The tax treatment of moving house

Article Abstract:

The consequences of the UK tax treatment of moving a household can be ameliorated by a properly constructed relocation package. Employers are entitled to deductions for reasonable expenses incurred from employee relocations. Employees earning more than 8,500 pounds sterling are liable for all benefits. Lump sums, cost of living adjustments, and payments to improve employees' accommodation must be included in gross pay, but reimbursement of specific expenses are not included in gross pay. Benefits linked to the costs of accommodation, including excess over existing house payments for comparable houses, revenue out-goings, tax allowances, and payments over a limited period of time can be excluded to a limit of 21,210 pounds sterling and only the excess will be taxed. Mortgage interest relief, commuting expenses, and capital gains exemptions are also possible under tax regulations.

Moving, Household, Household moving

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Married life and tax after April 1990

Article Abstract:

Married couples in the UK will be dealt with separately by the Inland Revenue in regards to income tax and capital gains computations after April 6, 1990. The changes to personal taxation include: spouses will file separate returns; spouses will have individual personal allowances; and a husband will have a married allowance. The tax planning for married couples to minimize tax liabilities is difficult because of a lack of precedent, but there might be some tax relief realized by re-allocating income among married couples in the areas of: earnings, pensions, and investment income. In the are of capital gains, each spouse will have their own exemption limit and will not be able to transfer gains or losses to each other.

Laws, regulations and rules, Married people, United Kingdom. Board of Inland Revenue

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A bedtime horror story

Article Abstract:

Various legal decisions are discussed to illustrate whether expenses incurred by employees are tax deductible.

Standards, Analysis, Accounting, Employee benefits

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