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Where Taxpayers and Advisers Meet

Search found 20 matches

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by limoges
Mon May 11, 2020 2:56 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: tax liability
Replies: 1
Views: 551

tax liability

I am the executor of a property that comprises a large freehold semi detached house that was divided into two self-contained flats many years ago, and both of which are registered with HM Land Registry. The deceased owner of the upper flat is the freeholder of the lower flat which is held by its lea...
by limoges
Fri Mar 06, 2020 4:18 pm
Forum: Capital Gains Tax, CGT
Topic: CGT liability
Replies: 2
Views: 336

CGT liability

I hold a POA registered with the court of protection for an dementia suffering elderly relative. I am planning to sell her present property and purchase sheltered housing that offers very close support. Some years ago her present property was let out for around 8 years but her total period of person...
by limoges
Mon Apr 08, 2019 12:40 pm
Forum: Property Taxation
Topic: Tax Liability
Replies: 2
Views: 621

Tax Liability

We have four grand children presently in education. Two are just over 18 and about to go to university. The other two are aged 16 and are at a fee paying school As grandparents we would like to help cover some of their university fees and school fees and have contemplated the following course of act...
by limoges
Tue Jul 31, 2018 11:39 am
Forum: Income Tax
Topic: Childrens Income
Replies: 1
Views: 402

Childrens Income

I am aware that if I purchase an investment for my two minor children then I am personally liable for any tax that may be due on income from the investments until they reach the age of 18 Over the past few years I have however regularly purchased Premium bonds for them and they occasionally receive ...
by limoges
Thu May 03, 2018 3:24 pm
Forum: General
Topic: Right to reside
Replies: 4
Views: 3244

Re: Right to reside

We made a similar life occupancy agreement for our parents several years ago, and were informed by the solicitor who drew up the right of lifetime occupancy agreement for our parents, that in effect we had created a trust which would qualify us as Trustees, for “principal private residence relief” f...
by limoges
Mon Dec 04, 2017 6:36 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gifts from income
Replies: 1
Views: 512

Gifts from income

My recently widowed mother has come to live us. Her total pension income after tax is around £2000 a month. She is a guest in our home and as such takes her meals with us. She would like to take advantage of the IHT exemption concession by which she can make regular gifts from income (her pension), ...
by limoges
Fri May 26, 2017 4:29 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: stamp duty
Replies: 1
Views: 727

stamp duty

A serving member of the armed forces plans to purchase a property which he will initially rent out but later will probably occupy as his main home. One of his parents purchased a buy to let some time ago, but with estate planning in mind registered the buy to let in the names of herself and her sold...
by limoges
Fri Apr 21, 2017 9:43 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Status of family home
Replies: 1
Views: 766

Status of family home

Our elderly parents have resided with us in our home for several years. Sadly they have decided to live apart but not divorce. My mother will continue to reside with us but my father will move into a buy to let that they have owned jointly for many years, but have never lived in. They sold their pri...
by limoges
Sun Feb 12, 2017 6:01 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty rate
Replies: 4
Views: 1299

Stamp duty rate

I sold my primary home over 11 years ago and went to live with my divorced daughter at her home. She is about to remarry and I have decided to purchase a flat to enable the new couple to enjoy their privacy. However I already own a buy to let property which I have never lived in. I gather from some ...
by limoges
Sat Mar 26, 2016 11:02 pm
Forum: Property Taxation
Topic: Extra stamp duty
Replies: 16
Views: 3062

Re: Extra stamp duty

For 15 years our rented home in Spain was our main residence, as we disposed of our main residence in the UK before we left. We have been informed that a UK resident who decides to move house can sell his/her main residence and acquire a new main residence without this punitive additional stamp duty...

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