I am a trustee of an Interest in Possession trust set up in the 1990s. The Settlor (also trustee) and his co-trustee are both deceased. The deed states that ‘The trustees shall pay the income of the trust fund to the principal beneficiary for life.’ and, at ... Continue Reading
Hi, My friend bought a flat is Scotland in January, 2009 and lived there for 3 years. When he moved to England in January, 2013 he started to rent it out. Tenants moved out in June, 2021 and he sold the flat in March, 2022 for a loss of nearly £25,000. After ... Continue Reading
I have a Partnership just me and the wife ,we introduced funds to start the business,we have had a good year and profits are good ,can we take out some of the money we put in as capital so we can reduce our tax bill for year 2022-23 Any advise helps Thank you Continue Reading
We are members of a club that has some 140 members, all members pay a subscription annually, this covers the costs of running the club. Rent of the meeting place and guest speakers and such. We are thinking of setting up a competition and attract entries to it ... Continue Reading
Hi I had hoped last week Mr Hunt might have saved me needing to ask this question ! As I understand for estates over £2m the extra £175,000 nil rate band starts to be lost. Looks like for a married couple this is £175,000 each & it is carried forward to ... Continue Reading
My brother is resident in Portugal (NHR status). He is in receipt of UK state pension since Oct 2022 & UK Teachers pension. He fills in self assessment on line as he has rental income in the UK from one house. He has given his Portugal address to HMRC. He has ... Continue Reading
Good evening all, I am looking to purchase a house and retain my current house as a rental property. The new house is bigger and as a result we are ending up paying £18,000 ADS, my question is if I was to put my current house into a LTD company which has to ... Continue Reading
Hi, A number of years ago my spouse and I changed our ownership percentage to unequal shares for our BTL property. Back then, we created a declaration of trust and sent in form 17 to HMRC. Now, we would like to revert back to 50/50 ownership. It seems that form ... Continue Reading
