Property Tax Experts - An AMAZING 6 CD audio set

Property Tax Experts is just one of the offerings available from the property tax portal website and is one of the most exciting projects I have been involved in.

I have identified some of the most successful tax specialists in the UK today - and they have agreed to share their expert knowledge and to help you to reduce your property tax liabilities.

The 6 CD audio set contains over 150 - YES One Hundred and Fifty - property and tax relevant questions that I have asked of some of the most respected tax specialists in the country today.

On the following pages you will find a list of all the interview topics covered and all the interview questions asked.

Enjoy...Amer Siddiq
Contents
1. Interview One - General Property Taxation
1.1. General Property Tax
1.2. Property Income Tax
1.3. Property Capital Gains Tax
1.4. Using Ltd Companies
1.5. Declaring Income and the Inland Revenue
1.6. Stamp Duty
2. Interview Two - How to Avoid Property Capital Gains Tax
2.1. General CGT Information
2.2. Transferring/Gifting Property
2.3. Property Partnerships
2.4. Common Capital Gains Tax Relief's
2.5. Tax Avoidance
3. Interview Three - How to use Companies to pay less Property Tax
3.1. General Company Information
3.2. Using Companies to Save Tax
4. Interview Four - Tax Implications for International Investors.
4.1. UK people investing outside the UK
4.2. Tax Advice for Ex-Pats
4.3. Tax Considerations for people investing in the UK
4.4. Location Focus - Spain
4.5. Location Focus - France
5. Interview Five - How to Plan for and Avoid Inheritance Tax
5.1. IHT and why it is becoming a big tax trap
5.2. Planning for Inheritance Tax
5.3. Trusts
5.4. Life Policies & Wills
5.5. Other IHT Issues
6. Bonus Interview One - Tax Investigations
6.1. Understanding and Handling Tax Investigations
7. Bonus Interview Two - Understanding Value Added Tax (VAT).
7.1. Getting to Grips with VAT
     

1. Interview One - General Property Taxation

Amer Siddiq Interviews Barry Stocks.

1.1. General Property Tax
  • What taxes are property investors liable to pay?
1.2. Property Income Tax
  • What type of costs can be offset against income tax?
  • What does the term "wholly and exclusively" mean?
  • What happens if your property business has made a loss?
  • How can property partnerships save on income tax?
  • Can people offset travelling costs against the costs of their rental income? I.e. travelling back and to the property.
  • What is the 10% Wear and Tear allowance?
  • When can the 10% wear and tear allowance be used?
  • What if I don't want to clam the 10% Wear and Tear Allowance?
  • What factors should I consider when deciding whether to use the 10% Wear and Tear Allowance and the renewals basis?
  • When looking to buy an investment property, I spent about £400 on finding a property. This cost was made up from petrol costs, buying newspapers with property for sale details, registering on websites, making telephone calls to arrange viewings etc.
  • Can these costs be offset?
1.3. Property Capital Gains Tax
  • What's the single most effective way to save CGT when you sell your property?
  • How long do you have to stay in a property for it to be classed as your Principle Private Residence?
1.4. Using Ltd Companies
  • If I use a Limited company, then will I save on property taxes?
1.5. Declaring Income and the Inland Revenue
  • What needs to be declared to the Inland Revenue?
  • Do you have to have receipts in order to claim property related expenditures?
  • How will the IR know if I have not paid any tax liabilities?
  • I understand that new Money Laundering Regulations have been put in place, cal you tell us something about these?
  • What happens if I don't pay tax?
  • What are the key tax dates for my diary?
1.6. Stamp Duty
  • I understand it is possible not to pay any stamp duty on certain properties, is that correct?
  • I understand that there was a stamp duty loophole that has recently been closed by the Inland Revenue. Can you tell us some more about this?

2. Interview Two - How to Avoid Property Capital Gains Tax

Amer Siddiq Interviews Arthur Weller.

