Documents related to 'IHT spouse's domicile election'
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Election for foreign lossesIf you are non-UK domiciled but tax resident here, you can claim the remittance basis of assessment for your foreign income and gains. Where you make a capital gains tax (CGT) loss on foreign assets you can obtain relief ag... Read more
07 Mar 2018
Flow chart- inheritance tax - gifts during lifetimeIf you give money, investments or other assets away it can trigger an immediate inheritance tax (IHT) charge. However, there are many exemptions and exceptions. If none of them apply it still does no... Read more
15 Dec 2020
Nominating a main residence election If you own two or more properties which you use as homes, say your main house and a holiday home, you can choose which qualifies as your main residence for capital gains tax private residence relief.More than oneT... Read more
24 Dec 2014
Remittance basis electionIf you live in the UK, but are not domiciled here, you may benefit from making a claim to be taxed on the remittance basis.Remittance basisA UK resident taxpayer is generally subject to UK tax on their worldwide income. Resid... Read more
12 Oct 2017
IHT gift from surplus income letterThere is an inheritance tax exemption for monetary gifts made out of your surplus income. To demonstrate that a gift has been made out of surplus income you should send a letter with each gift you make. Write a lett... Read more
29 May 2018
Property rental business loss relief claimIndividuals, including members of business partnerships, can claim a deduction in the tax liability on general income where their property rental business has made a loss and all or part of that loss results ... Read more
11 Jun 2019
Claim for private residence relief to apply to a former homeWhen a marriage fails, tax planning is vital and sometimes urgent or avoidable tax liabilities can arise. An example of this is capital gains tax and the matrimonial home. Where one spouse (... Read more
26 Apr 2017
Election to opt out of rental cash basisFor tax purposes accounts for income derived from property must be prepared on the cash basis unless the total income you receive from property exceeds £150,000 in a tax year. However, it can be advantageous n... Read more
29 Aug 2019
Election for rent-a-room relief not to apply Where you let part of your home or all of it if you are temporarily absent and do not have a new home, you are entitled to rent-a-room relief. The relief is given automatically if your total income from th... Read more
19 Jan 2018
Election for pre-trading debitsCosts incurred on financing your company, e.g. loan interest, before it starts to trade are classed as non-trading debits. Normally, tax relief for these can only be obtained by offsetting them against non-trading cre... Read more
22 Dec 2017
