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Where Taxpayers and Advisers Meet

Search found 82 matches

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by Yiannis17
Tue Sep 22, 2020 10:59 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: transfer of a property
Replies: 3
Views: 537

transfer of a property

Morning I have a situation here where a father and son held a rental property jointly. The father passed away and by the terms of the will all assets pass over to the wife. Having just spoken to the son and receiving probate the son wants the whole property transferred onto his own name. There is a ...
by Yiannis17
Mon Jul 20, 2020 4:20 pm
Forum: Capital Gains Tax, CGT
Topic: Partial transfer to children
Replies: 2
Views: 615

Partial transfer to children

Afternoon I have a situation here where a father wishes to transfer 15% of his property onto his children. This is something he wishes to do over the next few years as he wants to get the property off his name. The property is a Shop with flats above. There is currently a mortgage on the property on...
by Yiannis17
Mon Jun 08, 2020 3:30 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transfer of a rental property
Replies: 1
Views: 598

Transfer of a rental property

Afternoon, I have a situation where on the first death the terms of the will state that all property passes onto the surviving spouse. In this instance, the property is a buy to let. The surviving spouse now wants to transfer her share of bequeath property onto another family member. This has all ha...
by Yiannis17
Thu May 21, 2020 9:38 am
Forum: Savings & Investments, Pensions & Retirement
Topic: Cashing in Pension
Replies: 1
Views: 770

Cashing in Pension

Morning I have a person who cashed in his pension early, aged 55 years of age. The amount is a considerable amount. The person is no longer UK resident nor UK domiciled and left the UK many years ago to live in Europe. The pensions after having the 25% tax free lump sum and taxed accordingly were pa...
by Yiannis17
Thu Feb 27, 2020 12:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT400 form
Replies: 0
Views: 352

IHT400 form

Morning I would like some assistance please on completing form IHT 400 for someone and have three questions. The terms of the will state that all the deceased's assets will pass onto his wife. 1) Page 7 of the form asks for Assets owned outright by the deceased. The deceased had bank accounts solely...
by Yiannis17
Mon Feb 24, 2020 2:34 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Probate
Replies: 3
Views: 447

Re: Probate

Thank you for the response.

I assume it is best to apply through HMRCs website?


IHT400 will need to be completed as I believe there were a few failed PETS.
by Yiannis17
Mon Feb 24, 2020 10:53 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Probate
Replies: 3
Views: 447

Probate

Good morning

Regarding probate, is it still necessary even if the Will in place stipulates that all assets will pass onto the surviving spouse?

Thank you
by Yiannis17
Mon Feb 17, 2020 3:17 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transfer of money to an LTD
Replies: 1
Views: 375

Transfer of money to an LTD

Afternoon I met a widowed wife who has has inherited a large sum of money from her late husband. She has asked me to transfer the money into a Limited company where her children are equal share holders and directors. She has no involvement in the company which is currently being set up for that purp...
by Yiannis17
Mon Jan 06, 2020 1:32 pm
Forum: Business Tax
Topic: Capital allowances
Replies: 2
Views: 1155

Capital allowances

Hi I have a situation here where an expensive diesel car is in a special rate pool. The person is thinking of disposing of the car(used solely for business purposes) to purchase another one. The tax written down value is 60k and the first car will sell for 28k. My understanding is that unless the bu...
by Yiannis17
Sat Jan 04, 2020 5:58 pm
Forum: Property Taxation
Topic: European property - depreciation
Replies: 1
Views: 566

European property - depreciation

Hi

I am preparing a UK tax return for someone who has a property overseas and is declaring this on his UK tax return.The schedule provided contains a large figure for depreciation. Is that allowable on a UK tax return?

Thank you

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