Q:

We have a request please. One of our customers sells a dental firm with share purchases (limited company) and wishes to invest in another company limited company with the Air B and B purchase.

Can they obtain rolling relief on capital gains in capital gains in the sale of a dental office with share purchases (limited company) and invest in another limited company buying air b and b, please?

A:

“Reling of the rolling under S152 TCGA 1992 is available in the event of elimination of a qualification asset and an acquisition of a qualification asset. Actions are not qualification assets under S155 TCGA 1992. See CG60280.

Therefore, no rolling relief will be available. »»

Q:

Could you confirm whether we should enter tax evasion schemes in the 22/23 income declaration, should we enter the same figures for the 23/24 income declaration for our customers?

A:

“Your customers will have to enter the regime’s reference numbers for all years when they expect to obtain a tax advantage by participating in the regime.

If they do not expect to obtain an advantage for the 2023-24 taxation year, they do not need to include the SRN on their income statements. »»

Q:

The customer received an American pension due to his American wife. Around 19,000 pounds.

Would I declare it in the foreign pages under section 8. Can we recover any paid foreign tax. Is it 30%

A:

“Article 17 of the DTA between the United States and the United Kingdom governs the taxation of the two places.

If your customer is a resident in the United Kingdom, the agreement grants tax rights to the United Kingdom only. Our legislation (S.33 Tiopa 2010) effectively prohibits credit from any tax abroad which exceeds the right of the other place under the treaty. Therefore, there is no relief in the United Kingdom for the American tax. The taxpayer could be able to recover some of the United States from the United States by filling out the appropriate forms, but this is a question for an American tax advisor. Pension income must be included in pages 2 and 3 of the Foreign Pages of the Satr, but without asking to credit the US tax. »»

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