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Where Taxpayers and Advisers Meet

Search found 38 matches

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by mill
Wed Aug 21, 2019 12:22 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: stamp duty
Replies: 1
Views: 12166

stamp duty

Several years ago my husband and I purchased a holiday home. At the time we drew up a declaration of trust in the names of myself, my husband and our two adult children which specified that the property was held in trust by the four for the benefit of only myself and my husband. The purpose at the t...
by mill
Fri Jan 25, 2019 2:00 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB allowance
Replies: 1
Views: 506

RNRB allowance

On the assumption that the second to die of a couple (the first to die having left everything to the second to die) then the second to die has a current exemption of £900,000 on condition that the family home is left to the children or grandchildren. 1) If the family home is valued at less than the ...
by mill
Tue Jan 15, 2019 1:03 pm
Forum: Capital Gains Tax, CGT
Topic: CGT liability
Replies: 1
Views: 387

CGT liability

On the recent demise of my spouse our home, which was registered as joint tenants, automatically passed to my sole ownership. Prior to our moving in (as a downsizing action some 3 years ago) the property had been rented out for many years, and thereby carried a significant GCT liability. In that inh...
by mill
Fri Jun 22, 2018 11:50 am
Forum: Capital Gains Tax, CGT
Topic: CGT liaability
Replies: 3
Views: 567

Re: CGT liaability

Thank you both I response to bd6759 we have both lived in the flat since our original purchase. If there is no UK CGT liability resulting from the transfer to me, then we would like to process the transfer prior to my uncles departure for the United States to avoid any future involvement of the IRS ...
by mill
Thu Jun 21, 2018 6:41 pm
Forum: Capital Gains Tax, CGT
Topic: CGT liaability
Replies: 3
Views: 567

CGT liaability

My uncle and I bought a flat together about 4 years ago. This is the only property we own and it is therefore our primary home. Should we sell it we have been informed that it is therefore exempt from any capital gains tax on its substantial increase in value My uncle is moving to the United States ...
by mill
Mon Apr 02, 2018 12:45 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Life interest trust
Replies: 1
Views: 485

Re: Life interest trust

In the event of your untimely demise the parents could find themselves homeless. Take appropriate action without delay.
by mill
Thu Oct 12, 2017 4:43 pm
Forum: Capital Gains Tax, CGT
Topic: CGT relief
Replies: 1
Views: 2237

CGT relief

In 2003 we bought a house for the use of our parents. They have lived in the house rent free since its purchase paying only the council tax and the utility bills. One of the couple died some time ago and the survivor has just entered a care home. If we sell the property, we are as 40% taxpayers, fac...
by mill
Wed Sep 06, 2017 8:37 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: probate submission
Replies: 1
Views: 2707

probate submission

I am the executor of an estate valued very close to £650,000. The first to die left everything to the second to die so the estate will benefit from a double IHT exemption of £650,000. Probate will therefore be comparatively simple and require only submission to the probate office of forms IHT 205 an...
by mill
Sun Dec 04, 2016 5:40 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT liability
Replies: 1
Views: 464

IHT liability

A distant relative of British nationality is under care in the UK. She resided in the United States for many years, but with the onset of vascular dementia elected to return to the UK and enter a care home. Her dementia condition is now considerably advanced She is the sole beneficiary of a trust se...
by mill
Sun Jul 24, 2016 11:26 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT
Replies: 2
Views: 451

IHT

A spouse has been left the totality of her late husband’s estate and as a consequence there is no liability for IHT. However her husband, well within the 7 years prior to his death, bought their son a property at a cost of £250,000. Does this mean: a) That the wife has an immediate liability of IHT ...

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