Home is where the wine is In a recent tax case, a couple successfully appealed against a £3.3 million capital gains tax (CGT) assessment following the sale of their extensively renovated Chelsea property. The central issue revolved around whether the property qualified for Private Residence Relief (PRR), which exempts gains from CGT when selling your […]
Category Archives: Personal Tax
Wedding planning is a nightmare but did you know if could cost you Stamp Duty? I was asked about a married couple that are buying a property and whether the additional rate of 5% would be applied to the purchase. The facts are that the man bought a house before they were even a couple. […]
You don’t have to be a news hound to know that things aren’t going well for Rachel Reeves. She’s taken an economy that was starting to recover and skewered it. The problem is that she also said she would not increase taxes on “working people”. We know that she did of course do precisely this […]
A solicitor reached out to me yesterday asking how I’ve been keeping and what I was up to. She works in the defence of claims against accountants. I mentioned that I think there will be a lot of claims in future from people advised on the wrong structure for their property investment activities. She asked […]
Married couples (and civil partners) can do some things other couple cannot. Here are some of the advantages: Marriage Allowance – A spouse earning less than the Personal Allowance (£12,570 in the 2023/24 tax year) can transfer up to £1,260 of their unused Personal Allowance to their higher-earning partner, reducing their tax bill by up to […]
Marriage is a beautiful tradition. I genuinely love it. I’ve also been witness to two separate impromptu marriage proposals. They were amazing. Just me, the poor wife to be and the hopeless bloke who proposed. Both could have been beautiful moments that I would have cherished forever. Instead I have two good anecdotes. Stories I […]
I spoke with a chap yesterday who was trying desperately to move his property income around to save tax. He was one half of a husband and wife combo that had shares in their private trading company, a bunch of joint properties and one property owned just by him. The shares in the business […]
Not long before typing this I had a chat with a lady that was looking for answers on how to transfer a property she owned with her husband in to a limited company. She was well into higher rate so was worried about her tax rates. Searching online via forums and the general chatter was […]