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Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly
May I ask why the need to do this she will inherit them anyway with no affect to your Inheritance tax
Why not just her name onto the account (s)
Then why do you wish to make her beneficial owner ?Im still not sure what you would like to achieve - could you expand perhaps ?Thanks
So what percentage of the savings are hers ?
That's not what I asked - what percentage are actually her savings ?Thanks
Then the most you can have her entitled to is 40% and you will need evidence that she has contributed 40% of the total capital to allow a deed to be effective
No as then it would need to be either see her added into the account or it gifted to her to put in her own account to satisfy the paper trail
That would be fine - that element (savings account) then she would be considered 50% owner its just the account with the fixed deposit you could then make a 40% election on a deed for
You are most welcome
As per Just Answer policy this really should be listed as a new question but I will answer on this occasion
Offshore loan this rings alarm bells - its not a offshore remuneration trust scheme it is with further tax consequences ?
Who placed the lien mark on the account ? Is this due to "loan" repayable now the schemes
Sorry to be so nosy but this has consequences if this is the case
Are you aware many of these are a bone of contention with HMRC and not permitted under UK law as deemed to be tax evasion
So you have to declare the interest as it arises regardless of the fact that the lien sits on the account and its capital
No it has to be declared the date it arises so if awarded sat 01/04/2019 then it would sit as liable in 2019/2020 tax year if paid today 15/09/2020 then liable in 2020/2021
Yes you do need to declare any interest from 2016 so yes use the worldwide disclosure facility as they are offering lower penalty charges for coming forward through this scheme and declare for all years since this account opened with dates and amounts
I don't know let me check as this is a newish disclosure scheme usually they are set at 30% which actually this is original discloser scheme when it was 30% before Sept 2018 now it can be 100% of the tax due
Full information here https://www.gov.uk/guidance/worldwide-disclosure-facility-make-a-disclosure
Well you made that clear so I could then fully assist you but i'm sure you can appreciate that information was quite vital from the start!
So it will be 100% penalty on the tax due for each year but there might be a maximum of 10% reduction (so down to 90%) this further looks at which territories have which penalties applied
But do read through all the literature to see if you have any of the extenuating circumstances that might permit a reduction
I cant advise what to put - why didn't you disclose it ? When it was your account that earned the interest and regardless what then happened with it, it was awarded to you so tell them the reason - that you thought as you didn't get it that it wasn't treated as yours but be more specific
100% penalty yes so if you owe £1000 tax the panely will be £1000 too
What does the enclosure form state ?
I don't understand - it is cash accounting as when awarded rather then when paid
No it already is cash accounting as you treat it as arising when due not when paid
It doesn't matter its been awarded over the years
You are very welcome