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Where Taxpayers and Advisers Meet

Search found 2675 matches

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by Lee Young
Sun Aug 09, 2020 11:52 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: How long does HMRC take for IHT 400 these days?
Replies: 3
Views: 585

Re: How long does HMRC take for IHT 400 these days?

Currentl two months minimum for HMRC to process the IHT400 and send on the IHT421, and then for the probate registry to issue the grant. Though even when they are issued, the grants (therefore not HMRC's fault!) are often wrong (three out of my last four have had to be corrected, and one of them twi...
by Lee Young
Sun Aug 09, 2020 11:49 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift of land
Replies: 2
Views: 180

Re: Gift of land

It is the value at the time of the gift, though HMRC may argue that there was some uplift on any valuation submitted at the time on the basis of the hope value in the future development of the land Hopefully this has been, or will be, factored into the valuation you would propose using.
by Lee Young
Sun Aug 09, 2020 11:46 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Altering claim for transferable nil rate band
Replies: 2
Views: 355

Re: Altering claim for transferable nil rate band

Technically it is not the executors who can do a deed of variation, but rather the beneficiaries of the estate whose entitlement is being affected by the proposed change. Assuming the deed can be done, and it is within two years of death, then once done a corrective IHT account would need to be sent...
by Lee Young
Thu Aug 06, 2020 8:58 am
Forum: Capital Gains Tax, CGT
Topic: CGT on sale of parental home that is in a trust
Replies: 2
Views: 441

Re: CGT on sale of parental home that is in a trust

Is your mum really not a beneficiary of the trust? Sounds like a nil rate band trust, in which case the spouse is usually in the class of beneficiaries.
by Lee Young
Mon Jul 27, 2020 3:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT421
Replies: 3
Views: 609

Re: IHT421

Applications now go via Oxford District Probate Registry, so if the system does not throw up an alternative, that is the one I would put in.
by Lee Young
Mon Jul 27, 2020 3:37 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Discounted Gift Trust, Income Tax
Replies: 3
Views: 1303

Re: Discounted Gift Trust, Income Tax

You should be directing your questions to the financial adviser who set it up.

The 4% "income" is not normally taxed as income, but rather subject to the chargeable event gains regime.
by Lee Young
Mon Jul 27, 2020 3:33 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Exempt Gifts
Replies: 2
Views: 1039

Re: IHT Exempt Gifts

You can, but if you want the transfers to be exempted under the gifts out of surplus income route rather than simply using up the nil rate band as gifts made within seven years of death, then you should use IHT400
by Lee Young
Mon Jul 27, 2020 3:29 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Wills and ISA’s wrt ASP’s
Replies: 1
Views: 821

Re: Wills and ISA’s wrt ASP’s

The ASP is applied for as part of the post probate dealings in the estate.

Without seeing the full will, it would be difficult to advise on the second part of your question.
by Lee Young
Fri Jul 03, 2020 9:37 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT411
Replies: 2
Views: 524

Re: IHT411

Just put "See attached valuation" and annexe a copy of the inheritance tax valuation you have from the provider.
by Lee Young
Thu Jul 02, 2020 12:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Which IHT forms should I use
Replies: 1
Views: 833

Re: Which IHT forms should I use

To claim the gifts out of surplus income (as they have to be claimed, they are autoamtically given as of right, such as a standard nil rate band) you have to submit the IHT400 and the various schedules.

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