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by maths
Mon Feb 27, 2017 9:04 pm
Forum: Capital Gains Tax, CGT
Topic: CGT - use of trusts to maximise CGT annual exemption between spouses
Replies: 1
Views: 29

Re: CGT - use of trusts to maximise CGT annual exemption between spouses

I've read that trustees of some trusts are only given an annual exemption of £5,550. This applies to what are referred to as "settlements" for CGT purposes. What you are proposing to do is to make use of a bare trust which is not a settlement. With a bare trust it is the beneficiaries of ...
by maths
Mon Feb 27, 2017 8:55 pm
Forum: General
Topic: Help to buy ISA
Replies: 1
Views: 39

Re: Help to buy ISA

Read this:

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413899/Help_to_Buy_ISA_Guidance.pdf

Para 3.11 reads: "Given that the Help to Buy: ISA is designed to help first time buyers get onto the housing ladder,"
by maths
Mon Feb 27, 2017 1:34 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Reducing IHT by Transferring from Sole to joint tennant ownership
Replies: 6
Views: 71

Re: Reducing IHT by Transferring from Sole to joint tennant ownership

Is there any capital gains tax on me or my brother when dad transfers ownership of each property to a joint tennant arrangement? No. Any CGT charge will be on father. Or is capital gains tax only charge if me or my brother decide to sell the properties? Correct. The vendor is the one charged to CGT...
by maths
Sun Feb 26, 2017 8:50 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Reducing IHT by Transferring from Sole to joint tennant ownership
Replies: 6
Views: 71

Re: Reducing IHT by Transferring from Sole to joint tennant ownership

AssumImg the properties have never been lived in by father on each transfer there would be CGT charges on any capital gains arising.

If the properties are mortgaged there may be SDLT consequences.
by maths
Sun Feb 26, 2017 3:15 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: New IHT and trusts
Replies: 5
Views: 264

Re: New IHT and trusts

I have heard that where discretionary trusts are included then the rules are different and the RNRB will not be available, which seems to contradict your suggestion. No. My comments referred to the fact that on father's death he left his 50% interest in the property on I assume a nil rate band disc...
by maths
Sun Feb 26, 2017 3:03 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Bare Trust for Grandchildren
Replies: 3
Views: 64

Re: Bare Trust for Grandchildren

I see no reason not to use the existing bank account. However, if you wanted to keep a separate track of just the rental income less outgoings another bank account could be opened.

The £100 figure is only relevant to a settlement where the settlor is the parent of the minor child beneficiary.
by maths
Sat Feb 25, 2017 10:09 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT on inherited property
Replies: 5
Views: 107

Re: SDLT on inherited property

If I were to decide to register the property in mine and my wife's name would that make any difference to the above outcomes?


No.
by maths
Sat Feb 25, 2017 10:07 pm
Forum: International Tax
Topic: UK NZ Dta
Replies: 2
Views: 50

Re: UK NZ Dta

For 15/16 it seems you will fall to be UK resident for the whole of the tax year. You say you will also be NZ resident for the same tax year. It is then necessary to resolve this dual residence under the UK/NZ DTA. Resolution in favour of UK would mean that it is to the UK that you would need to loo...

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