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by maths
Fri Jun 23, 2017 2:27 pm
Forum: Property Taxation
Topic: Stamp Duty Surcharge and foreign property inheritance
Replies: 1
Views: 41

Re: Stamp Duty Surcharge and foreign property inheritance

Based on our circumstances, are we liable to pay the surcharge ?


Yes, assuming your foreign interest is worth £40,000 or more.

You are under a duty to ensure all information filed re SDLT is correct.
by maths
Fri Jun 23, 2017 2:06 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Tenants in Common & Declaration of trust/Trust deed
Replies: 4
Views: 94

Re: Tenants in Common & Declaration of trust/Trust deed

Have I not attempted to answer this in an earlier post?
by maths
Wed Jun 21, 2017 12:26 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: compensation and trusts
Replies: 3
Views: 64

Re: compensation and trusts

Has the trust already been set up?

If so was not professional advice taken?

Do you know if the trust has been set up when it was set up and is it a s89 trust?
by maths
Wed Jun 21, 2017 12:24 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Divorce: is SDLT payable in this situation?
Replies: 9
Views: 109

Re: Divorce: is SDLT payable in this situation?

"Major interest" is defined in FA 2003 s117 but slightly modified by Sch 4ZA para 2(4) for the 3% SDLT purposes.
by maths
Tue Jun 20, 2017 11:29 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Divorce: is SDLT payable in this situation?
Replies: 9
Views: 109

Re: Divorce: is SDLT payable in this situation?

The 3% SDLT charge requires, inter alia, that on completion of the purchase of a dwelling you own a major interest in another dwelling. A major interest is defined as a term of years absolute or a leasehold interest; basically a freehold or leasehold interest. In your case you appear to have a defer...
by maths
Tue Jun 20, 2017 7:17 pm
Forum: Property Taxation
Topic: Replacement of only or main residence
Replies: 3
Views: 79

Re: Replacement of only or main residence

The quote I provided merely reflects HMRC's view of the legislation and is not, of course, law. When they say a "source of income" it's unclear (at least to me) what is exactly meant. If a property is bought with a buy to let mortgage then prima facie this would suggest that it hasn't been...
by maths
Tue Jun 20, 2017 4:24 pm
Forum: Property Taxation
Topic: Replacement of only or main residence
Replies: 3
Views: 79

Re: Replacement of only or main residence

The legislation provides that at the date of completion of the purchase the purchaser intends the dwelling to be the purchaser's only or main residence. "Intention" is tricky to prove. However, for what it's worth HMRC's view is as follows: "The test in respect of the new dwelling pur...
by maths
Tue Jun 20, 2017 4:14 pm
Forum: Property Taxation
Topic: Property cost basis approach from HMRC?
Replies: 3
Views: 73

Re: Property cost basis approach from HMRC?

The base cost depends upon a number of factors. If the transfer was made in the tax year of separation (or an earlier tax year) the base cost for the transferee is the original cost to the transferor. It the transfer is made after the tax year of separation the base cost is market value. The date of...
by maths
Tue Jun 20, 2017 4:00 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Property trust
Replies: 12
Views: 321

Re: Property trust

The beneficiaries are his 3 young children.

The trust was set up by the grandfather for the benefit of his grandchildren

??
by maths
Tue Jun 20, 2017 12:52 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty payable on shared property
Replies: 1
Views: 39

Re: Stamp duty payable on shared property

It seems that your mother did not leave her remaining interest in the property to you which seems a bit strange?

If you do not inherit but purchase the share then depending upon the consideration you pay, SDLT may be payable.

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