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Charitable bequest or inter vivos donation?
My mother has very limited life expectancy. Her estate will incur IHT charges on her death and she is comfortably a 40% income tax payer. She wishes to leave money to charity and was thinking of doing this in her will. But as she currently has more assets than she needs, it seems to me that it might be more tax efficient…
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Large amount of income reported by me previous employer
Hi, hope you can advise me. I left my employer at the end of March this year. Looking at my HMRC account PAYE section, there is a large amount of income reported by the former employer. I haven't received any income from them for this year, but I did have their shares scheme. I was saving to this scheme for many years and…
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Have I been double taxed? RSU edition
Hello Everyone, I know taxes are hard and I feel the pain but looks like taxes when RSUs are involved is even harder and I need your help! A bit of a background, I work for a US based company's UK subsidiary and have reveived some RSUs over the last 3 tax years. In each case, my employeer when the RSU were granted (not…
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How to avoid IHT if Labour scraps the residence nil-rate band?
My father unexpectedly passed away this year. I moved back in with my parents after university due to ill health. My father left everything to my mother and if I outlive my mother, everything is left to me. My parents' house is worth approx £350k and their other savings/investments/cars are worth approx £180k. As I…
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House sells for more than probate valuation.
I put the value down after a chartered surveyor valuation as 400k at date of death. One year on probate is granted and I want to sell. The property is a commercial block of flats and in order to sell i have spent about 50k plus on it. The rents have all gone up. The value is now 500-550k. As it is only a year since date of…
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CGT - considering moving abroad
At present our main residence is in the UK, we have a 2nd property in Spain where we occasionally stay, within Schengen restrictions but are not tax resident in Spain. We're exploring the possibility of applying for a Non-Lucrative Visa (NLV) which would of course carry with it tax residency in Spain. In tandem we're…
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New to paying tax in retirement
Hubby is 80 and has never paid tax in retirement till now. He has an old age pension and 2 small pensions which this year take him into the20% Tax bracket. He paid approximately £80 . I am nowhere near paying tax. My question is can I give some of my allowance ro him so he doesn't pay tax
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Tax on Interest - asking HMRC where the interest earnings come from...
HMRC has changed my tax code so they can recover the tax on my interest earnings, however, I can't reconcile what they reckon I earned in interest to my own records of interest statements I got from the bank and savings accounts for tax year 2022/23. I'm fairly dogmatic on making sure I get and keep my interest…
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CGT Increase tax code?
I have just accepted an offer on my only BTL. CGT is payable based on this yrs income and my tax code. 1 I have overpaid tax of 1200 from previous year. Current tax code is 450L. Should I ask HMRC to increase my tax code and will that reduce my CGT liability? 2 This years expected earnings will depend on when sale goes…
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Payroll tool (Government PAYE one)
I loaded an employee into the government's PAYE tool as having a salary of £12,000, but they will actually now have a salary of £10,000. I can't see where to change my initial salary. Does anyone else use this tool and know how I change the salary. Thanks so much
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Income vs CGT, and Income Tax Personal Allowance
I'm in a funny situation. Last year I inherited 00s of 000s of £, most of which is now sitting in GIA (non-tax-sheltered) accounts. The gain to date is well over the £12,570 income tax allowance. At the same time I'm aware that the October budget is likely to increase CGT rates, so ideally I'd like to sell most of these…
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Tax return refund not issued, tax code adjusted.
I submitted a tax return in June for 23/24 and was due around £1770. I requested a refund but it never went pending and my tax code was adjusted PAYE to something like 1750L Dues this mean instead of being being able to request as a lump sum amount I'm just being paid it back via my tax code in the current tax year?
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BTL and CGT
I'm not alone in thinking that CGT might be equalised with income tax rates in the budget on 30th October. I'm making an assumption (maybe rash) that this would take effect from the 2025-26 tax year. If this is the case I have a 7 month window in which to sell my single BTL property and pay tax at a lower rate. I would be…
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First Self Assessment reverting back to Paper from Online
If I start an online tax Self Assessment can I revert to paper filing via SA100 if necessary or am I committed to online submission once started? The reason is, I have run into problems filling in the SA100 and after much trying, can't get positive answers from HMRC. I've been told the online form is easier with more…
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Tax implications of one off sale
Hi. as we get older we're thinking of all the hassle we'll burden the kids with when we pop our clogs. My hubby has decided to sell his HUGE record collection to save them trying to do it when we've gone - my daughter threatened to melt them down into plant pots ha ha. Someone has offered him £100000 for the whole lot (!)…
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Standard IT threshold or not?
If a spouse dies leaving a will stating they leave £X 's to their offspring , and the rest of their assets to their spouse (which includes although not specifically mentioned , half the family home as its held as t in common)---does this mean the inheritance tax threshold would remain standard as they hadnt left the…
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CGT and Deed of Trust
Hi - my wife and I married in 2008 and I went to live in her property and we rented out my flat. In 2017 I set up a deed of trust giving her 99:1 interest in the property as she wasn't working and the rental income was offset against her allowances. Now we are 73 & 63 we want to sell the flat. For purposes of CGT will the…
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Job bonus to push me into higher rate tax band
Hi. I will be getting a bonus soon from my employer. I have savings interest that gets me to just below the higher rate tax threshold of £50270. Bonus will push me into higher rate tax band. What is the best way to reduce/avoid tax on this. I was thinking just get the company to directly pay this into my work pension…
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Self Assessment - Not sure why it is saying my Dad owes Tax
Question of tax returns. I have been doing
self assessment forms for my parents for the 1st time,
they have very simple incomes, state pension, private pension and
interest from savings and a tiny amount of shares in non isa
holdings. They are both well
within the 20% income tax band. The reason for the
self assessment…
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Higher rate tax payer
My father (90s) has found himself in the bizarre situation of becoming a higher rate tax payer because of his pensions. He has a military pension and a teachers pension, as well as his OAP so not anything wild or outlandish. He never came near being a higher rate tax payer when working. He is well aware of how fortunate he…
