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Selling your UK home if you live abroad
There are special reporting requirements and the possibility of a tax bill when you sell your home in the UK and you live abroad. A Capital Gains Tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 2015. Only the amount of the overall gain relating to the period after 5 April 2015 is chargeable to tax. In certain circumstances private residence relief may apply when a property is the owner’s only or main residence. For example, you don’t usually pay any tax for any tax years in which you, your spouse or
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Capital Gains Tax: company takeovers
When a company takes over another company it may issue its own shares and/or securities in payment or part payment for the shares it’s buying. This is sometimes described as a share reorganisation. Where certain conditions are met, when the old shares are exchanged for new shares, no capital gain will occur until the new shares are sold. For Capital Gains Tax (CGT) purposes the sale or disposal of any old shares is effectively treated as though the vendor acquired the new shares at the same time and at the same price as the old shares. Where any cash payments
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What to do if you disagree with HMRC
There are a number of options open to taxpayers who disagree with a tax decision issued by HMRC. As a first step it is usually possible to make an appeal against a tax decision. There is normally a 30-day deadline for making an appeal so time is of the essence. HMRC will then carry out a review, usually by using HMRC officers that were not involved in the original decision. A response to an appeal is usually made within 45 days but can take longer for complex issues. If you still don’t agree with HMRC’s review, there are further options
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What are the maximum weekly working hours?
There are working time limits that state the legal maximum weekly working hours that a person has to work should not exceed 48 hours a week on average. The maximum hours for under 18’s is fixed at no more than 8 hours a day or 40 hours a week. The average working hours are calculated over a 17-week period and includes overtime. This means that an employee may work more than 48 hours in some weeks as long as the average over the 17-week period does not exceed 48 hours. A person can choose to work more by opting out
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The Lifetime ISA
The Lifetime ISA has been designed to help those aged between 18 and 40 to save for a new home or for their retirement. Under the scheme, the government provides a 25% bonus on yearly savings of up to £4,000, and once you start saving before you are 40, you can continue using the scheme until you turn 50. In total, this could see young savers investing up to £128,000 (over 32 years) and receiving a maximum government bonus of £32,000. The government bonus is paid annually at the end of the tax year. The £4,000 annual limit is part