Pension or property

Rowland

Member
I would take care here:

Using joint allowances is only possible if everything is in joint names, and even then only a % is possible, not the full ammount.

You may have done it, that doesn't mean it's acceptable to HMRC.

HMRC can go back years, so don't be surprised if they catch you out.


...........and of course, you can only use your allowance once.
That’s why you do a deed transfer and use a solicitor to draw up the docs and put it in how ever many names you want. We added our wife’s names to the deeds making 6 allowances. All docs drawn up by solicitor and submitted to HMRC by very reputable Accountants. Probably did the 1st one 10years or more ago and one a year for the following 6-7years . It was the solicitor’s idea .
 
I cannot understand most peoples obsession with not paying tax, when we sold the farm my gain on the 9% share was 480k, as a director this was taxed at 10% is that not a reasonable contribution to society for a gain of that amount.
my buy to let property showed a gain of 150k after allowable deductions for improvements and living in it, I paid 23k cgt.
That left me with over half a million of spendable money as opposed to a paper assets with poor returns.
 

robs1

Member
I cannot understand most peoples obsession with not paying tax, when we sold the farm my gain on the 9% share was 480k, as a director this was taxed at 10% is that not a reasonable contribution to society for a gain of that amount.
my buy to let property showed a gain of 150k after allowable deductions for improvements and living in it, I paid 23k cgt.
That left me with over half a million of spendable money as opposed to a paper assets with poor returns.
No one likes paying tax anymore than some dont want to pay a fair amount for food but lots for a new phone or pint of beer
 

Highland Mule

Member
Livestock Farmer
I cannot understand most peoples obsession with not paying tax, when we sold the farm my gain on the 9% share was 480k, as a director this was taxed at 10% is that not a reasonable contribution to society for a gain of that amount.
my buy to let property showed a gain of 150k after allowable deductions for improvements and living in it, I paid 23k cgt.
That left me with over half a million of spendable money as opposed to a paper assets with poor returns.
10% entrepreneurs relief on the farming Ltd Co and what looks like a PPR relief fudge for your BTL investment - looks like you’ve worked pretty hard to minimise your tax bill within the constraints of law, if not necessarily the spirit. No criticism, but surely you can understand why other would prefer to do similar too?
 
10% entrepreneurs relief on the farming Ltd Co and what looks like a PPR relief fudge for your BTL investment - looks like you’ve worked pretty hard to minimise your tax bill within the constraints of law, if not necessarily the spirit. No criticism, but surely you can understand why other would prefer to do similar too?
not a ppr fudge a real one, i bought a pair of cottages at market value from my dad which enabled him to afford a new build for his retirement, so I lived one of them for 18 months then returned to the farmhouse when dad retired.
my original post is not about minimising tax its aimed at people who refuse to do things that would be beneficial to their lives because they don't want to pay tax.
 

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Man fined £300 for bonfire-related waste offences

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Written by William Kellett from Agriland

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A man has pleaded guilty at Newtownards Magistrates’ Court to waste offences relating to a bonfire next to the electrical sub-station on the Circular Road in Newtownards, Co. Down.

Gareth Gill (51) of Abbot’s Walk, Newtownards pleaded guilty to two charges under the Waste and Contaminated Land (Northern Ireland) Order 1997, for which he was fined £150 each and ordered to pay a £15 offender’s levy

On June 25, 2018, PSNI officers went to Gill’s yard, where they found a large amount of waste consisting of scrap wood, pallets, carpet and underlay.

Discussion with Northern Ireland Environment Agency (NIEA) officers confirmed the site...
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