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Where Taxpayers and Advisers Meet

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by AGoodman
Mon Nov 18, 2019 3:21 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Excepted estates
Replies: 1
Views: 298

Re: Excepted estates

1) Yes
2) No, I'm not aware of the residential/residential nil rate band (concerning the family home) being a factor for excepted status. If you wanted to claim it, to extend the nil rate band, you will need to file IHT400.
by AGoodman
Fri Nov 15, 2019 5:16 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Gift Allowances
Replies: 4
Views: 401

Re: IHT Gift Allowances

Yes, it could be provided you do have that excess income after your expenditure has been deducted. Bear in mind that gifts over and above exemptions are only at risk of IHT if you die within 7 years - and if you die with it, it is definitely at risk of IHT. To that extent, it is rarely beneficial/ne...
by AGoodman
Wed Nov 13, 2019 5:20 pm
Forum: International Tax
Topic: Inheritance tax for overseas
Replies: 5
Views: 860

Re: Inheritance tax for overseas

Probably not. The interest on £5k is unlikely to exceed your tax free savings allowance (which everybody has of at least £500 save for those with income > £150k).
by AGoodman
Fri Nov 08, 2019 2:30 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non domicile parent cash gift to daughter
Replies: 3
Views: 1041

Re: Non domicile parent cash gift to daughter

slight tweaks: 1. adult children are not "relevant persons" for the remittance basis so this would not be a remittance unless parent benefitted in some way. 2. If the foreign account contains untaxed income/gains then no. If only IHT is a concern, it may be okay but transfer to foreign account is sa...
by AGoodman
Mon Nov 04, 2019 11:15 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: When is IHT calculated if there is a change in law
Replies: 3
Views: 848

Re: When is IHT calculated if there is a change in law

Tax laws are tied to the date of the event. Your father's death would be in accordance with the current rules.

Parliament can change things retrospectively but it hardly ever happens and I would never expect it in your circumstances.
by AGoodman
Tue Oct 22, 2019 10:05 am
Forum: Income Tax
Topic: Beneficial loans
Replies: 3
Views: 5794

Re: Beneficial loans

Many thanks.

As you surmised, Director doesn't have an interest in Company A. Company B is actually an SCI set up to hold a French property so out of the country and does appear to be covered by the exclusion.
by AGoodman
Mon Oct 21, 2019 6:11 pm
Forum: Income Tax
Topic: Beneficial loans
Replies: 3
Views: 5794

Beneficial loans

Company A lends money for less than the official rate to company B. Company B is 100% owned by a director of company A. The director is not a participator in company A and there is a legitimate reason to lend the money to company B rather than the director himself (company B is buying a holiday home...
by AGoodman
Mon Oct 21, 2019 1:03 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Adding Names To Title Deeds
Replies: 2
Views: 7022

Re: Adding Names To Title Deeds

I would have thought that any mortgagee will want all legal owners to be a party, otherwise they cannot enforce the mortgage in the event of default.
by AGoodman
Wed Oct 16, 2019 6:22 pm
Forum: Capital Gains Tax, CGT
Topic: Private use
Replies: 6
Views: 7971

Re: Private use

All land is now subject to NRCGT but non-residential is rebased to April 2019 and subject to tax at 20% rather than 18/28%. This would in theory mean little or no ta). In practice, I doubt you can treat this fenced off part as a separate property. The legislation says "Land that at any time is, or i...
by AGoodman
Wed Oct 16, 2019 10:33 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT418 Form - transitional serial interest?
Replies: 6
Views: 8390

Re: IHT418 Form - transitional serial interest?

Yes, it was definitely a chargeable lifetime transfer - pretty much any 2018 lifetime transfer into trust is chargeable. However, it would ordinarily fall under your mother's nil rate band (taxed at 0%) of £325,000 so no actual tax would be payable on the transfers. Tax could be payable if your moth...

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