How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TaxRobin Your Own Question
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 17105
Experience:  International tax
Type Your Tax Question Here...
TaxRobin is online now

I have spent close to 40k GBP on purchases for cars for my

This answer was rated:

I have spent close to 40k GBP on purchases for cars for my children over the last 6-7 years. Most have not been repaid, is there any way of creating a vehicle (trust/company) where I might get some tax relief???
Hello and thank you for allowing me to assist you.
Creating a company and using vehicle expense is available but unfortunately, unless the vehicle is actually used in the course of the trade or business the expense and capital allowance is not allowed.
You can claim capital allowances for what your business spends on certain assets that it owns and uses in the business, provided certain conditions are met.
The expense would not be allowed in a trust arrangement either unfortunately.
TaxRobin and other Tax Specialists are ready to help you
Customer: replied 3 years ago.

What is the tax rate for ISA encashment above my allowance?

Hello Patrick
You don't pay any tax on the interest or dividends you receive from an ISA and any profits from investments are free of Capital Gains Tax.
Customer: replied 3 years ago.

Why is there a tax free allowance for ISA's?

That is a limit to the amount you can deposit into your ISA.
Customer: replied 3 years ago.

Right, that is very good news.

Do I need to declare income from an ISA on my Tax Return?

ISAs began on 6 April 1999. Investors pay no tax on any of the income they receive from their ISA savings and investments. You do not have to declare income and capital gains from ISA savings and investments or even tell your HMRC office that you have an ISA.
Customer: replied 3 years ago.

How do I do the rating? Can you send me the relevant page?

I appreciate your concern to credit me.
It will not let you rate again but you a bonus is allowed.