Member Since: 22nd Mar 2004
10th Aug 2017
Portia Nina Levin wrote:
1) To the end of the tax year in which they separate.
2) It depends. Was there a court order or separation agreement?
3) It probably doesn't matter.
Hi Portia, thanks for your reply.
They seem to have separated in July 2017 and decree nisi on 30 Mar 17. But the 8 properties are not legally separated yet. There have made gains on the property values. They have decided who will get what, does that constitute an agreement?
The crucial questions relate to the dates - what will be deemed dates of properties transfer.
If disposals fall in 17/18, there may be CGT liabilities?
10th Aug 2017
I did read this from HMRC and more on the internet etc, but they did not completely answer all the questions !
1st Nov 2016
Thank you to all of you. There are many good points here!
The summary seems to be that the normal exps should be tax deductible against the income, if HMRC accept the mother's beneficial ownership & liability to tax .
Some further facts: unfortunately these rents were not declared earlier, hence the HMRC have written to the the son (the legal owner).
The rents were paid by the agents into a separate bank a/c where mother and son are joint a/c holders, and the rent profits are held for the mother.
I wonder if this joint bank a/c would be sufficient evidence for the HMRC (in addition to the trust deed)?
11th Jul 2005
Problems with Taxcalc
I have finally decided to drop Taxcalc, because of incomplete product, dealys, insufficient support. Their telephone number (01392 824824) has been cancelled without a redirection and the number on the website is only a recorded message!
I have asked them for a full refund and am evaluating other software.
Have any (potential)users of Taxcalc 2005 decided to leave them and been successful in obtaining refunds? Has anybody found a current phone number for them? Plaese do let us know.