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by maths
Sat Aug 19, 2017 8:49 pm
Forum: Capital Gains Tax, CGT
Topic: Paying CGT on property parents lived in
Replies: 6
Views: 83

Re: Paying CGT on property parents lived in

Assuming you, mother/father on purchase each acquired a beneficial interest as joint tenants then you would each own 1/3rd with a base cost for each of you of 1/3rd of actual price paid. On the death of father you/mother would each acquire 50% of his 1/3rd at then market value. On mother's death you...
by maths
Fri Aug 18, 2017 7:36 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Will a discretionary trust be wound up on death of Settlor?
Replies: 1
Views: 49

Re: Will a discretionary trust be wound up on death of Settlor?

Regarding your basic question re the trust, it will not automatically wound up on mother's death. The trust was set up by mother for the benefit of you/brother/gchildren. The death of your mother has no impact on the trust itself. However, her death may or may not cause the bonds to mature but his w...
by maths
Fri Aug 18, 2017 6:11 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on part disposal of property
Replies: 5
Views: 61

Re: CGT on part disposal of property

Missed reference to 13 years; sorry. Assuming sold last year after 12 years of ownership. Owned and lived in property for 8 yrs and then rented for say 4 years to last year when house sold. Of the gain you made 9.5/12ths of gain is exempt; and 2.5/12ths of gain also exempt (40,000 if less). Likely n...
by maths
Fri Aug 18, 2017 5:59 pm
Forum: Capital Gains Tax, CGT
Topic: Avoid CGT on sale of garden larger than permitted area?
Replies: 1
Views: 52

Re: Avoid CGT on sale of garden larger than permitted area?

There is no definitive answer to this hoary old chestnut. it is heavily fact dependent. 2.1 acres is significantly in excess of the permitted area (approx 1.25 acres) and arguing that all of the surrounding land is needed for enjoyment is likely to be an uphill struggle.The fact that you are seeking...
by maths
Fri Aug 18, 2017 5:42 pm
Forum: General
Topic: Legal query
Replies: 3
Views: 76

Re: Legal query

Not sure I know the answer. One option is to simply write to the executors requesting their justification for their request. Under TMA 1979 1970 s40 (for ss34, 35 &36 purposes) HMRC can only assess executors at anytime within 4 years of the end of the year of assessment of death in relation to i...
by maths
Fri Aug 18, 2017 2:49 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on part disposal of property
Replies: 5
Views: 61

Re: CGT on part disposal of property

In whose name(s) was the house/land registered?
How was the beneficial interests split between the two of you?
Did either or both of you ever live in the house?
by maths
Fri Aug 18, 2017 2:44 pm
Forum: International Tax
Topic: Residency and Taxation during Secondment to Canada
Replies: 6
Views: 79

Re: Residency and Taxation during Secondment to Canada

David Treitel's comment is I suggest misleading. First, it is necessary under the domestic laws of the UK and Canada to ascertain for the period concerned whether you are resident in only one of the countries or both. Second, assuming residence in both then the tie-breaker test in the UK/Canada DTA ...
by maths
Thu Aug 17, 2017 9:47 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance and gifts...
Replies: 1
Views: 80

Re: Inheritance and gifts...

1. Do my Mum and Dad's £325k IHT allowances get added together now to make £650k ? If mother left all her estate to father then none of her nil rate band (NRB) was used. In which case on father's death he would effectively have a 650k NRB. 2. If my Dad were to die right now, would his estate pay IH...
by maths
Thu Aug 17, 2017 9:37 pm
Forum: Property Taxation
Topic: Tax on Income from Rent
Replies: 1
Views: 77

Re: Tax on Income from Rent

There is no need to transfer the legal title into wife's name. If there is a joint mortgage, this wouldn't be possible anyway. All that is necessary is that you both, as legal owners, execute a declaration of trust (DoT) with the beneficial interest in the property split, say, 100%/0%; 99/1% etc. Fo...
by maths
Thu Aug 17, 2017 9:24 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Nil rate band will trust never set up
Replies: 8
Views: 194

Re: Nil rate band will trust never set up

My comment re the executors was a bit of a throw-away comment but was also intended to point out that they have the responsibility of ensuring the testator's wishes are carried into effect and potentially personally liable for any IHT due but not paid. Regarding IHT filing requirements I'm not sure ...

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