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Spouse Pension Contributions

WEBEmployer contributions into a spouse pension would have a further advantage to taxpayers who have already contributed the maximum on which higher rate tax relief …

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URL: https://comanandco.co.uk/spouse-pension-contributions

Tax on income protection premiums and payouts

WEBIncome protection or Permanent Health Insurance policy are often part of the standard benefits package. Tax relief on income protection comes as a deduction …

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Capital gains tax: Payout for building damaged or destroyed

WEBUnder TCGA s.22 compensation received from damage to property is capital sum derived from the asset. The pay-out is therefore regarded as proceeds subject to capital gains …

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Tax on insurance payments and compensation

WEBThe tax treatment of different types of compensation and insurance are explained in the sections below. Insurance paid for from take home pay, will typically not be taxable. …

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Non-resident companies owning UK property

WEBSince 6 April 2015, all non-residents have been liable to capital gains tax on residential property situated in the UK . A non-resident company owning the property is subject to …

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Principal Private Residence

WEBThe relief is the lower of: £40,000. The £40,000 cap is per owner, and so if the property is owned by a husband and wife there is a potential £80,000 letting relief. Letting relief can …

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Tax exemptions on leaving pay, severance and redundancy

WEBThe £30,000 exemption is reduced by statutory redundancy pay. National insurance is payable on termination pay above £30,000 from 6 April 2019. Where there is a prior …

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Tax relief for goodwill

WEBThe relief is at a fixed rate of 6.5% of per annum. The 6.5% is applied straight line (to original cost) rather than to the reducing balance of the goodwill value. The rate is higher …

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Rent-a-room Relief

WEBRent-a-room relief is available for landlords who live in the same home as their tenants. The scheme is also available to individuals providing bed and breakfast or guest house …

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Capital gains tax on transfer of property into joint names

WEBA gain is taxed at 18% to the extent that total gain and income is less than the basic rate tax threshold (of £37,500 for 2020/21). Gains are taxed at 28% to the …

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Gift with reservation of benefit. Inheritance tax issues

WEBThe most common type of gift with reservation occurs when parents gifts their home to their children but continue to live in it. In legal form, a conveyance of the property has …

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Final period of deemed occupation to reduce

WEBOne deemed period of occupation is the final period of ownership. The final period of ownership would provide exemption from capital gains tax in the situation where a …

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Transfer of shares and transfer of trade compared

WEBProfits on cessation of trade. When shares in a company are transferred, the trade does not stop, it is only the ownership that changes hands. By contrast, on transfer of the …

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Life assurance and inheritance tax

WEBThis is because the value of the estate above the nil rate band, £325,000 at the time of writing, is taxable. The mainstream mechanism by which inheritance tax is sidestepped …

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Capital gains tax for non-resident homeowners

WEBHow the tax is calculated. Non-residents will be entitled to an annual exemption. To the extent that the taxpayer has available basic rate the gain will be taxed at 18%, thereafter …

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Tax saving on cycle to work explained

WEBAmount of tax relief for the employee. Compared with pay in the form of cash, a basic rate taxpayer would save 20% income tax and 12% national insurance, or 32% tax. A higher …

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Inheritance tax on jointly owned property

WEBComments. Regardless of whether you are married you would only be subject to inheritance tax on your portion of the estate. For a married couple, jointly owned property is usually …

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Disclosing rental profits via the Let Property Campaign

WEBThe let property campaign is a facility to notify HMRC about previously undisclosed tax liability on rental income. A separate disclosure facility is available for the taxpayer to …

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