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Where Taxpayers and Advisers Meet

Search found 11 matches

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by musty
Fri Nov 22, 2019 7:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT allowance
Replies: 2
Views: 288

IHT allowance

If a first to die spouse left his/her estate to the children rather than to his/her spouse, does this mean that the first to die spouse’s unused IHT allowance of £325,000 cannot be claimed by the second to die spouse?
by musty
Thu Nov 14, 2019 5:17 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT
Replies: 1
Views: 340

IHT

I am the executor for an elderly relative’s will. She has left her entire estate to her spouse and it is my understanding that as a consequence no inheritance tax will be due. Will I have to apply for probate in THE customary manner, or is there some simplified procedure in such cases.
by musty
Thu Aug 01, 2019 5:28 pm
Forum: Property Taxation
Topic: Stamp duty
Replies: 1
Views: 10636

Stamp duty

My daughter is shortly to be married and I planned to provide the funds for the couple to purchase a family home. Her prospective husband already owns a quarter share in his parent’s holiday home and the quarter share is valued in excess of the permitted £40,000. This therefore precludes him from cl...
by musty
Thu Sep 20, 2018 6:23 pm
Forum: Capital Gains Tax, CGT
Topic: IHT
Replies: 3
Views: 532

IHT

I wish to gift a buy to let property to my two daughters, both of whom are married, and hopefully in the future the gift will qualify as a successful PET. Is there any way in which I can structure the gift to preclude the risk of a successful claim of a share of the property by the spouse of either ...
by musty
Sun Aug 28, 2016 11:51 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and PETS
Replies: 3
Views: 682

IHT and PETS

A widow was the sole beneficiary of her spouse’s estate and thereby has qualified for the double IHT allowance (£650,000) Since her husband’s death she has however, made a number of cash gifts to her grandchildren to assist them in their property purchase. These are PETS and until 7 years have passe...
by musty
Sun Feb 22, 2015 7:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Lifetime Gifts
Replies: 5
Views: 975

Re: Lifetime Gifts

I have just read this one and apologise for jumping on the bandwagon. Due to a probable terminal illness I sadly anticipate being in the same position as the original questioner As I will therefore receive the totality of my wife’s estate I will have the advantage of: 1) Being granted the double IHT...
by musty
Sun Nov 11, 2012 12:16 am
Forum: General
Topic: Probate
Replies: 3
Views: 1370

Re: Probate

Thank you Pawncob. You say it’s very straight forward? You must be joking! We passed the references to the deceased’s daughter and she was completely baffled.
by musty
Fri Nov 09, 2012 12:19 pm
Forum: General
Topic: Probate
Replies: 3
Views: 1370

Probate

We have had the same domestic help for many years (cleaner). She is a lady of very modest means and is not at all knowledgeable in administrative matters. Her mother has recently died after years in a care home, where all her costs were funded by the DHSS. The deceased mother received a small allowa...
by musty
Fri Dec 02, 2011 10:19 pm
Forum: Income Tax
Topic: Income tax or CGT
Replies: 1
Views: 472

Income tax or CGT

Three properties were bought at a discounted price as buy to lets. Two have been let successfully but the third has not been let after 4 months. Meeting the interest on money borrowed is causing problems and the sale of the one unlet property will be necessary If the unlet property is sold at a prof...
by musty
Wed Sep 24, 2008 7:51 pm
Forum: General
Topic: House registration
Replies: 1
Views: 582

<t>We have purchased a secondary holiday home in the name of myself, my wife and our two adult children as joint tenants. The children made no contribution to the purchase funds.<br/> <br/> As we are both in our late forties we saw the provision of funds for our childrens share of the purchase price...

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