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Where Taxpayers and Advisers Meet

Search found 2659 matches

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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: 5980

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: 6801

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: 15043

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: 11703

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: 11133

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: 11703

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: 15794

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: 15794

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.
by Lee Young
Mon Jul 29, 2019 8:55 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Gift - Quick query
Replies: 8
Views: 12043

Re: IHT Gift - Quick query

Yes I am. We can all give away £3000 per tax year and those gifts are immediately exempt from inheritance tax.
by Lee Young
Fri Jul 26, 2019 5:14 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT & CGT charge on dispoal of GWR property
Replies: 1
Views: 5280

Re: IHT & CGT charge on dispoal of GWR property

In short the answers to your questions are:

(a) Yes.
(b) No.
(c) as you say, 50% date of death value and 50% 2003 value.

If advice was sought at the time you might want to revisit it as it might have been negligent.

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