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Where Taxpayers and Advisers Meet

Search found 1077 matches

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by AGoodman
Wed Sep 23, 2020 2:40 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: transfer of a property
Replies: 3
Views: 142

Re: transfer of a property

True - it could be an assent to wife followed by assignment by her to son. Both only relate to the 50% beneficial interest. Once the whole beneficial interest is owned by the son, it may be possible to just remove the Form A restriction by demonstrating to the LR (with the above documents) that he i...
by AGoodman
Wed Sep 23, 2020 2:36 pm
Forum: Property Taxation
Topic: Property purchase for minors (in trust etc)
Replies: 9
Views: 468

Re: Property purchase for minors (in trust etc)

They need to know from 18 in practice because the income is theirs so they will need to record the income on their tax return and sign it personally.
In earlier years, the parents can do their tax return for them.
by AGoodman
Tue Sep 22, 2020 4:36 pm
Forum: Property Taxation
Topic: Property purchase for minors (in trust etc)
Replies: 9
Views: 468

Re: Property purchase for minors (in trust etc)

No inheritance tax to pay upfront but if the value going in is £260k or more, he will need to file an inheritance tax return.

If grandfather survives 7 years and gets no benefit from the trust, it will fall out of his estate for IHT. If not, the sum put into the trust will absorb his nil rate band.
by AGoodman
Tue Sep 22, 2020 12:36 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: transfer of a property
Replies: 3
Views: 142

Re: transfer of a property

If they owned it jointly, it passes to the son as survivor anyway (irrespective of what the will says as it never forms part of the estate). If tenants in common, the executors will need to assent their interest to the son. He may also need to appoint a second trustee (e.g. his mother) to transfer l...
by AGoodman
Tue Sep 22, 2020 12:31 pm
Forum: Property Taxation
Topic: Property purchase for minors (in trust etc)
Replies: 9
Views: 468

Re: Property purchase for minors (in trust etc)

The most tax efficient is a bare trust because income will only be taxed at the children's marginal rates. The downside is that they could (in theory) demand the trust fund when they turn 18. A discretionary trust gives you the additional control to keep the funds in trust but there will be addition...
by AGoodman
Fri Sep 18, 2020 9:36 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: NZ Trust - Property Inheritance
Replies: 2
Views: 528

Re: NZ Trust - Property Inheritance

I suspect there could be an additional risk depending on the terms of the trust. If your father had a life interest in the trust, the value of the property would be uplifted to market value on his death (for UK tax purposes). However, if it was a discretionary trust, or his life interest only starte...
by AGoodman
Tue Sep 15, 2020 4:29 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transfer of Unused Nil Rate Band
Replies: 2
Views: 504

Re: Transfer of Unused Nil Rate Band

Unless HMRC disputes the figures you included in the IHT400 (which is unlikely unless there is something potentially contentious), they can be taken as read. Your own executors could use your late wife's IHT400 as reference when it comes to your own estate.
by AGoodman
Tue Sep 15, 2020 4:26 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Residence Nil Rate Band
Replies: 1
Views: 473

Re: Residence Nil Rate Band

Yes, that's absolutely fine
by AGoodman
Mon Sep 14, 2020 1:14 pm
Forum: Capital Gains Tax, CGT
Topic: Transfer of Inherited Property to Spouse
Replies: 4
Views: 591

Re: Transfer of Inherited Property to Spouse

No, a transfer to spouse is no gain/no loss for capital gains tax anyway. The figure for the Land Registry has nothing to do with tax so you should use the current market value.
by AGoodman
Thu Sep 10, 2020 5:43 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Uk Inheritance tax foreign wife
Replies: 14
Views: 758

Re: Uk Inheritance tax foreign wife

No need to worry about your domicile unless you outlive your wife. Particularly if you're thinking of coming back. If your estate grows larger than £650,000 then your wife can make a simple election after your death and the spouse exemption would be unlimited. Provided she stays out of the UK and su...

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