Tax20

Hi Can anyone confirm the following: (French) property "donated" by parents (becoming usufructuaries) to their children (becoming bare owners) 30 years ago. Or more precisely as per the contract, parents have the full rights of the property to live in etc... the only rights of the children on the property only apply, on the death of the parents. So no rights on the property until the last death. Property is then sold the following year by the children. Is CGT calculated from the date of the contract or from the date of the last death? I'm assuming that HMRC will consider the property to be a second home to the bare owner on the death of the last usufructuary? Thank you for your help

Hi My understanding with the above post is, in addition to it and those rules, that if the policy was issued before 17th November 1983. Then the 2013 above rules can't be applied (i.e. time apportioned reductions not valid) BUT if issued prior to this date, they don't come under the "foreign policy" definition, and therefore 20% tax can be treated as paid. as mine was issued in 1980 and so far, I can't find any other rules, which would cancel this out for whatever reason. I am assuming that it is correct. 

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Could someone confirmed the following: UK resident beneficiary of a foreign life insurance of deceased non uk resident policyholder. I was told that, as the policy was issued before 6 april 2013, then the reductions are calculated by reference to the residence history of the policyholder, not the uk resident beneficiary. The policyholder was never a uk resident, so should a 100% reduction be applied against the gain? Thank you very much

Does a UK tax resident who is the beneficiary of a foreign life insurance (on death of the non uk resident policy holder), pays tax on sum received upon death of policy holder? (foreign life insurance transferred sums due to beneficiaries and closed policy). Policy date 1980. and if so, how to calculate without certificate as foreign life insurance company determined not to help!! only giving documents to do with beneficiary as at the time of death of policy holder but nothing as regards to policy as regards to contributions to the policy. Thank you for your help

Hi Trying to work out if a lump sum I received, being the named beneficiary of a deceased non uk tax resident, foreign life insurance (I'm a UK tax resident), is taxable as income in the UK? The gain/taxable amount was declared to French tax authorities by the French life insurance company at the time of payout, but not taxed as under taxable threshold and due to when payments were made into life insurance. Does the same gain needs to be declared to the UK tax authorities? and then will be taxed in the UK? if so, this gain will have been declared in each country (as paid when applicable by french life insurance company directly) wouldn't this be double taxation? Thank you

Hi Trying to work out if a lump sum I received, being the named beneficiary of a deceased non uk tax resident, foreign life insurance (I'm a UK tax resident), is taxable as income in the UK? The gain/taxable amount was declared to French tax authorities by the French life insurance company at the time of payout, but not taxed as under taxable threshold and due to when payments were made into life insurance. Does the same gain needs to be declared to the UK tax authorities? and then will be taxed in the UK? if so, this gain will have been declared in each country (as paid when applicable by french life insurance company directly) wouldn't this be double taxation? Thank you