2.1. General CGT Information
  • What is Capital Gains Tax?
  • Are both long term property investors and short-term property developers liable to pay capital gains tax?
  • Do I need to pay Capital Gains Tax as soon as I sell a property?
  • Can I defer paying capital gains tax by re-invest the profits on the sale of a property?
  • What is the easiest way to avoid paying Capital Gains tax?
  • How long do you need to live in a property to make it your Principle Private Residence'?
  • What proof do you need to provide to the Inland Revenue to prove that the property was your principle primary residence?
  • A commonly asked question is this: 'Can I use my annual CGT allowance if I buy a property off-plan, but decide to sell it once I have completed the purchase?
  • Can I re-invest the profits on the sale of a property and defer capital gains tax?
  • When I sell my investment property is it possible to offset costs that I have incurred both when buying and selling these properties?
  • Can I avoid tax by selling my property at a reduced price to a family member or close relative?
  • What is meant by 'connected persons'?
2.2. Transferring/Gifting Property
  • Can I transfer my property to my children and avoid capital tax?
  • I understand that property can be gifted in stages to avoid paying tax. Can you explain how this can be achieved?
  • Can I switch property between my wife and myself to avoid capital gains tax?
  • Is it possible to avoid capital gains tax on family transfers?
2.3. Property Partnerships
  • When is it tax beneficial to hold properties in a partnership?
  • How do I inform the Inland Revenue that I have a property partnership?
2.4. Common Capital Gains Tax Relief's
  • What is the annual CGT Allowance?
  • If I have not used the allowance in previous years can I carry it forward?
  • Can I use the CGT allowance to avoid paying tax if I purchase, then renovate and then sell a property for a profit?
  • What is the Private Letting Relief?
  • What is the 36 Month Rule?
  • What is Indexation relief?
  • Is it true that the longer you hold a property then the greater tax saving you will make?
  • What is the 'three years absence relief'?
  • Can I claim Private Residence Relief on my old property - if I am asked to relocate in the UK for work purposes?
  • Can I also claim Private Residence Relief - if I am asked to relocate in the OVERSEAS for work purposes?
2.5. Tax Avoidance
  • How do I inform the Inland Revenue that I have sold a property?
  • Do I need to inform the Inland Revenue even if I am unlucky enough to have made a loss?
  • If somebody has made a loss on the stock market, i.e. during the technology bubble, then can any losses be offset against future property profits?
  • How will the Inland Revenue know if I was due to pay CGT if I don't tell them?
  • What happens if the Inland Revenue find out that I have not paid tax?

3. Interview Three - How to use Companies to pay less Property Tax

Amer Siddiq Interviews Ian McTernan

3.1. General Company Information
  • What type of company is most commonly used by property investors and why?
  • If you do own your properties in a Ltd company then does it really mean that you have 'Limited' liability?
  • When is it best to consider owning properties in Limited company?
  • Is it possible to move your existing properties into a company?
3.2. Using Companies to Save Tax
  • What typical costs are associated with setting up a limited company?
  • When does a company pay tax?
  • At what rate to companies pay tax?
  • Do I still need to pay tax on my rental income?
  • Do I need to use an accountant for preparing my tax return?
  • If yes what kind of costs are associated?
  • What is the most tax efficient way to extract money from a company?
  • What are the benefits of using a Ltd Company?
  • What are the drawbacks of using a Ltd Company?
  • What is meant by double 'Whammy Tax'?
  • What is the single biggest 'tax' mistake property investors make when holding their portfolio in a Ltd Company?
  • What happens if I decide to sell my company which has a number of properties owned within it?
  • Can I sell it in a tax efficient way?

4. Interview Four - Tax Implications for International Investors.

Amer Siddiq Interviews Daniel Feingold

4.1. UK people investing outside the UK
  • For anybody investing overseas, what are the five most important tax considerations they need to make?
  • If I invest overseas then when and where do I pay tax?
  • What is meant by the term 'double taxation treaty?
  • How can I use double taxation treaties to my advantage?
  • Can I choose which country I pay tax in? For example the tax rate may be cheaper in the country where I hold my overseas property?
  • If I sell a property abroad and pay the local taxes; I'm only liable for UK Capital gains Tax when I bring the money back to the UK - Is that right?
  • If I sell my apartment abroad and buy a villa, surely I'll be able to rollover the gain I've made into the new villa and therefore I'll only need to pay Capital Gains Tax when I sell that in the future?
  • Inheritance Tax overseas on the property is no worry as I'll leave it to the wife in my will. So there's no tax to pay until she dies?
4.2. Tax Advice for Ex-Pats
  • If I leave the UK to live and work in another country, but rent out my UK residence then am I liable to pay income tax?
  • If yes, where is it paid?
  • If I leave the UK to retire abroad or live abroad permanently, what income tax and capital gains tax implications are there for my UK properties?
  • Do I have to pay UK Capital Gains Tax if I sell my UK property?
  • Someone told me, I could still have to pay Capital Gains tax in the Country where I'm going to live on my UK properties is that true?
  • I have a substantial property portfolio, but I can't face going abroad for five full tax years. Is there anyway I can go abroad for just one year and still avoid the Capital Gains Tax?
  • How long am I treated as UK Domiciled, when I leave the UK to live somewhere else?
  • So, I'm Deemed Domiciled in the UK?
  • Is it true that my UK assets such as UK property will still be subject to UK Inheritance Tax, even if I'm considered Domiciled in another Country?
  • Is there anyway of avoiding my UK inheritance Tax liability, whilst I'm still Deemed Domiciled and Domiciled abroad if I keep my UK property?
  • What are your top 3 tax saving tips for Ex-pats?
4.3. Tax Considerations for people investing in the UK
  • For overseas investors, what tax considerations should they make before investing in the UK?
  • When does an overseas investor become liable to UK tax?
  • What can I do to minimise UK tax on rental income?
  • What can I do to make sure my Profit on selling a property is treated as a Capital Gain and therefore tax-free?
  • So as an overseas investor, I'm not liable for UK Capital Gains Tax when I sell my investment property?
  • Is it true as an overseas investor I'm liable to UK Inheritance Tax on my UK properties?
  • Is there a simple way to avoid UK Inheritance Tax?
  • I've been offered the chance to invest in a UK property development, is the taxation any different? Surely, I'm not liable to UK Capital Gains and so the profits are UK tax-free?
4.4. Location Focus - Spain
  • What tax advice do you have for people who invest in Spain?
4.5. Location Focus - France
  • What tax advice do you have for people who invest in France?

