put an investment house into my name to minimise any inheritance tax. It’s not worth a huge amount (about £200k) but it’ll be part of a larger estate which will be split with other siblings. From my very basic understanding, they can transfer any property into my name (and they would…
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Capital loss carry forward
Hi, I have taken quite a loss on some shares. These distressed shares were effectively taken on by another company (it was deemed a merger). I still hold shares in the new company. My question was, when does the capital loss get registered from a tax perspective? On the merger or when I actually decide to sell the shares…
