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  • 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
  • RE: gift aid carry back

    Hi, not an Admin but may be able to offer a bit of explanation. There is no gift aid allowance so I'm unsure what you mean when you refer to using your allowance. If you choose to carry back a contribution you must carry back the whole contribution. So cannot elect to only carry back £10,000. It is all or nothing. If you didn't pay enough tax to cover the gift aid then it will result in tax being owed to HMRC.
  • RE: Form 17 and Tenants in common

    Hi, I am not a HMRC Admin but you may want to read the following link as married couples cannot only assign a right to income for tax purposes. You would need to also give a right to the capital if you wish to transfer the income. https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem4205
  • RE: Rent-a-room-scheme <> Rental Income

    Hi, I am not an Admin but think I may able to help. The difference is where the property is being let as residential accommodation (for someone to live in) versus anything else. If you read Q4 and Q7 (the information under them) they both specify it applies to furnished accommodation. As you are letting furnished office space rather than furnished accommodation, rent a room can't apply. Although Q4 could definitely be clearer and should say this means rather than this includes.
  • RE: Do I need 2 Government Gateway ID's Business/Personal

    You need a separate GG account for your ltd company. Your company is separate from you legally so you cannot mix your records with theirs. Not sure about the email part but generally most systems will only allow an email address to subscribe once so I'd put my money on HMRC being the same.
  • RE: HMRC chasing a dead man

    Hi, I'm not an Admin but whoever is executor can authorise you which should hopefully get the ball rolling on finding out why HMRC think a return is needed.
  • RE: Deed of assignment

    Hi, I am not a HMRC Admin but a married couple cannot assign only the right to income for tax purposes. This is due to the rules on settlements when what is being gifted is only a right to income. https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem4205 So if you do a deed of assignment for the rental income only then, for tax purposes, it is still treated as your income. This is why you need to gift the capital too. So it then isn't wholly or substantially a right to income. However as per example 4a, there can't be any arrangement where you can request it back as while it isn't wholly or substantially a right to income, it isn't an outright gift either and it is only outright gifts that are an exception for settlements.