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Where Taxpayers and Advisers Meet

Search found 53 matches

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by kumar9
Fri Oct 18, 2019 12:18 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax & new RNRB Rules
Replies: 13
Views: 15211

Re: Inheritance Tax & new RNRB Rules

Dad does not wish to transfer any of Mom's estate to himself , also Mom's & Dad's mirror will says on passing of either, the deceased estate should go to my wife in my Mom's case,to me in case of my Dad's passing.
by kumar9
Fri Oct 18, 2019 12:15 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax & new RNRB Rules
Replies: 13
Views: 15211

Re: Inheritance Tax & new RNRB Rules

Thanks for the replies, just for further clarification , Currently Dad owns 20 % , my Mom owned 20 % , my wife owns 30 % , I own 30 % ( have done so for the last 7 yrs plus when the first transfers to us were made) On present valuation, both Dad's 20 % & Mom's 20 % are much much less than £ 325,000 ...
by kumar9
Fri Sep 20, 2019 11:42 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax & new RNRB Rules
Replies: 13
Views: 15211

Re: Inheritance Tax & new RNRB Rules

Update My Mom has passed away ( having survived the 7 years + ) And from what my dad tells me , she left her 20 % of the house to my wife ( my Dad has willed his 20 % to me on his passing) What do I need to do about my Mom's 20 % willed to my wife ? My mom has no other assets except say about £ 7-80...
by kumar9
Wed Jul 11, 2018 2:30 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax & new RNRB Rules
Replies: 13
Views: 15211

Re: Inheritance Tax & new RNRB Rules

Thank you Anthony , Thank you Maths

Wills are already in place as per your suggestions but will double check exactly.
by kumar9
Wed Jul 04, 2018 11:12 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance Tax & new RNRB Rules
Replies: 13
Views: 15211

Re: Inheritance Tax & new RNRB Rules

Dear Math , The 7 year survival period will be passed on July 20 ( my wife & myself were given 30 % each by each of my parents) ; Can they give us the remaining 40 % of the house while they still continue to live in it ? Remaining 40 % would be just under their renewed joint NBR of £ 650,000 . Does ...
by kumar9
Tue Jul 03, 2018 2:58 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Life Time Interest Trusts
Replies: 8
Views: 991

Re: Life Time Interest Trusts

''Just to complicate things, if you distribute to a sister in the expectation she will gift it back to you and your brother then that is likely voidable as a breach of trust as well.'' Just curious to know if I am given half a share in the Property AFTER the trust has been ended , how & why would it...
by kumar9
Fri Jun 29, 2018 11:43 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Life Time Interest Trusts
Replies: 8
Views: 991

Re: Life Time Interest Trusts

Apparently Settlor has the power to suggest to the Trustees a beneficiary not currently listed in the Trust Deed & Trustees can accept the suggestion. The suggested beneficiary would be my brothers son ( to skip a generation) Question is can 50 % ownership be passed on to me the settlor, AFTER the t...
by kumar9
Thu Jun 21, 2018 6:50 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Life Time Interest Trusts
Replies: 8
Views: 991

Re: Life Time Interest Trusts

Thank you for your input Sir Further study of the Trust deed suggests 1.I am not an cannot be a beneficiary under the Trust conditions 2.My only surviving Brother is a beneficiary 3.Trustees have the power to nominate my brother as Sole owner of the flat 4.Then end the Trust 5.Then my brother can gi...
by kumar9
Thu Jun 21, 2018 8:49 am
Forum: Income Tax
Topic: Benefit in Kind
Replies: 5
Views: 622

Re: Benefit in Kind

Thanks
I have no problem with paying tax due , I was mostly interested to know if he could own the flat but let us enjoy the income for life.that's all
Thanks
Kumar
by kumar9
Wed Jun 20, 2018 8:54 pm
Forum: Income Tax
Topic: Benefit in Kind
Replies: 5
Views: 622

Re: Benefit in Kind

Apologies for not correctly titling the question. There is no mortgage. Is your implication that if it is done via a life interest Trust ( ie he sets up a deed for my wife & myself to enjoy life time income from the property while he still retains ownership?/) , CGT & or IHT would not be applicable ...

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