BellaBoo

I forgot to include the link: https://www.legislation.gov.uk/ukpga/2007/3/section/55D

Hi Puffer, not HMRC Admin but think I can offer an explanation. The law basically says where notice to cancel is given, it takes effect from the next tax year. As explained by para (6) in the link below. But, as detailed in para (3), if you wait until the tax year is over before making an election for that tax year, the election is only for that one tax year and does not carry forward. So if you don't know whether the transfer will be of benefit or not, you may want to wait until the year has ended and you do know before either of you apply.

Hi, I'm not HMRC Admin but can answer your question. Your personal allowance for CGT does not rollover if unused. If you dont use it then it is lost. Therefore you only have the allowance in the year of disposal which would be £3000. However you can apportion the gain for the time it was your main residence and because it was your main residence the last 9 months will also qualify for primary residence relief.

Hi, not a HMRC Admin but it looks correct. You seem to be taking what the £510 would've cost you in tax in trying to work out the cost to you but you would never have the £204 even if yiu took the allowance so that can't be a cost to you. The cost to you would be the £296 you would've received as pay had you taken the allowance. But salary sacrifice you sacrifice the gross, not the net. So the correct figure is the £510. Sorry it isn't better news I'm bearing.

Hi, I am not a HMRC Admin but may be able to answer. Salary sacrifice is a contractual matter between you and your employer so sadly there is no way to claim this from HMRC. However the contributions you are making from net pay will be reducing the benefit in kind value reported on your p11d. So it saves you tax that way.

Hi, im not a HMRC Admin. But if you've only transferred the income to your husband then I'm afraid it is you who is still taxable on it as what you have gifted is a right to income while retaining an interest. https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem4205 For spouses you need to gift the equity/capital as well as the revenue.

Hi, I'm not a HMRC Admin but if they're an approved organisation then they'll be on the list.

Sorry to interuot but I believe you've been given incorrect information. If your father is disposing of the beneficial interest to an LLP then he won't own the property or any income from the property, the LLP will. Nor will he be able to dispose of his beneficial interest if there is a mortgage on the property (at least not without repaying the mortgage). It is also the transfer of beneficial ownership that is relevant for CGT (legal owner is just a formality, it is the beneficial owner that is the real interest and that tax is concerned with). So disposing of the beneficial interest will give rise to CGT. https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg70230 https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg11700p

If your client owns 100% of the property then they will own 100% of the rental income. The assumption about it being split equally only applies to property held jointly as tenants in common and is only really relevant where the shares they hold are unequal. If they held it as joint tenants or as tenants in common with an equal (50/50) split then they could only be taxed on a 50/50 basis. While if they own as tenants in common in shares of say 60/40, they will be taxed on a default 50/50 basis unless they use form 17 to declare their split is 60/40 (and they'd then be taxed on the 60/40 basis rather than the default 50/50).

Just to clarify what HMRC have said (I may be mistaken but it doesn't sound like you've understood them), you cannot use the rent a room scheme even for the furnished letting if you also have receipts from unfurnished accommodation or for letting property that isn't residential at all (as in the case of the room being let as a yoga studio). This means you can either claim your actual expenses against the total rental income from both lettings or the property allowance of £1000. But you cannot claim rent a room relief for either letting.