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  • RE: Email contact with HMRC

    @Dale Fletcher Hi, not a HMRC Admin but the transitional rules aren't based on when the vehicle was first registered as a vehicle but when it was first bought or leased by the employer. Just to be clear, the new rules relate to income tax when a vehicle is made available to an employee by reason of their employment. It is motoring law/the DVLA that require imported vehicles to be registered upon arrival. Motoring law has different rules about classification of vehicles and is not affected by the change to the taxation of double cabs as company cars.
  • RE: Finance Costs - allowable expense?

    Hi, I'm not an Admin but selling one property doesn't mean you have a trade. This is why proceeds from selling property is liable to CGT rather than income tax. A property developer buys and sells properties as a trade but most people buy and sell property as an investment (either to live in or to rent out) and not as a trade.
  • RE: Self Assessment personal allowance 12570 but PAYE allowance 12579.

    Hi, I am not an Admin but you are mixing up two different things. PAYE might give a tax free allowance of £12579.12. But self assessment is calculating your income tax. It is not calculating PAYE. Only your employer or pension calculate PAYE. So self assessment doesn't use the tax code allowance of 12579. It uses the personal allowance, which is 12570
  • RE: CGT of married couple for main residence

    Hi I'm not a HMRC Admin however the Admin must have been having an off day (maybe one of those bugs going around) as the 50/50 rule only applies to property held jointly. Additionally liability to CGT follows the beneficial interest rather than the legal interest. The legal interest is just whose name it is registered under, not who owns it. Similar to how a V5 records the registered keeper rather than recording the owner of the vehicle. https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem9814 https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg70230
  • RE: Tax Relief on Interest of BTL Repayment Mortgage

    Hi, Not an Admin but just to help explain, you can only claim a tax reduction for the interest portion of the mortgage. There is no tax relief for the part that repays the capital, only the interest that is given any relief.
  • RE: Please confirm that my wife is a First Time Buyer regarding Stamp Duty - Equality Act 2010?

    Sorry, I explained one side of it but not the other and I should have. There are various exceptions to the Equality Act 2010. Schedule 22 excepts statutory provisions (such as the Finance Acts, Stamp Duty Land Tax Acts or the Taxation of Chargeable Gains Act) from the Equality Act. Which is to be expected tbh as the acts all have equal standing. No Act has the authority or power to override another Act unless it expressly says it overrides it. Yes, I am a professional (a qualified one). Though I would like to be clear that my posts do not amount to advice (and I am not looking to change that). But sometimes if I see something that might be explained in a post or two I will try to explain it. If you have any doubts over what I've said then I'd encourage you to double check it with a source you trust.
  • RE: Joint Bank Account Interest - Beneficial Entitlement

    Hi, not an Admin but can hopefully help even if just a little. If a married couple owns property (property meaning something that belongs to you, not just buildings) in equal shares then they can only be taxed on 50% each because the assumed basis and the real basis are the same (50% each). If the couple owns something in unequal shares then they can either be taxed on the assumed basis (50% each) or they can make an election to be taxed on the share that they're legally entitled to (the real basis). So you can only elect to be taxed on a 60:40 split if that is your real entitlement (and on the provisio it isn't a settlement). If you're unsure about settlements you can find a basic explanation here; https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem4200
  • RE: Tax relief on Gift Aid

    Hi, not an Admin but can answer. If you donated £5000 then this would be grossed up to £6250 and your basic rate band would be extended by £6250. But because your earnings are only £51,270 then you would only be able to use £1,000 of it which would give you a refund of £200. You can't claim £400 of the £1000 because the charity claims the first 20% (so claims the first £200) and you can only claim any tax paid in excess of that 20%.
  • RE: Please confirm that my wife is a First Time Buyer regarding Stamp Duty - Equality Act 2010?

    Hi, I am not a HMRC Admin but can possibly answer. FTB relief cannot be claimed where the transaction is a higher rate transaction. https://www.gov.uk/hmrc-internal-manuals/stamp-duty-land-tax-manual/sdltm09820
  • RE: Combining IHT Wedding Gift Exemptions?

    Hi, I'm not a HMRC Admin but the £5000, £2500 and £1000 are the maximum amounts that can be gifted per marriage, not per person. https://www.legislation.gov.uk/ukpga/1984/51/section/22