Hope the optimism is warranted ... and that you can shortly focus on future joys rather than past horrors (which includes avoiding HMRC and MTD, not just your unfortunate experiences).
FWIW I've not been to Malta since the early '70s ... but the lifestyle is likely to be more conducive to your artistic inclinations than the Great Wen - and you can always move on to Gozo (or even Comino if you want truly rural) to find tranquillity.
I read (I must be mad) as far as you making a gain on a joint property and your wife making a loss on the same joint property*, remembered that you don't the first clue about CGT and stopped reading. (*That could happen say if you weren't married when one of you gave half to the other. But not normally.)
I hope I didn't miss an important announcement about you bringing forward your retirement and emigration.
My plan now is to find out how much my wife will get for the shares and then have the shares split. We are likely to have a loss on our property and I have three historic losses. The gain my wife will make will be in the higher tax bracket, so it makes sense to split and minimise the tax but no cut it out altogether.
Got all the back copies of the property company's accounts this morning. There will be costs of selling the properties and a large corporation tax bill. So now no problems of splitting the shares. I have capital losses b/f and the expected capital loss on our house will be about £78,000, the half share of that will cover my wife's gain on her shares. So now, when all the dust settles and after we've moved it will just be IHT planning to do and that can be solved by gifting to charities. End of!
My plan now is to find out how much my wife will get for the shares and then have the shares split. We are likely to have a loss on our property and I have three historic losses. The gain my wife will make will be in the higher tax bracket, so it makes sense to split and minimise the tax but no cut it out altogether.
Yeah I knew Kris Kristofferson wrote it. Sorry got the wrong song but Tallahassee is in Florida. Any way end of distraction and I have two options now on what to do, neither will save all the CGT but will save at least 50% of the tax. But by the time the shares are sold Reeves will have had her budget. Got to get hold of the accounts now for 2020, 2021, 2022, 2023 and 2024 to see what plan to put in motion.
Think you'll find that Tallahatchie Bridge is in Missouri ... and Billy Joe doesn't appear to be amongst the many names of bettybobbymeggie ... but otherwise ...
Me and Bobby McGee - Janis Joplin, sorry wrong song. I have been to Florida twice and I was on the road to Tallahachie by mistake. So not in Missouri.
Think you'll find that Tallahatchie Bridge is in Missouri ... and Billy Joe doesn't appear to be amongst the many names of bettybobbymeggie ... but otherwise ...
Me and Bobby McGee - Janis Joplin, sorry wrong song. I have been to Florida twice and I was on the road to Tallahachie by mistake. So not in Missouri.
I read (I must be mad) as far as you making a gain on a joint property and your wife making a loss on the same joint property*, remembered that you don't the first clue about CGT and stopped reading. (*That could happen say if you weren't married when one of you gave half to the other. But not normally.)
I hope I didn't miss an important announcement about you bringing forward your retirement and emigration.
I was testing the waters to see what my chances were of declaring a gain and my wife declaring a loss. If I cannot get it past the AWEB members then HMRC will be a non starter. This is the last chance I will get of claiming loss relief, so the best way round is to let my wife use all this loss relief against her shares since there is no chance of her family splitting the shares in the family company but I can but try if it cuts her CGT by half. Thanks to everyone for answering my rather daft scenario because it has given me two viable alternatives of cutting my wife's gain.
My answers
My plan now is to find out how much my wife will get for the shares and then have the shares split. We are likely to have a loss on our property and I have three historic losses. The gain my wife will make will be in the higher tax bracket, so it makes sense to split and minimise the tax but no cut it out altogether.
I am not on Twitter.
Yeah I knew Kris Kristofferson wrote it. Sorry got the wrong song but Tallahassee is in Florida. Any way end of distraction and I have two options now on what to do, neither will save all the CGT but will save at least 50% of the tax. But by the time the shares are sold Reeves will have had her budget. Got to get hold of the accounts now for 2020, 2021, 2022, 2023 and 2024 to see what plan to put in motion.