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Where Taxpayers and Advisers Meet

Search found 63 matches

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by sharpener
Fri Nov 08, 2019 4:33 pm
Forum: Property Taxation
Topic: Buy next door house, change boundary and sell again
Replies: 6
Views: 1027

Buy next door house, change boundary and sell again

The house next door (in England) is to be sold following the death of one of the owners, est value perhaps 800k. It has an extensive garden (~1/3 acre) and we would like to buy a strip of it to widen our own garden. If the remaining owners are not willing to agree to this we could of course buy the ...
by sharpener
Fri Feb 10, 2017 6:28 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Time limits for BPR
Replies: 2
Views: 844

Re: Time limits for BPR

Thanks for that (sorry for the delay, I didn't get any notification of yr reply for some reason). Now I can see how the 2 yrs in 5 rule applies in practice(!) If I go down this route I will in the light of your comments try and get the EIS manager to remit the funds directly to the AIM portfolio man...
by sharpener
Tue Feb 07, 2017 2:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Time limits for BPR
Replies: 2
Views: 844

Time limits for BPR

I have an EIS investment which is due to mature shortly. As it has been held for 3 years it qualifies for Business Property Relief. I also have had a managed AIM portfolio (with a different provider) for more than 2 years so everything in it is exempt from IHT. If I were to reinvest the proceeds of ...
by sharpener
Mon Sep 07, 2009 4:48 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Payment by instalments: interest relief on business assets
Replies: 2
Views: 947

Re: Payment by instalments: interest relief on business assets

Thanks maths This began with HMRC advising me on the phone that the outstanding instalments would attract interest from 1 October. However from reading pp53-4 of the IHT400 Notes I had thought that because the IHT due by instalments is on unquoted (AIM) shares held for less than 2 yrs it fell within...
by sharpener
Fri Sep 04, 2009 7:00 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Payment by instalments: interest relief on business assets
Replies: 2
Views: 947

Payment by instalments: interest relief on business assets

[Re-posting in this forum, orginally a subsidiary query to a posting under CGT] My mother died last December leaving amongst other assets 293k in an AIM portfolio of which 193k was held for > 2yrs and so qualified for business property relief. As the non-qualifying 100k is more than 20% of the total...
by sharpener
Fri Sep 04, 2009 1:40 am
Forum: Capital Gains Tax, CGT
Topic: CGT on personal representatives
Replies: 2
Views: 795

Re: CGT on personal representatives

Thanks maths for yr quick reply. Hopefully I am fireproof because the letters to the two investment managers specifically say I am writing as executor. The unrealised gains over the period of administration were about 34k so making half of that attributable to my non-resident sister is well worth ha...
by sharpener
Thu Sep 03, 2009 6:08 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on personal representatives
Replies: 2
Views: 795

CGT on personal representatives

My mother died last December leaving 53k in listed shares and 293k in an AIM portfolio (of which 193k were held for > 2yrs and so qualify for business property relief). My sister and I are the sole legatees. I wanted to keep most of the AIM portfolio for my own tax planning but not the listed shares...
by sharpener
Wed Mar 19, 2008 8:49 am
Forum: Capital Gains Tax, CGT
Topic: Transfer of unit trusts to son on attaining 18
Replies: 4
Views: 1111

<t>Thanks JS<br/> <br/> I think the CGT position is that, since I have realised other gains of ~2k this year, if I sell the units before 6 Apr these would be set against the losses and I would carry 7940 forward. If I sell after 5 Apr I would carry the full 9940 forward (assuming as is likely no oth...
by sharpener
Mon Mar 17, 2008 11:58 am
Forum: Capital Gains Tax, CGT
Topic: Transfer of unit trusts to son on attaining 18
Replies: 4
Views: 1111

<t>Because the units were bought at different times and prices, a sale now would (according to the calculations by the FairShares programme I use) realise an overall loss but this is a mix of gains and losses on individual tranches and the gain on the oldest will benefit from £235 indexation.<br/> ...
by sharpener
Mon Mar 17, 2008 10:31 am
Forum: Capital Gains Tax, CGT
Topic: Transfer of unit trusts to son on attaining 18
Replies: 4
Views: 1111

<t>From April 1998 to October 2002 I invested £500/month in a unit trust account designated with my son's initials. The intention was to transfer it into his name when he became 18 in 2004, however at the time I forgot to do this.<br/> <br/> If sold today there would be a loss for CGT purposes of Â...

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