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Is Capital Gains applicable?
Advice on employee shares and Capital Gains Tax please! I was previously employed by the UK subsidiary of a US company and, as part of my annual reviews, I was awarded a number of shares each year. The shares are in a scheme (possibly an ESPP?)that is managed by Morgan Stanley who have: * Withheld a proportion of shares…
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ADDING SPOUSES NAME TO TITLE DEEDS
My husband and his business partner own a commercial property as tenants in common. They both want to add their spouses. What forms do we need to fill in and do we have to fill in two sets of forms?
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Can I claim back tax on redundancy payment before the end of the tax year?
I found out today that I will be made redundant. Around £25,000 of my redundancy package will be subject to tax and NI. It will be paid on July 25th. This has been quite sudden so I don't have a new job lined up. I am considering taking some time off as I've been working flat out for the last 5 years. I am conscious that…
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Deed of Appropriation bare trustees
A property which increased in value after probate was subject to a Deed of Appropriation to pass the tax liability from the estate to the beneficiaries. The Capital Gains Tax form asks for the date ownership was passed to the beneficiaries. It was never registered in their names. Is it the date of the DofA? Also, can the…
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Daughter has gaps in National insurance payments
hi my daughter is at uni, just about to graduate and has been working part time at screwfix, she has has a message from HMRC which states she has gap in national insurance payments and has until 2025 to top up. I assumed when you work that the company sorts this all out for her. Should the company take the NS payments from…
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Iht and gift
Father gifts half share of house to son. This is a gwr as they did not meet sharing rules. 4 years later son buys father's half share in house at slightly above market value, and now owns it fully. Son lives at house. Father moves out and purchases his own house. 17 years later Father passes away. Does the above gift of…
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Stamp duty assistance
We have decided to become a multi generation household. My widowed mother is selling her property and we (married couple) are selling our house. We are then purchasing a bigger house using the money from our property and a 300k gift from my mother. My mother will not be on the deeds and will become an occupier only. I…
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Claimed too much tax relief on pension contributions
My self-employed husband has a SIPP with AJ Bell. He makes net contributions into it and then AJ Bell claims the tax relief from HMRC on his behalf. In 2023/24 he made £22k (gross) pension contributions on which he claimed tax relief. But after the tax year ended, we did his accounts and prepared a draft of his tax return,…
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Will I have to pay more tax?
Hi clever people, please help! I currently work a full-time job that pays £39.5K. I am considering taking an additional job at minimum wage for a few hours a week but don’t want to end up worse off! How do I work out if this might happen please?
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Salary sacrifice for solar panels
Hi. We are looking at getting solar panels for our house, and I’m wondering if it’s possible to purchase them through the company I work for and pay them back through salary sacrifice? Has anyone found any information on this? I’ve read a few things that suggest that it is possible, but I can’t find anything definitive.…
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In inheritance tax
Are estate being worth 2 houses 570,000.00 Plus 85,000.00 cash which I what to give to my daughter as a deposit
on a house I well have full inheritance tax allowance
and will inherit my husband allowance as well or other way round Will they be tax to pay on 85,000.00 paid to daughter
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Inheritance tax - £2m estate
My parents have recently decided it's time to slightly downsize and get their estate planning in order. It is currently comprised of £1.8m Main residence £500k Commercial property Unfortunately they are not big spenders so it's either gift it to us or give it to the tax man. The current plan is to sell the main property…
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Reason for tax code change
A few days ago I logged into my personal tax account and updated my expected income from 2 pensions for the current tax year. As planned my tax codes for the pensions updated so that no tax will be taken (at least for now, they may change again when my savings income from 2023/4 is calculated, and definitely in November…
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Declaration of Savings Interest
Can anybody give me guidance on this issue……I have a 5 year fixed rate savings bond with Aldermore Bank. Interest accrues monthly and is added to the balance of the bond which compounds over the 5 years…..I do not have access to any of the money (including the interest) until the bond matures in 4 years time. Do I need to…
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Self Assessment - Dividend Payment Date
I have dividends from an Equity Income Fund with Accounting Period: 01 Dec 22 - 28 Feb 23 Payment Date: 28 April 23 Does this fall into the 23/24 return? Thank you.
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Reducing Tax Bill
I am drawing my pension a year early, 59yrs old, and will continue to work. I will use two thirds of my lump sum,£151,000.00, to buy my property outright, leaving me mortage free and with a small pot of savings I have been told that I will get 25% of my lump sum tax free and then go into the higher tax bracket because I…
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Self Assessment - personal Car
I'm just completing my self assessment and I wondered if I can claim for my car? I have a PCP agreement for a vehicle I use for 25% personal, 75% business. I pay for the car personally, not through the business. I know I can claim for the % of running costs but can I claim for a percentage of the car's value? I've tried…
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Transfer of unused personal allowance to partner.
With the freezing of the personal allowance tax thresholds, I
have just discovered that, were previously I could claim for all my spouse’s
unused personal allowance (£1260), however, with the increase in SP this has now dropped below that level for the
tax year 2024/25. Do I wait for the year end or must this be declared…
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How to report excess earnings for last year
Hey guys, I just calculated my earnings from interest and it seems that I have exceeded my 500 pound allowance last year. How should I report the excess for last tax year to HMRC? I do they somehow know this by magic and will adjust my tax accordingly? In my personal account on HMRC there is just no button to report extra…
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£50,000 cash gift from friend. IHT implications?
Hello. We have a family friend who would like to give us £50,000 towards the renovations of our house. My only worry is what are the chances of me having to pay inheritance tax. I am aware of the 7 year rule. All I can think about is if we end up with a huge amount of tax to pay in the future as will won't be in a position…
