Member Since: 26th Aug 2009
10th May 2016
I'm referring to CGT.
Yes the transferor and transferee are involved in the company owning 5% and 20% respectively.
The trade is an amusement arcade, land is arcade area plus car park.
17th Mar 2016
thanks for your comments, the holding company has investment in sub £1 and issued share capital of £1. shall I just write off loan in sub as it cant be a dividend?
Ironically the shares were issued to someone for £500k who subsequently sold the to holdings at par.
6th Jan 2016
Thanks for this I think I understand now, rollover relief is available on the change of ownership of the land prior to the build (248a) but when they subsequently sell the house they may be in a position of a chargeable gain on the basis that the period prior to build will be included when calculating PPR, and such a period would not qualify.
1st Jun 2015
Thanks for your quick replies!
Re; point 2, I am a bit confused if the loan was £7k prior to 01.06.14 do you not take this into account at all when calculating the interest?
14th May 2015
Many thanks for your replies - regarding point 2 - does it just relate to employee's and Directors, you have answered no, is this because it can also relate to connected parties of employee's which would then be taxed on the employee? Or am I missing something?
25th Mar 2015
Yes -only two but want to make sure they are correct.
2nd Feb 2015
Yes sorry, I meant get the VAT element back.
22nd Jan 2015
The question Actually related to two different transactions , one where it involved step dad and son. Am I correct in assuming that gift relief can be claimed and no charge to income tax due to their family connection.
The other scenario involved two shareholders who are not connected by family, to be honest the majority shareholder would like to reward the minority shareholder and not have to charge him. Do I still have an income tax issue here, how do you determine 'friends'?
Gift relief will also still be claimed here.
How does one claim relief for s421b (3)?
22nd Jan 2015
HI all, many thanks for your comments to date. Yes I can confirm that the individual is an employee of the company.
23rd Dec 2014
Zero Rate sale
Thanks all for your comments, just to clarify that the properties mentioned are all residential properties.
The DIY scheme seems harsh, I appreciate that many of the costs will be zero rated but if they were to build the house in a company & sell it a later date (and not rent it) they would be able to reclaim the VAT on other costs which are subject to VAT.