5. Interview Five - How to Plan for and Avoid Inheritance Tax

Amer Siddiq Interviews Nigel Lord

5.1. IHT and why it is becoming a big tax trap
  • What is Inheritance Tax?
  • Although you mention that the 'vast majority of estates pay no IHT whatsoever' why is IHT becoming a tax liability that people are increasingly and seriously starting to worry about?
  • When does somebody become liable to pay Inheritance Tax?
  • If both husband and wife suddenly die, then could the children be forced to sell the house in order to pay any IHT that may be due?
  • Could this not ultimately make the loved one homeless?
5.2. Planning for Inheritance Tax
  • When should one start to consider planning for Inheritance Tax?
  • I have heard Inheritance Tax referred to as a 'voluntary' tax, which implies that it is possible to totally avoid it. Is this true?
  • What are some simple steps that one can take to reduce this liability?
  • What are Potentially Exempt Transfers i.e. PETs?
5.3. Trusts
  • I have heard that the setting up of a Trust can be an effective way to reduce Inheritance Tax. Can you please explain what a trust is?
  • Can properties be held in a trust?
  • Who benefits if a trust is set-up?
  • What are the main types of trusts?
  • What are the typical costs associated with setting up a trust?
  • What are the general benefits and drawbacks of using trusts?
5.4. Life Policies & Wills
  • I have been told that 'life policies' should be placed into a trust to minimise inheritance tax. Is this true?
  • Why is it necessary to have a will?
5.5. Other IHT Issues
  • You have mentioned that it is sometimes possible to gift assets, but retain control, uses of the assets or rights to income. I thought that there were rules to prevent this?
  • Are there any IHT advantages or disadvantages in being married?
  • I have heard that it is possible to avoid IHT by moving offshore. Is this true?

6. Bonus Interview One - Tax Investigations

Amer Siddiq Interviews Ian McTernan

6.1. Understanding and Handling Tax Investigations
  • What is a Tax Investigation?
  • Why does the Inland Revenue Investigate people?
  • How does the Inland Revenue track down those who are known as 'Tax Dodgers'?
  • I use an accountant and file my tax return annually. Surely I will never get investigated will I?
  • How will the Inland Revenue contact me for an investigation?
  • What should I do if I do get contacted, apart from panicking?
  • What should I not do if I get contacted?
  • What typically happens during a tax investigation?
  • Are all tax investigations the same?
  • How long will a tax investigation typically take?
  • What typically happens if I am found guilty of deliberately not having paid tax?
  • What happens if I just accidentally forgot to pay tax or notify them of my income?
  • How can I avoid being investigated?

7. Bonus Interview Two - Understanding Value Added Tax (VAT).

Amer Siddiq Interviews Barry Stocks

7.1. Getting to Grips with VAT
  • What is VAT?
  • What are the VAT rates?
  • Do these rates apply to all goods and services?
  • Do I have to pay VAT?
  • When must I register and start charging VAT?
  • What happens after I've registered?
  • Is there VAT on land and property?
  • So why not grant a 999-year lease instead, wouldn't that be exempt?
  • What is the option to tax?
  • You mentioned the transfer of a going concern, how does that work?
  • Are there any other potential "VAT" traps?