Wojciech

I have taken a small loan to refurbish a buy to let property, held in my name (not under a company) - is interest on the loan 100% deductible or just 20% deduction allowed?

Sorry once again I am not sure I understand. I paid a professional adviser for other services - in this particular case though he referred me to HMRC as you are the ultimate decision makers and can confirm whether or not the disposal of employee equities are free of CGT. The guidance below suggests it is: https://www.gov.uk/government/publications/employee-share-and-security-schemes-and-capital-gains-tax-hs287-self-assessment-helpsheet/hs287-capital-gains-tax-and-employee-share-schemes-2021 Now you, the decision maker, is telling me that you cannot make a decision. I am not asking you to make a decision for me. I am asking you to confirm whether or not the disposal of employee equities (of a company which is not publicly tradeable, I got the shares while working for the company as a benefit / reward for additional work) are free from CGT. Hope that makes sense and explains why I need you to confirm - not an accountant.

Sorry how can it be up to me to decide? Isn't it HMRC who set the rules? Surely it should not be up to the taxpayers to decide whether their shares are exempt. I did seek a guidance from a professional advisor - his response was that I need to clarify with HMRC who are the decision makers in this case. That is why I am asking. Thanks

Thank you very much HMRC Admin 17 - I will read through the link you posted and follow up if any further questions.

Thank you. That is exactly my point - I need a guidance whether or not the employee equities are exempt from CGT. Can you please answer that for me? The online guide says that they are - can you simply confirm that? https://www.gov.uk/government/publications/employee-share-and-security-schemes-and-capital-gains-tax-hs287-self-assessment-helpsheet/hs287-capital-gains-tax-and-employee-share-schemes-2021

Sorry I still feel there is a level of confusion here. I already explained that: 1. The guidance DOES NOT answer the question I have, not to a satisfactory level 2. I did ask an adviser, who confirmed that he cannot provide an authoritative advice on this topic, as it is HMRC making the decisions on taxes, not advisers. Can you please confirm - as a tax payer, I am expected to pay taxes. As a result of that, I am expecting the tax collector (HMRC) to provide guidance on what taxes need to be paid. Hope that clarifies. Please do not point me towards the guidance - it does not provide the answers I need, nor do financial advisers - it is HMRC making the decisions, so HMRC should explain. Thanks Wojciech

Thank you. Can you please confirm that the exact steps that need to be followed are below: 1 Write trust deed (me being legal owner of the property my parents being beneficiary owners), expressing the split of income - I can look up example / template online for this 2 Send the trust deed along with a cover letter to HMRC - stating my name, my parent's names, residential address (and as they are living abroad, their correspondence address would be the same as mine), DoBs and explaining that I am the legal owner and my parents would be the beneficiary owners. Also asking for UTR to be assigned to my parents and HMRC online account to be created for them in order for them to be able to be able to submit their tax returns. Please note they do not have UK NINO or any other UK relations. 3 You mention Trust Registration Service - I assume that HMRC registers this based on my Trust Deed and cover letter - or do I need to do anything (beyond sending Trust Deed and cover letter) 4 Taxation - my parents live in Poland which has double taxation treaty with UK and you stated earlier that UK has first taxation rights on any UK property income. 5 Do my parents need to submit tax return even if the rental income would be below the below the £12,570 tax free allowance threshold (and no other UK income)? 6 Rental income to be sent to bank account held in my name, me then sending the money to my parents as per the Trust Deed. 7 In the future - how can I change the Trust parameters (for example from my parents getting 100% of the rental income to parents getting 50% and me getting 50%) Kind regards, 

Name removed admin .

Thank you very much for the information. Can you please also confirm whether my parents need to be (co)owners of said property? Or can I be the sole owner and simply transfer, via expression of trust, the rent to them - despite not being owners / co-owners of the property? Thanks Wojciech

Can you not simply respond here? I do not need anything tailored for my circumstances. I need a general confirmation whether or not employee shares are exempt from CGT and whether the same rules apply to a promissory note received for the employee shares. That is a general question and has nothing to do with my specific shares.

HMRC Admin 13 - That is exactly what I am asking for, a general advice for the circumstances I described. The General enquiries you linked does not provide answer to my question and the professional I spoke to explained to me, that he cannot confirm 100% as HMRC is the ultimate arbiter. So can you please just confirm that the guideline I linked is correct - which states 'If you keep your shares in a SIP until you dispose of them, you will have no CGT to pay in respect of this disposal.' Clive Smaldon - Thank you for the explanation regarding the interest. With regards to your question, the guideline on HMRC website (https://www.gov.uk/government/publications/employee-share-and-security-schemes-and-capital-gains-tax-hs287-self-assessment-helpsheet/hs287-capital-gains-tax-and-employee-share-schemes-2021) states that the employee shares are exempt from CGT. So that is why I am asking for confirmation. And am struggling to get it. Thanks Wojciech