Practitioners Zone continued
- Article Dates:
- 2008
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Displaying Matches 1 thru 10 of 10 Found.
When looking at the capital gains tax position on the disposal of property, the beneficial interest can have a significant impact. CGT follows primarily the beneficial, as opposed to the legal interest. So the legal title holder is not necessarily the one subject to CGT on the disposal. Good examples of this are bare trustees and nominees. This article looks at ownership of property and tax planning from the splitting of beneficial and legal interests, particularly where there is to be a share of the proceeds of sale...
If you look at offshore companies or trusts on the internet you'll see these mentioned quite a lot. You'll see Foundations offered in lots of jurisdictions, but Panama and Liechtenstein tend to be popular. This article looks at how Panama Foundations are treated for UK tax purposes...
Remitting overseas capital is a common question both in our tax forum and our online Q&A service. This article looks at exactly what overseas capital is and how non UK domiciliaries can use the rules to remit overseas cash free of UK tax whether they choose the arising basis or the remittance basis after April 2008. It also looks at the rules applying to mixed funds....
Question: I own a property in the UK jointly with my wife. This is about to be sold for £500,000, and after repaying the small mortgage we expect to have around £460,000 cash left. Given the current property market we intend to 'sit' on it for a while and rent a house for us to live in. We are therefore looking at ways to achieve the best interest on this capital. I am a 40% taxpayer and my wife is a housewife and is not a taxpayer. She has an internet account with a building society which currently earns interest of around 6%. We are looking to place the £460,000 proceeds from the sale of the house into my wifes internet account. My questions are: 1) Can we put the £460,000 from the house sale into my wife's internet bank account and avoid income tax on the interest? 2)Alternatively could we open a high-interest account for our four Daughters and split the sale proceeds between them to achieve the best interest?...
If you own a UK trading company that has surplus cash balances it can often seem appealing to use the company funds to purchase any investments you're considering. This article looks at whether you should invest in shares & property via your company or extract cash and invest personally...
Establishing a company as non UK resident can be very attractive for UK tax purposes. The main benefit is that any profits from an overseas trade would be fully exempt from UK corporation tax. In this article we look at whether, if you're UK resident and live in the UK, you can establish an overseas company, ensure it's controlled from abroad and avoid UK taxes? |Image1|...
Any non UK domiciliaries faced with the new remittance tax charge will be interested in how the £2,000 de minimis limit operates. This article reviews the provisions of the 2008 Finance Bill and explains how the de minimis limit can be used to save additional UK tax....
Determining the most beneficial structure to carry out property investment activities is something that many property investors think about at some point. This article takes a look at an alternative structure using a corporate partnership....
Married couples often own property and other investments jointly. This is an area that is potentially ripe for tax planning particularly where one spouse is a higher rate taxpayer and the other isn't. This article looks at income tax planning for jointly held assets....
Separating the ownership of an asset from the tax implications can be an important aspect of tax planning. Just because you own the legal interest or title to an asset does not mean that you're taxed on income or gains that it realises. This article looks at when legal owners are taxed and includes sample wording to arrange for a transfer of the beneficial interest in a property.This can be particularly useful for holding assets offshore....
Displaying Matches 1 thru 10 of 10 Found