If I transfer my shares to my daughter do I have to pay stamp duty or tax?
490116
Tax - Technically yes, if there is a capital gain above your annual exemption for the year based on the market value of the shares at the date of transfer. However, even if there is a gain you may be able to defer it (broadly, if your daughter is UK resident and it is a gift of a business asset - basically a personal company and not shares in a plc).  \nThe definitions to qualify for the relief are pretty specific, so if the gain is likely to be over GBP8,800 (2006/07 rate) then you need to get detailed advice.  If your gains for the year (including any other chargeable disposals in the same tax year) are below that level, no tax.\n\nStamp duty - last I knew, you technically did have to pay stamp on such a transaction, but as it is a gift it would only have been 50p.  However, the stamp duty was completely revamped a couple of years ago and I do not recall how the new regime applies to gifts of shares. Hopefully someone else can help with that.\n\n\nEdit :  Sloop John, you are mixing inheritance tax exemptions and capital gains tax rules together!
1021392
If it is a US company, it is before tax.  If it is a company in some other countries it is partially or fully after tax.  The UK takes a percentage of their dividends off the top as tax.  If you are a US taxpayer then you will have paid the UK tax indirectly through the UK process and then be able to use it as a credit against your US taxes.  \n\nSo if you are American, it depends upon the country of domicile of the company.  If you are not American it may or may not be after tax.
846924
The first thing you should note is that you have an annual personal tax allowance of £5035. This means you do not pay tax on the first £5035 in any tax year. (april-april).\n\nOn the next £2151 you pay tax at a rate of 10%.\n\nBetween  £2151 and £33300 (over the allowance) you pay 22% Tax.\n\nAnything above this you pay 40% tax.\n\nThis means the higher tax band starts at £38,335 (£33,300+£5035). Any income above this will be subject to 40% income tax.\n\nTo complicate matters you pay national insurance at 11% for earnings between £97 and £645pw but this drops to 1% above £645pw.\n\nIf you are close to the higher tax band you may be able to bring yourself back below the band by paying more into your pension. There is no other legitimate way to avoid the 40% demand.\n\nAlso make sure your savings and investments are in tax efficient forms (such as ISAs). This will mean that you don't have to pay tax on your interest.\n\nNote:-\nThis assumes you are below 65 (above 65 your personal allowance increases to £7280).\n\nIncome includes all income including investments (rental income, interest, share dividends etc.) \n\nBe happy with earning a decent wage!
1151567
Hi there\n\nImporting will be liable to duty, in this case VAT.  You can get full details on the government website http://www.hmrc.gov.uk\n\nYou can also find out info from sites that import, one example is http://www.bestdiamonds.co.uk who import their diamonds from Antwerp.  \n\nI hope this helps, if you do not find what you want above email me and I will explain some more.\n\nGood luck
685846
I believe you have to pay on any inheritance you receive.\n\nHere's a website that explains it and also has external links for more info:  http://www.answers.com/Inheritance%20Tax
873438
Assuming that your parents are domiciled and resident in the UK (which you would know if they were not) than all gifts to you will be potentailly excempt transfers.\n\nIf they gift you assets/cash and then survive for 7 years there will be no IHT. The IHT will be reduced on a sliding scale if they survive for between 3 and 7 years. \n\nTransfers to all trusts are now chargeable lifetime transfers (from March 2006) and will give rise to an immediate charge of IHT at half the full death rate. If the donor then dies within 7 years there may be a further charge but as above taper relief may apply. \n\nThere is a yearly annual exception of £3k but this is minor compared to the amounts that you are talking about.\n\nAlso remember that depending on the asset that you are to receive there may be capital gains tax to pay (not on cash, primary residence, cars, wasting chattels and other small exemptions) this can be held over though gift relief. This means that your parents would not pay the tax but when you come to dispose of the asset you would pay capital gain tax on the whole gain starting from when your parents aquired the asset.
682452
Contact your local tax office to find out exact procedures.\n\nAlso if you have student loan repayments you will have to contact them too.
348474
Not sure but I know you can get a 17.5% discount from VAT (value added tax). Ask the person to discount it and file and not to pay VAT.
663079
There can be two types of income for you as a result of investment in offshore company.\n     . Dividend\n     . Capital gain\n\nIf you are resident Indian, both these are taxable , since dividend from only Domestic company are tax free. On short term capital gains you will have to pay normal rate of tax because the sale of these shares shall not take place through  Stock Exchange,\n       However, the offshore company means a foreign company which is also listed in Indian Stock Exchange, Long term capital gain is zero, Short Term at the rate of 10% and Dividend shall be taX free
401525
No, as long as you don't sell, there is not a taxable moment.  So, you won't have to pay tax on any gains on your stockes until you actually sell them (or transfer them to another person).
535261
I'll try to remember. We have Value Added Tax, about 17.5% on certain goods and at a lower rate for gas (petrol) and electricity. Capital Gains Tax after an inheritance over a certain amount. Income Tax, comes out of your wages or your business profits. National Insurance paid out of your wages but your boss pays a larger amount than you, this pays for Welfare benefits and free hospital treatment. Council Tax for all local services Street cleaning, Road mending council house repairs, the police etc., Water rates which pay for your water supply, some areas like where I live in Eastbourne East Sussex have two lots, one for sewage and one for supply as we have different companies supplying both services. I'm not sure if there's an Inheritance Tax as well as the Capital Gains tax but there's also Stamp Duty which is paid during the act of buying a house and various Exises and Duties levied on goods brought into the countries at ports and airports.
352001
I believe the first USD80,000 is tax free but then you have to pay tax.  Unless your company pays for it!  Check with your tax adviser!
385131
Get proof that you paid for your share. If she gives you your stock - you could end up liable for capital gains tax on the lot. Maybe she could sell your stock on the market and you could buy on the same day? but again - there could be a capital gain problem.
847026
shouldnt be any so long as you effectively live in one of them until of them are sold.  if you are liable to cgt then you can claim the costs of conversion as well as your original purchase price as the purchase price
940424
Yes. It is income and in the US you are going to pay taxes on income. (MOST of it anyway). There is more that is needed to answer the question. If the earnings are from the sale of the account then you might have Capital Gain. As an accountant my best advice is to contact an accountant. Probably not much help for your question but there are too many variables to fully answer.
325118
I found this website really useful:\n\nhttp://www.direct.gov.uk/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/BeginnersGuideToTaxArticles/fs/en?CONTENT_ID=4015472&chk=iIHw8P
985071
You are saving on the VAT which if you bought the coins in the UK would be another 17.5%.\n\nBe carefull as if you sell in the UK you may be liable for duty.