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TAX Tax Systems

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Share Name Share Symbol Market Type Share ISIN Share Description
Tax Systems LSE:TAX London Ordinary Share GB00BDHLGB97 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 112.50 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Tax Systems Share Discussion Threads

Showing 1201 to 1224 of 1775 messages
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DateSubjectAuthorDiscuss
20/8/2013
07:16
There are two free online CGT calculators:

www.CGTcalculator.com
and www.stonebanks.co.uk

david77
20/8/2013
06:14
Just to support Miata's suggestion. I have used InteractiveBrokers.com for several years with total happiness. US share trades are very cheap - even their UK trades are only £6.

I do it through a small dedicated company - mainly because I thought I was going to do 10 transactions or more each week and I baulked at the CGT forms I would have to fill in!

goatherd
19/8/2013
21:57
Your chosen company should send you a US IRS form (W-8BEN - Certificate of Status of Beneficial Owner for United States Tax Withholding) for you to complete to get dividends without deduction of US tax.

You probably want to find a broker who will let you hold funds in US dollars rather than converting everything to Sterling.

Consider interactivebrokers.com

miata
19/8/2013
18:05
Hi

Thinking of opening up a share dealing account that would allow me to trade US listed stocks. Does anyone know what the tax implications/procedures I need to know/do before I get stuck into this? Bit of a generalised question I know but any pointers or websites known would be appreciated.

Cheers

light buffet
08/8/2013
09:57
hxxp://www.theregister.co.uk/2013/08/07/tax_avoidance_for_beginners/
miata
07/8/2013
09:21
Dear IPA Friend,

Most countries tax non-residents on property in their country. Furthermore, most double taxation agreements between the country and the UK do nothing to prevent this. Carl Bayley, author of How to Avoid Tax on Foreign Property, Taxcafe.co.uk, tells us more...

A Quick Overview

After over 20 years in the tax advice business, there are few things which still surprise me. One thing which does still amaze me is just how often people still seem to overlook the fact that the UK is not the only country in the world with taxes. Anyone who invests abroad has a potential exposure to foreign taxation. Wherever you buy, you will face local property taxes.

Foreign property taxes generally fall into five categories; tax on property purchases; annual charges; tax on income; tax on property sales; tax on death or gifts. It is interesting to note that all but one of these categories are likely to apply to a foreign holiday home owned by a UK resident and if the property is ever rented out, all five will apply. This just goes to show that, when it comes to foreign property tax, the investor and the holiday home owner have more in common than you might expect. Many countries impose a tax charge of some kind when property is purchased, usually based on the purchase consideration paid.

Annual Charges

Annual charges, comparable to UK council tax, come in many different forms and are often charged by local or regional governments. There may be an annual charge on property ownership on either a flat rate or linked to the property value. Additional charges sometimes apply to properties which are not the owner's main residence. There may also, or alternatively, be an annual charge on property occupation – either at a flat rate or linked to the property's value. Another common annual charge is a wealth tax. Many countries impose this charge on non-residents based on the net value of the property and other assets which they hold in the country.

Where a UK resident suffers annual charges on occupation or ownership, these may usually be treated as running costs and can be deducted as an expense from rental income or trading profits for UK tax purposes. Such costs are only partly deductible where there is some personal use of the property. The treatment of wealth taxes is less clear. These are often regarded as a personal cost with no deduction available in the UK.

Tax On Income

Tax on income is similar to UK income tax). Most countries will tax profits and income derived from property whether through letting, development or dealing. Rental income may either be taxed on an accounts basis, based on profits after certain deductible expenses, or as a flat rate on rent received. Where an accounts basis applies, each country will have its own rules regarding what expenses are deductible. Flat rate systems allow for little or no deduction of expenses. In many cases, the tax on non-resident landlords is a simple flat percentage of rent received and may have to be withheld at source (i.e. a withholding tax).

Reduced rates of withholding tax often apply under double taxation agreements and must be claimed where available. Profits from property development and dealing are usually taxed on an accounts basis and sometimes also attract additional social taxes like the UK's national insurance. For UK tax purposes, double tax relief is usually available for foreign taxes on property income or they may be claimed as a business expense.

Tax On Sales

Tax on sales is comparable to UK capital gains tax). Having spent more than 20 years in the tax advice business and having dealt with many overseas tax authorities, another thing which does still amaze me regularly is how often people seem to think that they can sell a property abroad and not face a tax liability on it. Wherever you sell, you can expect to face up to local property taxes. Some countries charge tax on the gain arising when a property is sold.

Many countries do provide an exemption for the owner's main private residence although you will find that this is not generally available to non-residents. Properties held for longer periods are also often exempt. Many countries, like the UK, will treat profits derived from property sales by developers and dealers as income. Double tax relief for foreign tax suffered on capital gains is usually available against UK capital gains tax. Tax on property sales is often overlooked by UK investors, and they do so to their cost.

Tax On Death

Tax on death or gifts, similar to UK inheritance tax, is another issue. Many countries do not have any death taxes but just as many which do. Generally, where there is a death tax, there will usually be a similar tax on lifetime gifts as an anti-avoidance measure. Most countries with a death tax will charge it on non-residents in respect of property and other assets within their borders. Double tax relief for foreign death taxes is available against any UK inheritance tax liability arising on the same assets. Double tax relief will also be available for foreign tax gifts if the same gift gives rises to a UK inheritance tax liability although this will be rare.

Wealth warning: do not assume that there will be an exemption from foreign death or gift taxes in respect of transfers to your spouse or civil partner. This will not always be the case. Furthermore, it is crucial to be aware that foreign gift taxes may apply to lifetime transfers of property or shares in property (e.g. putting a foreign property into joint ownership with your spouse).

