Comments on: How to pay for the 10p tax rate clawback http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/ Richard Murphy on tax and corporate accountability Wed, 20 Aug 2008 19:40:48 +0000 http://wordpress.org/?v=2.6 By: Tax Research UK / Darling starts doing what I suggest http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431907 Tax Research UK / Darling starts doing what I suggest Tue, 13 May 2008 15:13:26 +0000 http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431907 [...] Yesterday I suggested how Alastair Darling should deal with the 10p tax rate problem. [...] [...] Yesterday I suggested how Alastair Darling should deal with the 10p tax rate problem. [...]

]]> By: Tax Research LLP http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431840 Tax Research LLP Tue, 13 May 2008 10:15:18 +0000 http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431840 M The person who has not made a mistake has not lived :smile: R M

The person who has not made a mistake has not lived

:smile:

R

]]> By: Emily Coltman http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431839 Emily Coltman Tue, 13 May 2008 10:13:04 +0000 http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431839 Hi Richard, I follow you - so the gain would be small because it would only be the difference between the market value at time of death / inheritance and the market value at time of sale? My fault entirely, I got confused. Apologies. M Hi Richard,

I follow you - so the gain would be small because it would only be the difference between the market value at time of death / inheritance and the market value at time of sale?

My fault entirely, I got confused. Apologies.

M

]]> By: Tax Research LLP http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431814 Tax Research LLP Tue, 13 May 2008 08:29:57 +0000 http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431814 M I'm not sure that this follows. CGT is cancelled by an IHT paid on death and the ebenficiary gets at market value on death for CGT purposes. If they sell within a year the gain will probbaly be quite small so making this a very minor issue, and probbaly not an issue at all. And of course, they would only pay tax on any gain made since death, so they could afford to pay: this would be theirs. I can't see the problem with that R M

I’m not sure that this follows.

CGT is cancelled by an IHT paid on death and the ebenficiary gets at market value on death for CGT purposes. If they sell within a year the gain will probbaly be quite small so making this a very minor issue, and probbaly not an issue at all.

And of course, they would only pay tax on any gain made since death, so they could afford to pay: this would be theirs.

I can’t see the problem with that

R

]]> By: Emily Coltman http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431797 Emily Coltman Tue, 13 May 2008 07:39:52 +0000 http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431797 Hi Richard, Re your asset disposal proposal, I can see that causing bad feeling when it interacts with inheritance tax, as follows: - Beneficiary of an estate needs to sell an asset from, or part of, that estate - e.g. a valuable painting - to pay IHT. - Because they've owned that asset for less than a year they will pay IT on it instead of CGT, i.e. much more tax. So I can see people saying, "They're taxing us so that we can't afford to pay tax". How would you reply to that please? M Hi Richard,

Re your asset disposal proposal, I can see that causing bad feeling when it interacts with inheritance tax, as follows:

- Beneficiary of an estate needs to sell an asset from, or part of, that estate - e.g. a valuable painting - to pay IHT.
- Because they’ve owned that asset for less than a year they will pay IT on it instead of CGT, i.e. much more tax.

So I can see people saying, “They’re taxing us so that we can’t afford to pay tax”.

How would you reply to that please?

M

]]> By: My del.icio.us bookmarks for May 8th through May 12th | AccMan http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431297 My del.icio.us bookmarks for May 8th through May 12th | AccMan Mon, 12 May 2008 14:39:39 +0000 http://www.taxresearch.org.uk/Blog/2008/05/12/how-to-pay-for-the-10p-tax-rate-clawback/#comment-431297 [...] Tax Research UK / How to pay for the 10p tax rate clawback - Logical and fair so well worth considering [...] [...] Tax Research UK / How to pay for the 10p tax rate clawback - Logical and fair so well worth considering [...]

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