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SA106 Foregin income from France: tax fonciere
hello I am about to fill my UK tax declaration from my rental income in France. Do you know if I can deduct this tax from my income rental on from SA106 or do I need to deduct it somewhre else. I deduct this tax from my French tax retun.on Thank you for your help
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IHT 7 year rule gifting
My (married) parent's estate is over the £1 million IHT threshold (2 x £325k + 2 x £175k RNRB). They're considering closing some of their stockbroker accounts and gifting the proceeds, in the hope that they survive the gift by 7 years. My understanding of IHT is that they can gift the proceeds in any way they want. For…
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Pension tax refund
Hi all ,I have just started to draw down my pension taking the 25% tax free and another £12500 which was taxed at emergency rate of 31%.As I have no other taxable income except £800 savings this year I want to claim the tax back.Do I have to wait until after the end of this tax year to fill out the form
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Reporting losses for Capital Gains
With the gradual erosion of the CGT tax free band and the recent hike in CGT rates on shares, it looks like (for the very first time) I shall have to consider trying to offset some losses against possible future gains. However, the HMRC web site is very unclear about how one goes about this process. It states "If you’ve…
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CGT and subsequent years
Asking for a friend....I am quite confident in the answer but looking for confirmation. They have a private pension of c£30k a year and £800k saved. They have just sold a (second) property and paid the appropriate CGT bill. Am I right in thinking this is now dealt with in terms of any future treatment for tax? i.e the gain…
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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…
