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  • Stamp Duty Land Tax Rates
    or non UK Company This change is intended to be introduced from April 2013 and there is a proposed tiered system of charges which are set out below Property value 2m 5m 5m 10m 10m 20m 20m Annual charge 15 000 35 000 70 000 140 000 The changes already made this year effective from 22 March 2012 were An increase in the rate of Stamp Duty Land Tax SDLT from 5 to 7 for properties acquired for than 2 million The introduction of a 15 SDLT rate for properties acquired for more 2 million by any Company or other non natural person such as a partnership one of whose members is a Company or a collective investment scheme There are tightly drawn exceptions for property development Companies whose businesses have been carried on for at least two years and for corporate trustees These changes and the government s express objective of discouraging the use of Companies to own residential property will result in many ownership structures being unravelled One way of extricating a property from a Company without incurring a SDLT charge is through liquidation and the annual charge will be avoided if this is done before April 2013 Contact us for further details Phone 020 7354 3914 Email The content of this document is intended for general guidance only and where relevant represents our understanding of current law and HM Revenue and Customs practice Action should not be taken without seeking professional advice No responsibility for loss by any person acting or refraining from action as a result of the material in this document can be accepted and we cannot assume legal liability for any errors or omissions this document may contain Cheesmans March 2011 All rights reserved About Carol Cheesman View all posts by Carol Cheesman Subscribe

    Original URL path: http://www.cheesman.co.uk/budget-changes-to-the-taxation-of-residential-property/ (2016-04-25)
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  • Business Property Relief
    if the business or company mainly deals with securities stocks or shares land or buildings or in making or holding investments the business is a not for profit organisation the business is subject to a contract for sale unless the sale is to a company that will carry on the business and you ll be paid wholly or mainly in shares of the acquiring business the company is being wound up unless this is part of a process to enable the business of the company to carry on You can t claim BPR on a business asset if the asset also qualifies for Agricultural Relief was not used mainly for business in the two years immediately before you passed it on as a gift during your life or as part of your will is not required for future use in the business If part of a non qualifying asset is used in your business that part might qualify for BPR For example if you use one room in a building as a shop and the other rooms are used as your home the shop will qualify for BPR but the rooms won t Rates If the asset qualifies for BPR relief is given at either 50 or 100 per cent depending on the type of asset For interest in a business or a holding of shares in an unlisted company then 100 relief is applicable The 50 rate is applicable to shares controlling more than 50 of the voting rights in a listed company land buildings plant or machinery used in a business that you are a partner in or control at the time of your death land buildings plant or machinery held in a trust where you have the right to benefit from the trust and use the assets

    Original URL path: http://www.cheesman.co.uk/claiming-business-relief-to-reduce-your-inheritance-tax-bill/ (2016-04-25)
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  • Year End planning: Inheritance tax
    used up before an exemption brought forward from the previous year Small gifts exemption Gifts of up to 250 to any one person in a tax year are exempt Gifts in consideration of marriage civil partnership Gifts of up to 5 000 by a parent 2 500 by a grandparent 2 500 by one party to the marriage or civil partnership to the other and of 1 000 by anyone else are exempt These exemptions apply per marriage civil partnership and should be borne in mind if a marriage or civil partnership is expected in the year Normal expenditure out of income This exemption applies if the gift forms part of the donor s normal expenditure is made out of the donor s income and leaves him with sufficient income to maintain his normal standard of living Long term UK residents Non UK domiciled long term residents of the UK should review the number of years they have been resident in the UK to see whether they are likely to acquire a UK deemed domicile This occurs after UK residence for 17 out of the previous 20 years Deemed domicile applies only to inheritance tax and results in a person s worldwide assets being subject to UK inheritance tax Contact us for further details Phone 020 7354 3914 Email The content of this document is intended for general guidance only and where relevant represents our understanding of current law and HM Revenue and Customs practice Action should not be taken without seeking professional advice No responsibility for loss by any person acting or refraining from action as a result of the material in this document can be accepted and we cannot assume legal liability for any errors or omissions this document may contain Cheesmans March 2011 All rights reserved About

    Original URL path: http://www.cheesman.co.uk/year-end-planning-inheritance-tax-2/ (2016-04-25)
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  • Income Tax - Year End planning
    Personal allowance restriction Entitlement to the personal allowance is reduced where income reaches 100 000 and is removed completely once income reaches 114 950 The effect is a marginal tax rate of 60 on income falling between 100 000 and 114 950 and those affected should consider making pension contributions gift aid donations and other means of reducing their income to less than 100 000 ISAs The income and gains generated on ISA investments are tax free and should be made by 5 April in any tax year to have effect for that year The limits for ISA investments for 2011 12 are 10 680 in total with up to 5 340 in cash The long term residents charge Non UK domiciled individuals should review the number of years they have been resident in the UK to see whether they come within the scope of the long term residents charge Those aged 18 or over who have been resident in the UK for 7 out of the past 9 tax years will have to pay the 30 000 charge if claiming the remittance basis of taxation It has been proposed that the charge for individuals resident in more than 12 out of the last 14 tax years will increase to 50 000 from April 2012 Non UK domiciled individuals facing the increased 50 000 charge should consider maximising the income and gains realised in 2011 12 covered by the lower 30 000 charge and re investing in non income producing assets and choosing the worldwide basis of taxation for 2012 13 Contact us for further details Phone 020 7354 3914 Email The content of this document is intended for general guidance only and where relevant represents our understanding of current law and HM Revenue and Customs practice Action should not

