L T

Thank you for your message. Regards LT

Dear HMRC Admin 25, Thank you for your kind reply. It's highly appreciated. as what we had explicitly pointed out, we don't think that we are talking about incorporation relief, 1, he is selling the business as a sole trader and there is a gain; 2, if he use the gain to purchase another shop and continue to trade in the same business as sole trader, we can be certain that roll over relief is applicable. 3, what the guidance is not clear is that , he is now using the gain from the sale to set up a new LTD and it's the LTD that is purchasing the new shop, we just want to confirm if roll over relief is applicable to his gain under this circumstances. he is not transferring his sole trader business directly to LTD in exchange of shares, so incorporation relief is not applicable to this case, Please can you clarify? Kind regards 

Name removed admin .

Thank you for you reply, the manual links you sent does not clarify the situation. as we perfectly know that a sole trader can get this roll over relief if he sells old asset, made a gain and re-invests it in new asset and continues to trader as sole trader, which is a typical example of business asset roll over relief. our question is that the sole trader made a gain from sole- trader business. with the sales, he wishes to use the money to do business via limited company, is roll over relief applicable to this plz? thank you so much. Regards

Dear Sir/Madam, good afternoon. we have a client who is sole trader in catering business and he is selling his business (non-vat registered) as a going concern (lease, goodwill, etc are all under his own name). purchase price was GBP 30K. sales price is going to be GBP 55K. he is going to use this money to purchase another shop also in catering business. but he plans to set up a limited company and use the LTD to purchase the new shop(lease etc). can we plz ask if he still qualifies the business asset rollover relief if everything else is satified? thank you for your help. Kind regards  

Name removed admin .

Dear Sir/Madam, I am non UK tax resident for 2023-2024 tax year but I am holding a UK passport and am a British citizen. I have around 30K pound for BTL property income and around 5K pounds for dividend from a UK unlisted trading company . My advisor told me that I cannot get personal allowance for my property income even if I am British because of the dividends I got is "disregarded income " . He said the PA is restricted by the rules of disregarded income on my property income. But I checked HS300 (2024) and it says that "With the exception of income from property in the UK and investment income connected to a trade in the UK through a permanent establishment, the tax charge for non-residents on investment income arising in the UK is restricted to the amount of tax, if any, deducted at source. If the tax charge is limited in this way, personal allowances will not be given against other income. This restriction does not apply in the overseas part of a split year". Can you clarify this please? Can I get personal allowance for my BTL income ? and if no, can I elect not to use "disregarded income" rules? Thank you. LT

Hi , Can I please ask if it's a bare trust set up in a will and the beneficiary/trustee does not transfer the property to himself, is it the personal representative who has to decide to see if need to declare estate CGT or is it the beneficiary/trustee who has to decide he needs to declare the CGT? thank you. Kind regards

Dear Sir/Madam, Thank you so much for your kind clarification, Best regards LT

Dear Sir/Madam, Thank you for your kind reply. This clarifies that it is not subject to CGT. Can I please kindly ask if it is subject to personal income tax? Kind regards LT

Dear Sir/Madam, good afternoon. I am purchasing a residential property. can I please ask if the compensation of GBP 1,365 which is compensated by the seller as he did not moved out of the property as agreed in the property sales contract and he paid this amount to me as some kind of compensation arising from the contract, is taxable income or not? thank you for your kind clarification. Best regards LT

Thank you very much for your kind clarification. Best regards LT