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  • RE: spread additional tax income due to change of basis period

    This in fact was not the question I was asking it's specifically relates to making tax digital changes coming in April 2026 with a change of basis period has created additional taxation, I understood it to be the case that the additional profits can be spread over a five-year period I need confirmation of this please
  • spread additional tax income due to change of basis period

    I read somewhere that when MTD for ITSA was to come in on 5/4/2024: if the change of basis period led to higher than normal taxable profits : you could opt to spread the additonal amounts over a 5 year period : is this the case even though 5/4/2026 is the new MTD deadline - with HMRC insisting now that all basis periods are still change by 5/4/2024?
  • double tax charge on foreign life policy gains

    I have a client that in India received a gain on an indian life policy following the death of her husband : both wife and husband are based in Uk permanent and are tax resident in the UK Th Indian tax authoroties have with held 31.20% indian tax on the gain on the policy UK have taxing rights over this gain and as suchon the tax return will only allow a notional 20% tax deduction . The wife (my client) is a 40% tax payer : how can she recover this tax paid in India when UK tax reurn will not allow a deduction for the full foriegn tax credit @ 31.20% ?
  • cgt base cost

    I have a client that inherited 50% share of mum and dads main property when mum died in 2016: Market value £500,000: then dad died in 2021 and left remaining 50% share to my client market value in 2021 was £600,000: so now my client owns 100% : in 2023 he will sell for £700,000: is his base cost 50% x 500 in 2016 = 250000 plus 50% of 600,000 = 300,000 - ie £550k or is it the original £500,000??