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Old 11th November 2017, 14:10   #761 (permalink)
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Re: Watch The Lira Now

lira still tanking?

Last edited by Kanga; 12th November 2017 at 12:07..
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Old 11th November 2017, 14:20   #762 (permalink)
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Re: Watch The Lira Now

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Originally Posted by Kanga View Post
Keep your fingers xx'd the HMRC doesn't read this or you may get a capital gains tax enquiry.
If you own for more than 5 years surely there is no capital gains tax?
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Old 11th November 2017, 15:18   #763 (permalink)
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Re: Watch The Lira Now

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If you own for more than 5 years surely there is no capital gains tax?
Yes for Turkey but you are still liable to the UK as all assets are included worldwide as a UK citizen and as such you are responsible to declare to HRMC.
The same applies to interest gained in bank accounts, the difference should be declared to the UK.
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Old 11th November 2017, 16:55   #764 (permalink)
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Re: Watch The Lira Now

I think if you live in Turkey and still have a home in the UK then that is liable for CGT if you sell it as your Turkish home is classed as your main home, from memory there are ways around this such as putting it in an (Enterprise Investment Scheme, I think its a dodgy way to avoid tax, probably better registering a shell company in Grand Cayman and placing your asset in that) I would have to ask Linsey to clarify this but she isn't talking to me because I don't want the car of her choice. Peaceful though.

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Last edited by yalimart; 11th November 2017 at 17:23..
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Old 11th November 2017, 20:05   #765 (permalink)
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Re: Watch The Lira Now

Stick to your guns Martin , worth it mate .

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Old 11th November 2017, 23:11   #766 (permalink)
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Re: Watch The Lira Now

5.10 TL to 1 at the PTT Post Office in Side today.
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Old 12th November 2017, 12:20   #767 (permalink)
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Re: Watch The Lira Now

Quote:
Originally Posted by yalimart View Post
I think if you live in Turkey and still have a home in the UK then that is liable for CGT if you sell it as your Turkish home is classed as your main home, from memory there are ways around this such as putting it in an (Enterprise Investment Scheme, I think its a dodgy way to avoid tax, probably better registering a shell company in Grand Cayman and placing your asset in that) I would have to ask Linsey to clarify this but she isn't talking to me because I don't want the car of her choice. Peaceful though.

Martin
It depends which is classed as your 'main residence' which is always exempt from CGT under current UK rules. Any second home/holiday property may be liable for CGT.

If you keep it until death CGT dies with you and is instead assessed as part of your estate for potential inheritance tax.(IHT)

Nothing wrong with an enterprise scheme; these are government approved. You get tax relief, but only on income tax, not CGT. The reason? Because it encourages investors to put their own money into start up businesses and lets the government off the hook. These are high risk, not for the faint hearted, and are exempt from IHT after 2 years ownership.
There are also Venture Capital trusts, (VCT) which get 30% income tax relief which is clawed back if withdrawn before 5 years.Any income from VCT is totally taxfree, and some people top up pension planning with VCTs.

Both VCT and EIS are government approved and tax relievable, and any competent IFA can advise on them, unlike the film schemes and other tax mitigation planning offered by some accountants.

Last edited by Kanga; 12th November 2017 at 12:27..
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Old 15th November 2017, 00:24   #768 (permalink)
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Re: Watch The Lira Now

The pound is poor to the main currencies, Worries about the Gov seems to be the reason, and yet it is 5.12 to the Lira, when and if the pound recovers-------
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Old 20th November 2017, 14:08   #769 (permalink)
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Re: Watch The Lira Now

There she blows, 5.19 to the pound, who will be the first to call 6 to the pound?
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Old 20th November 2017, 15:48   #770 (permalink)
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Re: Watch The Lira Now

How long is this going to last? Is it EVER going to go the other way again?
I've been waiting over 3 years.
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