Member Since: 8th Oct 2002
20th Oct 2014
Many thanks James and Steve.
That is as I had thought was probably the case but its great to get clarification. The letting does satisfy the definition so I shall allocate the profits in the most tax advantageous way.
16th Sep 2014
Many thanks for your reply Steve,
I will review the thread you suggest but meanwhile, are you aware of whether the deduction for travel costs to/from the overseas employment extends to cover return trips to visit the family, i.e. trips during the period of the employment as well as at the beginning and end?
Many thanks again.
15th Sep 2014
Many thanks stepurhan and Euan
I had though it unlikely that the London flat could continue to be the private residence if it was not actually a residence so your clarification is really helpful.
Thanks also for the clarification on timescale for establishing a residence. I had been aware of the quality rather than length of time issue but it does make sense that a reasonable period of occupation would aid in the argument with regard to that quality of occupation.
8th Nov 2013
Thank you for all of your comments which are all really helpful and very much appreciated.
11th Jun 2013
Sorry it's been such a long time since our previous correspondence.
I am concerned in my case that my client does not have an interest in the property. I understand that it is in the name(s) of his daughter (? And her husband).
He gave her a gift of £300K at the time she purchased the property for £525K in Aug 2006. He then moved in during the spring of 2007.
I thought that the exemption from the GWR charge and presumably by extension from the POAT charge applied when the gift of a share in the home was made and both donor and donee live there and each pay their full share of the outgoings.
As my client has no actual interest in the property, I am concerned that this means the exemption will not apply?
Do you think this is the case?
Many thanks again for your help.
16th Apr 2013
My client has moved home on a fairly regular basis, say every 3 - 4 years on average however this is not related to the trade. Were she to move again however, which would be highly probable in the medium term, there would be a similar high probability that the studio would also be moved, unless her new home already had suitable outbuildings etc.
11th Sep 2012
Many thanks Lyne,
Could I please clarify therefore that it is correct to tax, say interest, on the trust tax return at 20% and then for the net interest to be disclosed on the Trust page of the beneficiaries tax return?
Many thanks again
6th Sep 2012
Many thanks for your help with this - as you say it seems pretty conclusive so I will preapre the return on the basis of no assessable income!
5th Sep 2012
Many thanks for your advice.
I had been aware of the rule with regard to ROB, but had not appreciated that this would also apply to POAT. Thsi sounds like very good news!
22nd May 2012
... very much for both of your very helpful comments.
I am very grateful and will act on your advice.