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  • Tax - Claim for private residence relief to apply to a former home
    Claim for private residence relief to apply to a former homeWhen a marriage fails, tax planning is vital and sometimes urgent or avoidable tax liabilities can arise. An example of this is capital gains tax and the matrimonial home. Where one spouse (or civil partner) moves out and transfers their interest to the other as part of the financial settlement, private residence relief can be lost.  Use our letter to make an election to treat your former home as your main residence from the date of separation to the...
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  • Tax - Allocation of savings interest agreement
    Allocation of savings interest agreement If spouses or civil partners do not want a 50/50 split of savings interest, they can declare that income be split according to each person's beneficial entitlement as detailed in a written agreement.Beneficial ownership of bank account fundsAs a general rule, assets owned by spouses in joint names are treated by HMRC as shared equally by both partners, and any income produced will be taxed accordingly. But where actual ownership of an asset differs from 50/50, a married...
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  • Tax - Rental business employee's job description
    Rental business employee's job descriptionYou can claim a tax deduction for the cost of paying someone, including a spouse or civil partner, to manage a property you let. HMRC may ask for details of their role so you need to justify paying them. Wages of spouseAs long as they don't own a share in the property, you can pay your spouse or partner a wage for dealing with the administration of your let properties. And this wage can be offset against your rental income. This is a good way for them to receive some...
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