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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…
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Paying a family member whos claiming pension
Hi Im a freelance copywriter. Im starting to get overwhelmed with the work, so Im looking to offload the 'easy' bits. I was discussing with Mother last night, and she is more than capable of doing the work, and has a lot of time on her hands, and it would do her good to have something to stimulate her brain. But Im not…
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Pay more into pension
I am employed on a salary of £47500 per year and am auto enrolled via a salary sacrifice in the People's Pension. My employer and I both pay the legal minimum. My employer does not match additional contributions but does pay the NI it saves into the pension. I am 60 years old and gave just started receiving an LGPS pension…
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In form IHT403, what is definition of Rents in section for gifts out of regular income?
I have a rental property and am assembling records for IHT403 under the section on gifts out of normal income. Am not clear if Rents means actual rental paid or is the net income after expenses as it is defined in Self-Assessment. Have checked Guidance and can't find anything specific. Can anyone clarify for me please?…
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Since when have eBay been reporting and how can you see what they have told HMRC ???
^^^^ There was a lot of hullabaloo earlier this year about eBay and the online platforms such as Vinted, Etsy etc being mandated to tell HMRC how much stuff that an account sold. Is there a way to find out what they told HMRC? Is there a way to see what eBay etc say is your total sales? If so how is that broken down? Do…
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Tax on a settlement agreement
I have raised a claim against my employer for disability discrimination. ACAS say they have offered £50,000 subject to terms to settle the employment tribunal claim (I would remain their employee). I would like to know what tax I would pay on this amount - i.e. what, roughly, would I actually receive in my bank account (my…
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Reducing my tax - pension
Can anyone help with my tax question please - I'm so confused! I earn £62k per year and last year I also earnt about £6k in taxable savings interest last year. This year will be similar. ISAs and Premium Bonds are maxed out. I'm saving towards a house. I'm putting 13% into my pension, and my employer puts in 3%. My…