Want to know more? How To Avoid Tax On Foreign Property by Carl Bayley is available via Taxcafe.co.uk. This is an authoritative guide to worldwide tax.

With Best Wishes

Iain

Iain Maitland
Editor, International Property Alerts

liquid millionaire
06/8/2013
14:49
Many thanks Miata. Good and very quick advise, as usual!

I have hardly any ISAs because I invest mainly in AIM stocks. That should clearly change now!

TDW do not charge any fees on ISAs over, I think, £5k.

goatherd
06/8/2013
14:01
On your death your ISA ceases to be an ISA merely shareholdings.
Your eligible AIM shares will get IHT relief.

Do you hold MAI (a stable AIM share if there is such a thing)?
Do you pay ISA fees or do you have a SIPPdeal ISA?



Danny Cox of financial services firm Hargreaves Lansdown:
'Qualifying AIM stocks benefit from Business Property Relief which provides an inheritance tax exemption once held for two years. Investors holding these stocks in their Isa for the two-year qualifying period should benefit from virtually no lifetime taxes, and no death taxes either.'

Of course he is wrong to the extent that dividends are paid after tax has been deducted on them.

miata
06/8/2013
13:55
Hi Miata,

Now that AIM shares can be put in ISAs what is the IHT implication?

If I hold AIM shares for over 2 years [some may not be eligible] my executors get IHT relief.

When I die any ISAs I hold clearly form part of my estate.

But will my estate be able to claim IHT relief for AIM shares held in the ISAs. I am inclined to think that, as the estate holds the ISAs and not the shares it will not be able to claim relief.

Any views Richard

goatherd
23/7/2013
09:13
You can transfer them.

Depending on the overall size of the estate and its shareholdings you may wish to consider retaining them within the estate for a while both because the estate has its own annual capital gains tax allowance (half normal) and there is scope for revaluation and repayment of IHT if appropriate if the share values fall.

Use form IHT35 to claim relief when you sell 'qualifying investments' that were part of the deceased's estate at a loss within 12 months of the date of death.

miata
23/7/2013
08:39
Morning,
not a tax question but i'll throw it out anyway and hope you can help.

If I inherit someone's estate ( not family )and part of the estate is 5000 BP shares,can I transfer them to my share account,or do I have to sell them and add the money to the estate pot.

TIA Phil.

4711phil
18/7/2013
14:56
The government has confirmed that from 5 August ISA investors will be able to invest in shares listed on non-traditional stock exchanges, including the Alternative Investment Market (AIM) and lesser-known ICAP Securities and Derivatives Exchange (ISDX). Investors will also be able to hold shares listed on alternative European stock exchanges.

Allowing ISA investors to shelter AIM shares, which do not attract the 40% inheritance tax (IHT) charge if held for two years, could 'pave the way for the IHT-free ISA' (AIM shares in companies which are involved investment business and property development typically do not qualify for business property relief and are therefore not exempt from IHT).

miata
02/7/2013
14:28
Under the IFS proposals, the higher rate tax threshold would be frozen for four years until 2019. Because earnings typically rise with inflation, which is currently almost 3 per cent, more people would be pushed into the higher-rate tax bracket. Those already in the higher rate would pay more in tax each year.

The IFS said it would mean an extra one million people would pay the 40p rate, bringing the total number to more than five million. By 2019, their tax bills would have risen by £580 a year each.

Despite the scale of the savings made by the Coalition, the spending cuts are dwarfed by Britain's debt. Interest payments alone will amount to £49.5  billion in 2013-14 and are forecast to reach £64.4 billion by 2016-17.

miata
01/7/2013
19:00
The House of Commons is currently (01/07/13) debating a New clause 9 for the Finance Bill based on the yield from a Mansion Tax, which is being advocated by Labour.

In the debate the ATED (Anuual Tax on Enveloped Dwellings) tax introduced in April 2013 which results in annual charges of between £15,000 and £140,000 per year has been advocated as a model to be followed.

miata
12/6/2013
10:40
Thanks again Miata.
plughole
12/6/2013
10:24
Yes. You have to use losses before the annual exempt amount can be utilised.
Game plan is to hold on to all your unrealised losses and realise them in one year when you don't make any gains.

miata
12/6/2013
09:38
I think my real problem Miata is what can be carried forward. For example, a 10,600 gain and 10,600 loss. Even though the gain is within the CGT allowance, am I right in thinking that the 10,600 loss cannot be carried forward and so is effectively "wasted".
plughole
11/6/2013
15:43
Many Thanks.
plughole
11/6/2013
14:23
Net losses can be claimed and carried forward indefinitely.
miata
11/6/2013
14:10
Miata. I'm uncertain as to how CGT losses are handled on my tax return. If my CGT losses are very much greater than my gains, can I carry the excess over to the following year? Box 10 seems to suggest I can but I'm not totally sure and the HMRC info doesn't talk about the current year's losses being carried over. Can you comment? Many thanks.
plughole
03/6/2013
16:31
MIATA,
Thanks for your response,i changed the address to Manor Lodge to avoid confusion(see goatherd comment)no land involved.

4711phil
03/6/2013
16:07
Manor Farm would be your main residence if it was the only property you owned.
There might be a CGT tax bill if the amount of land involved was large - you would need to demonstrate the grounds you were claiming for were an integral part of the property with no hedges or streams that separate them from the residence.

If the gardens were less than half a hectare (1.23 acres) there would be no problem.

miata
03/6/2013
16:01
goatherd,
using Manor Farm was not the best option,i have changed it to avoid any misunderstanding. Thanks for the comment.

4711phil
03/6/2013
15:56
Phil,

I am a retired farmer so I can see a possible snag in your question which you may want to clarify for Miata.

A farm is normally a commercial operation. But I think you are actually talking about a farm HOUSE?

goatherd
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