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Where Taxpayers and Advisers Meet

Search found 49 matches

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by strawn
Sun Sep 15, 2019 12:51 am
Forum: Capital Gains Tax, CGT
Topic: Can i gift my property and live in btl
Replies: 7
Views: 146

Re: Can i gift my property and live in btl

Commercial rent paid straight away.

Then when the children sell the house there will be CGT to pay for the period they've owned it since it won't (presumably?) be their PPR.

And the two children will have to agree when to sell it: an invitation to fall out with each other.
by strawn
Sat Sep 14, 2019 10:23 pm
Forum: Capital Gains Tax, CGT
Topic: Can i gift my property and live in btl
Replies: 7
Views: 146

Re: Can i gift my property and live in btl

then live for 7 years and move into the btl property (B) my wife and I own. Do you mean you plan to live in your Principal Private Residence for the seven years? If so the plan won't work - see Gift With Reservation of Benefit. Note that the CGT liability on the previously let house would vanish on...
by strawn
Sat Sep 14, 2019 10:17 pm
Forum: Capital Gains Tax, CGT
Topic: Can i gift my property and live in btl
Replies: 7
Views: 146

Re: Can i gift my property and live in btl

then live for 7 years and move into the btl property (B) my wife and I own. Do you mean you plan to live in your Principal Private Residence for the seven years? If so the plan won't work - see Gift With Reservation of Benefit. The Residential Nil Rate Band applies to property you leave but not to ...
by strawn
Sat Sep 14, 2019 10:02 pm
Forum: Income Tax
Topic: Personal Allowance
Replies: 1
Views: 112

Re: Personal Allowance

"my gift would be subject to the 7 year rule, but I am young enough for this to be only a minor risk." It would be even more minor if you bought life insurance. Who is going to manage the property? Why is a property a better bet than an investment portfolio? Especially as it would be far simpler for...
by strawn
Fri Sep 13, 2019 12:31 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Trust moves abroad?
Replies: 6
Views: 188

Re: Trust moves abroad?

... does the trust deed expressly provide for an appointment of non-resident trustees? Yes, it does expressly provide, and also provides for the case where their place of residence has no existing connection to the trust. Can anyone comment, please, on my speculation above that there might be no CG...
by strawn
Wed Sep 11, 2019 2:12 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Trust moves abroad?
Replies: 6
Views: 188

Re: Trust moves abroad?

... does the trust deed expressly provide for an appointment of non-resident trustees?
Excellent question; thank you. I shall enquire.
by strawn
Wed Sep 11, 2019 2:11 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Trust moves abroad?
Replies: 6
Views: 188

Re: Trust moves abroad?

The immediate effect is a CGT disposal of all the trust assets at market value - i.e. there is CGT to pay on any net gain in the value of the assets. The assets consist of index-linked savings certificates and interest-free loans to beneficiaries. Would that imply nil CGT liability? The tax positio...
by strawn
Tue Sep 10, 2019 11:54 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Trust moves abroad?
Replies: 6
Views: 188

Trust moves abroad?

A discretionary trust was set up by a will: the trustees and the deceased are/were resident in England. The deceased and one of the trustees are/were domiciled in England; the other trustee is domiciled either in Scotland or England (she's not sure). The trustees are considering renouncing their pos...
by strawn
Fri Sep 06, 2019 1:18 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Variation of a will and inheritance tax
Replies: 4
Views: 133

Re: Variation of a will and inheritance tax

One thing I'd turn over in my mind is the possibility of a Labour/LibDem government scrapping IHT and replacing it with an Accessions Tax aka Acquisitions Tax or Gift Tax. This is (I think) already LibDem policy and is the subject of a Labour discussion. Presumably the families hardest hit will be t...
by strawn
Tue Apr 30, 2019 6:55 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: My Pension plan
Replies: 2
Views: 1584

Re: My Pension plan

If you draw any more than the 25% tax-free lump sum you'll limit your future pension contributions to £4k p.a. The idea of paying mountains of unnecessary tax seems mad to me. Why not just use the two 25%s and borrow the rest? In other words, take out a mortgage loan. Or remortgage your own property...

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