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Where Taxpayers and Advisers Meet

Search found 19 matches

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by jayhay
Thu Feb 20, 2020 5:01 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Executor's respomsibility
Replies: 4
Views: 470

Re: Executor's respomsibility

Thank you for your interest

There is in excess of £650,000 in the deceased's sole name, In broad terms:

Property (Buy to let) £375,000
Cash iSA £100,000
equities £250,000
Cash £ 40,000
by jayhay
Wed Feb 19, 2020 3:54 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Executor's respomsibility
Replies: 4
Views: 470

Executor's respomsibility

My father has recently died and I am his executer. His entire estate has been left to his widow (my mother). As there can no taxes involved on an estate left entirely to a surviving spouse, is there any shortened or abridged probate procedure I can adopt as executor; or must I comply with the custom...
by jayhay
Thu May 02, 2019 9:55 am
Forum: General
Topic: Transfer of property
Replies: 2
Views: 11544

Transfer of property

We have a holiday home which is registered in the names of myself, my wife and our two sons Our sons have reached the stage where they are contemplating purchasing their own homes so do not wish to become liable for the 3% extra stamp duty on the purchase of a second home They are therefore planning...
by jayhay
Tue Nov 13, 2018 11:38 am
Forum: Capital Gains Tax, CGT
Topic: CGT
Replies: 2
Views: 472

CGT

My wife moved in with me when we married and since that time has rented out her own flat, which has now accumulated a significant capital gain. She is about to put it on sale and will claim her annual CGT allowance. It has been recommended that prior to the sale she should transfer a half share in h...
by jayhay
Sat Aug 04, 2018 4:03 pm
Forum: Capital Gains Tax, CGT
Topic: CGT
Replies: 1
Views: 461

CGT

I am assisting an elderly couple who are having some difficulty in calculating their CGT liability on the sale of their property. As joint owners they are aware of the yearly CGT allowances of £11,700 each, but have had conflicting advice on other minor CGT allowances. 18 months ago, as a retired co...
by jayhay
Sat May 12, 2018 11:01 am
Forum: Capital Gains Tax, CGT
Topic: CGT liability
Replies: 1
Views: 473

CGT liability

Some 15 years ago we purchased our widowed mothers house. The motivation was to provide her with sufficient funds to maintain her lifestyle following the death of her husband. She continued to live in the house rent free until her recent demise On legal advice we had her house officially valued at t...
by jayhay
Mon Feb 13, 2017 12:36 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty rate
Replies: 4
Views: 1271

Re: Stamp duty rate

Limoges is merely replacing the primary home he/she sold 8 years ago, so the extra 3 % should not apply. Unless there is some sort of time limit on the sale of a primary home and the acquisition of a replacement primary home.
by jayhay
Wed Jan 29, 2014 10:43 pm
Forum: Income Tax
Topic: Evasion or avoidance?
Replies: 3
Views: 686

Re: Evasion or avoidance?

Thank you section 44 for your response. If it is not "evasion" (which I understand is unlawful), then unless this is a case of "avoidance" that HMRC rejects, my gift to my grandson will achieve the result I have anticipated. I obviously do not wish to incur the expense of transferring the property t...
by jayhay
Wed Jan 29, 2014 11:31 am
Forum: Income Tax
Topic: Evasion or avoidance?
Replies: 3
Views: 686

Evasion or avoidance?

Would this plan be acceptable to HMRC? I have a modest buy to let worth in the region of £110,000. I would like to gift it to my grandson (age 9). The rent would help towards his present school fees and later university fees. Obviously it would need to be held in trust for him by his parents until h...
by jayhay
Thu Dec 27, 2012 1:40 pm
Forum: Capital Gains Tax, CGT
Topic: CGT issue
Replies: 4
Views: 809

Re: CGT issue

Thank you Peter. He has continued to pay council tax on his flat and is still registered at the flat for voting purposes etc. His correspondence is addressed to his flat which he collects on a regular basis. Occasionally, if he has an old friend visiting, he will spend a couple of nights at the flat...

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