    Original URL path: http://www.cheesman.co.uk/year-end-planning-income-tax-2/ (2016-04-25)
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  • Year End planning: Capital Gains Tax
    tax year in which it occurred for relief to be given The loss claimed can subsequently be carried forward indefinitely Relieve capital losses against income where possible Capital losses realised in respect of unquoted shares can in some cases be relieved against income Relief must be claimed within 12 months of 31 January following the end of the relevant year of assessment Deferring disposals Deferring the sale of assets until after the end of the tax year should be considered if the annual exemption for the current year has already been used This will utilise the 2012 13 annual exemption and defer the payment of any capital gains tax due by 12 months until 31 January 2014 Bed and spousing The practice of bed and breakfasting whereby a person sold stocks or shares and then repurchased them shortly afterwards to secure a higher acquisition cost has for many years been negated by the rule requiring a disposal to be matched with any acquisition of securities of the same class in the same company in the next 30 days This only applies to a repurchase by the same person however so a spouse or civil partner can repurchase the shares without this rule being applied Negligible value claims A negligible value claim can be made where an asset becomes worthless The effect of the claim is that the owner of the asset can pretend that he has sold the asset in question for its current market value and frequently the current market value of the asset is zero The asset is then deemed to have been reacquired by the owner for the same price and the owner s base cost for capital gains tax purposes will be nil A capital loss arises at the time of the owner s deemed disposal

    Original URL path: http://www.cheesman.co.uk/year-end-planning-capital-gains-tax-2/ (2016-04-25)
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  • Capping tax reliefs - Cheesman Accountants
    to currently unlimited reliefs and that it will be set to 50 000 or a quarter of income whichever is higher The relevant reliefs are qualifying loan interest relief relief for charitable donations and certain loss reliefs that can be claimed against income Reliefs that are already capped such as pension tax relief enterprise and seed enterprise investment scheme income tax relief venture capital trust relief computational reliefs for calculating the income taxable from a particular source and structural credits such as foreign and dividend tax credits will not be affected by the measure Carry forward or back loss reliefs against profits of the same trade are also unaffected The Government will be redefining income for the purposes of calculating the reliefs individuals can claim The grossed up amount of a donation made under the gift aid scheme will be taken into account when assessing whether an individual has reached the cap Any part of the donation above the cap will not attract tax relief and as is the case now the donor will have to have paid sufficient tax to fund the tax claimed by the charity Contact us for further details Phone 020 7354 3914 Email The content of this document is intended for general guidance only and where relevant represents our understanding of current law and HM Revenue and Customs practice Action should not be taken without seeking professional advice No responsibility for loss by any person acting or refraining from action as a result of the material in this document can be accepted and we cannot assume legal liability for any errors or omissions this document may contain Cheesmans March 2011 All rights reserved About Carol Cheesman View all posts by Carol Cheesman Subscribe Subscribe to our e mail newsletter to receive updates Related Posts Changes

    Original URL path: http://www.cheesman.co.uk/capping-tax-reliefs/ (2016-04-25)
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  • UK and Overseas Inheritance Tax: Will My Assets be Liable?
    assets or you were resident in the UK in at least 17 of the 20 tax years ending with the year in which you make a transfer Before buying a property abroad you need to be aware of the tax systems in the country in which you wish to buy For example Spain and France do not have a double taxation agreement with UK meaning that should you be liable for IHT you may have to pay it in both countries Ways to avoid Inheritance Tax Gifting The simplest way of avoiding or reducing the IHT bill on your estate is by gifting it away while you are still alive You can gift up to 3 000 per year to your children tax free as well as one off sum of 5 000 to your children and 2 500 to your grandchildren as wedding gifts You can also give gifts of up to 250 a year to as many individuals as you like Most gifts will be tax free providing you survive for seven years after giving the gift These are known as Potentially Exempt Transfers PET If you want to gift away a property for example it is subject to the seven year rule If you die before seven years is up then IHT could arise However if you continue to live in the property even after giving it away it becomes a gift with reservation meaning that you still benefit from it and subsequently IHT is applicable Gifts as part of your normal expenditure are also exempt from tax provided they do not compromise your standard of living and come out of say your current account rather than from savings or capital If tax does become due on a PET i e because you die before the seven year time frame is up the tax due may be reduced because of taper relief It works like this If the gift was made less than three years before death no reduction in tax is due If the gift was made three to four years before death tax is reduced by 20 If the gift was made four to five years before death tax is reduced by 40 If the gift was made five to six years before death tax is reduced by 60 If the gift was made six to seven years before death tax is reduced by 80 The PETs will also be added to the value of your estate to work out how much tax is due on it If the total of PETs and your estate comes to less than 325 000 no tax will be due Life insurance Another way to avoid the death tax is to write your life insurance policies in trust This means that they will be excluded from your estate and therefore won t add to its value increasing the risk of IHT being due Life insurance polices when placed in trust also mean that they are paid to your beneficiaries

    Original URL path: http://www.cheesman.co.uk/uk-and-overseas-inheritance-tax-will-my-assets-be-liable-2/ (2016-04-25)
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  • non-resident Archives - Cheesman Accountants
    lot of time working abroad it could affect your tax status So it s important to understand whether you are UK Resident or Non Resident Determining your status could cut your tax bill but it s often not as Continue Reading 0 Am I UK Resident or Non Resident and how does this affect my business By Carol Cheesman on 1st April 2013 in Tax In The UK you are

    Original URL path: http://www.cheesman.co.uk/tag/non-resident/ (2016-04-25)
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