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Where Taxpayers and Advisers Meet

Search found 20 matches

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by greenjersey
Wed Feb 19, 2020 1:44 pm
Forum: Property Taxation
Topic: A long back story
Replies: 5
Views: 673

Re: A long back story

Thanks for the helpful advice which has raised another query! To my simple mind if I gift my wife half my house that is fairly strong evidence that we are not permanently separated but would HMRC take such a simplistic view? My wife is the beneficiary of my will, I see her every single day. Will HMR...
by greenjersey
Mon Feb 17, 2020 7:49 pm
Forum: Property Taxation
Topic: A long back story
Replies: 5
Views: 673

A long back story

Hi, Please be tolerant as I am out of my depth here. In 1990 I bought a BTL property as joint tenants with my wife for £80,000. In 2002 the property was transferred to my sole name. It was let until 2015 when I moved in alone. However we are still very much married and a couple. The current value is...
by greenjersey
Sun Apr 14, 2019 6:20 pm
Forum: Capital Gains Tax, CGT
Topic: CGT and reliefs on sale of former home
Replies: 2
Views: 606

Re: CGT and reliefs on sale of former home

Hi, Thanks Maths, that is a great help. I have now done the calculation taking account of the costs of acquisition and disposal amounting to £8911 and I am still left with a net gain of nil. Is that what you would expect?
Thanks again.
by greenjersey
Tue Apr 09, 2019 1:10 pm
Forum: Capital Gains Tax, CGT
Topic: CGT and reliefs on sale of former home
Replies: 2
Views: 606

CGT and reliefs on sale of former home

Hi, I bought a property in April 2011 for £250,000 and lived in it for 26 months. I then let the property until I sold it after total of 85 months ownership for £310,000. In the unlikely event that I understand the rules correctly I think I add 18 months to the 26 to calculate the Private Residence ...
by greenjersey
Tue Nov 20, 2018 2:11 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: SIPP drawdown
Replies: 1
Views: 2441

SIPP drawdown

Hi, I used to take drawdown from my H & L SIPP but when the rules changed I stopped as I figured I could leave my SIPP to my daughter when I die (I'm 75! )as I understand it is outside my estate for I.T. purposes. However i wonder if we are missing a tax advantage. Could I restart drawdown, it is cl...
by greenjersey
Mon Apr 17, 2017 9:45 pm
Forum: Property Taxation
Topic: CGT on main home
Replies: 3
Views: 1014

Re: CGT on main home

No, it was a condition of planning permission when the house was extended that the annexe must not have a separate entrance and it is not "rated" as a separate dwelling. The tenant who currently occupies it doesn't pay any utility bills.
by greenjersey
Mon Apr 17, 2017 10:06 am
Forum: Property Taxation
Topic: CGT on main home
Replies: 3
Views: 1014

CGT on main home

Hi, A family member lets a "granny" annexe at her home on a rent a room basis. If she moved into this and let the main dwelling would she remain entitled to the main home exemption for CGT on the whole property? In relation to Income Tax I presume that she could,'t continue with the Rent A Room tax ...
by greenjersey
Thu Dec 15, 2016 8:01 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance tax on a cash gift
Replies: 1
Views: 803

Inheritance tax on a cash gift

Hi, I want to help my daughter purchase a house by taking out a mortgage of £150,000 on my home. Perhaps surprisingly the Nationwide have offered to lend me this sum repayable by the time I am 85. I am aged 72 and in fair health and my wife is 67 and in robust good health. On the assumption that my ...
by greenjersey
Fri Nov 11, 2016 7:54 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Paying IHT
Replies: 1
Views: 644

Paying IHT

The Govt. website says:
3. Pay any Inheritance Tax that’s due.
4. Collect the estate’s assets, eg money from the sale of the person’s property.

Does this really mean that you must pay the I.T. before you can sell property assets? If so, how?
by greenjersey
Sun Oct 11, 2015 9:02 pm
Forum: Capital Gains Tax, CGT
Topic: CGT at death
Replies: 4
Views: 1022

CGT at death

In today's Sunday Telegraph Teresa Hunter writes " The crucial factor is that the CGT slate is wiped clean on death, and assets can be passed on to beneficiaries at their current market value " Is this really true? I have a BTL property with a capital gain of about £300,000 ( I bought it twenty five...

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