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Where Taxpayers and Advisers Meet

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by Lee Young
Tue Dec 31, 2019 3:07 pm
Forum: Capital Gains Tax, CGT
Topic: Gifting property to spouse
Replies: 1
Views: 483

Re: Gifting property to spouse

In short, there is no issue with that. Should be done ideally before the property is on the market. A declaration of trust signed by the four owners will be sufficient to be able then to double up on the CGT allowances (assuming none of them have been used already in the tax year).
by Lee Young
Sun Nov 24, 2019 1:45 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT allowance
Replies: 2
Views: 342

Re: IHT allowance

If the estate of then first to die spouse exceeds £325,000 then yes.
by Lee Young
Mon Oct 14, 2019 10:32 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Which Form should I put Investments on ?
Replies: 1
Views: 7180

Re: Which Form should I put Investments on ?

The Guernsey holding is a foreign asset so that will have to go on the foreign asset schedule.

As regards the others I tend to list these under box 76, "other assets" and then add the detail to the white space at the end of the form.
by Lee Young
Fri Oct 11, 2019 5:47 pm
Forum: Property Taxation
Topic: Income/CGT/Stamp duty implications of gifting 50% of a property
Replies: 1
Views: 8111

Re: Income/CGT/Stamp duty implications of gifting 50% of a property

There are no CGT implications on gifts between spouses, and also no SDLT issues, assuming liability for the mortgage stays were it is (if you want the mortgage to be shared, this will involve a transfer of equity and SDLT may well then be payable). The main consideration is income tax, and it makes ...
by Lee Young
Fri Oct 11, 2019 5:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax & new RNRB Rules
Replies: 13
Views: 17910

Re: Inheritance Tax & new RNRB Rules

Assuming mum and dad are both on the Land Registry title then you do not need probate to transfer mum's 20% of the property to your wife. Dad, as sole surviving legal owner of the property, can transfer the title into his, your and your wife's joint names. Probate would be needed if other assets are...
by Lee Young
Thu Aug 15, 2019 4:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Distribution
Replies: 10
Views: 12139

Re: IHT Distribution

it is paid by the executors out of the estate, and (generally) out of the residuary beneficiaries' share of the estate.
by Lee Young
Thu Aug 15, 2019 4:37 pm
Forum: Property Taxation
Topic: Tenants in Common v Declaration of Trust
Replies: 3
Views: 12371

Re: Tenants in Common v Declaration of Trust

I've always understood that where only one person is legally responsible for the mortgage the mortgage interest (to the extent that it remains tax deductible) is only deductible against that person's share of any joint income. In other words if your wife is not on the mortgage deed she can not deduc...
by Lee Young
Thu Aug 15, 2019 4:31 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Distribution
Replies: 10
Views: 12139

Re: IHT Distribution

An unhelpful reply, but it depends on how the estate is divided up and the way the will is worded. If any of the git amounts are fixed gifts, are the gifts "subject to" or "free of" inheritance tax? If the amounts you quote are how the residue would be split then the IHT would be proportionately spl...
by Lee Young
Fri Aug 09, 2019 9:20 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gifts from surplus income -- what qualifies as income?
Replies: 10
Views: 17006

Re: Gifts from surplus income -- what qualifies as income?

I'm not sure there is a list. The rule of thumb to adopt is if it treated as income for accounting purposes then it is income. Prizes are not income.
by Lee Young
Wed Aug 07, 2019 2:22 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gifts from surplus income -- what qualifies as income?
Replies: 10
Views: 17006

Re: Gifts from surplus income -- what qualifies as income?

Premium bond prizes are not in my view income. Equally I would not include the Christmas bonus or the Winter Fuel Allowance in the figures.

You should include the income ever if it is automatically reinvested.

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