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  • Non coded income

    I am retired and receive only an occupational pension altough I still pay higher rate tax and therefore complete a SA annually. When I check my PAYE Income Tax summary for 6 April 2023 to 5 April 2024 (ie current yax year) I see that in addition to my pension income there is several thousand in "non-coded income". The only other income I receive is from bank savings which would be declared as part of my Self Assessment return for 2023/24 - but clearly, that is not due untill next year and, anyway, I will not know the exact amounts untill the end of this financial year. Please advise how/where the amount of non-coded income comes from so that, if mecessary, I can check that it is correct? Alternatively, should I use the option offered the website to update (to £0) or remove the non-coded income amount completely since I don't recognise the figures quoted?
  • RE: CGT on transfer of part equity of second home to child

    I saw that there was a calculator - but I thought it said it couldn't be used if only a share of the property was being disposed of. Please clarify if we're talking abou the same calculator. Whether I calculate manually or using a calculator, how do we inform HMRC of the results and how long do I have to do it? On my self-assessment tax return for 22/23 one of the options seems to be to declare CGT and yet elswhere I've seen advice that indicates I need to report/pay CGT within a couple of months of the disposal. Please advise.
  • Declaring CGT

    I've just completed the transfer of 25% of a property to my son. The property is jointly owned with my wife. My wife and I retain 75% equity. We have owned the property for several years so there is a capital gain. How to my wife and I go about calculating the CGT payable and how/when do we report this to HMRC?
  • House vaulation for CGT purposes

    I have a property (house) which I will be transferring to a child in the form of a gift. This is not my primary residence. When assessing the current market value for the property what sources/evidence do HMRC accept? For example, I bought the property a few years ago and can estimate current market value using the Nationwide Building Society (or similar) house price calculator which estimates current value based on purchase price/date and subsequent price variations since then. Would HMRC regard this as an accetable source for the purposes of CGT calculation?
  • CGT on transfer of part equity of second home to child

    I currently own a second property jointly with my wife. We want to transfer 25% of the equity to my son with my wife and I retaining the other 75%. The property was bought about 10 years ago for 100k and we currently estimate the value to be about 200k. I assume that CGT is payable but would like to confirm that it is only due on 25% of the capital gain (ie 25k) and that my wife and I would share the gain equally - therefore both having an ellowance exemption of 6k giving a taxable gain of 13k which we would share equally and each pay at our marginal rate.