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Where Taxpayers and Advisers Meet

Search found 61 matches

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by vik2001
Fri May 29, 2020 6:12 pm
Forum: Capital Gains Tax, CGT
Topic: Cgt on gifted rental property
Replies: 1
Views: 298

Cgt on gifted rental property

My brother and me owned a rental property. A few years back i gifted it back to him and removed myself from deeds. Him and his wife then both moved in their as their main residence. Did i have to pay cgt on this disposal of my share on the property back to him? . There was no money exchanged as it w...
by vik2001
Wed Apr 01, 2020 11:24 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Selling GWR property
Replies: 2
Views: 668

Selling GWR property

Mother gifted property to son as joint beneficial tenants. They both live in property. Apparently its a grob on mother because of the tenancy they had. If they sell the property and mother buys a new property in her sole name, using her share of proceeds does it cancel the grob, or does it follow he...
by vik2001
Wed Apr 01, 2020 11:20 pm
Forum: Capital Gains Tax, CGT
Topic: Selling a grob property
Replies: 4
Views: 1458

Re: Selling a grob property

Anyone have a opinion?
by vik2001
Mon Mar 30, 2020 8:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Cash gifts
Replies: 5
Views: 621

Re: Cash gifts

If the house is worth 200k and you sell for 100k then its seen you have made a gift of 100k. Im not sure how hmrc will view it
by vik2001
Fri Mar 27, 2020 10:56 pm
Forum: Capital Gains Tax, CGT
Topic: Selling a grob property
Replies: 4
Views: 1458

Re: Selling a grob property

If mother bought a new property using her own cash after the grob ceases could the son move in with her if he doesnt contribute towards the new purchase. Do they avoid POAT. this way?
by vik2001
Mon Mar 16, 2020 10:05 pm
Forum: Capital Gains Tax, CGT
Topic: Selling a grob property
Replies: 4
Views: 1458

Selling a grob property

Mother gifted property to son as joint beneficial tenants. They both lived in property. Apparently its a grob on mother because of the tenancy they had.
If they sell the property does it cancel the grob. Is any cgt due.
Property was gifted in 2016 at 400k. Its now worth 450k.
by vik2001
Sun Mar 15, 2020 2:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: CGT on GROB
Replies: 0
Views: 378

CGT on GROB

right after some other posts, we have decided to get around the GROB rules mother will be buying another place with her own funds and moving out down the road local to me. what i need to know is when she made the gift from sole ownership into joint tenants (this was considered a GROB as sharing arra...
by vik2001
Thu Mar 12, 2020 9:05 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift of cash and poat
Replies: 3
Views: 830

Re: Gift of cash and poat

Paying market rent is to expensive for us. Its not practical for mother to move out. Worst thing in world. But with this grob if something was to happen you cant pass on the rnrb and tnrb because we have a joint tenancy. Its such a mess as it does t form part of estate. So we need to find a solution...
by vik2001
Wed Mar 11, 2020 9:59 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Reversing gift solution
Replies: 2
Views: 707

Re: Reversing gift solution

That was the barristers reply on how to reverse the gift of joint tenancy that was caught by grob. Because a joint tenancy isnt a undivided share so is caught by grob.

So hes basically explaining how to reverse the grob and create a tenancy in common so the sharing arrangements can apply
by vik2001
Wed Mar 11, 2020 9:10 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Reversing gift solution
Replies: 2
Views: 707

Reversing gift solution

i been given this advice by a tax barrister, on how to reverse a GROB when adult child and mother living in same house. Objective is to convert a joint tenancy GROB into a tenancy in common so sharing arrangements can apply. welcome opinions. im not sure if its got issues, and its proven. but he sai...

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