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Where Taxpayers and Advisers Meet

Search found 913 matches

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by AGoodman
Thu Jan 23, 2020 1:47 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on main residence I've also rented out
Replies: 3
Views: 314

Re: CGT on main residence I've also rented out

The vital date is almost certainly the date you make an unconditional contract (i.e. exchange, not completion). If you exchange a minute after midnight, you're in the new regime.
by AGoodman
Thu Jan 23, 2020 1:43 pm
Forum: Property Taxation
Topic: Transferring our share of the property
Replies: 4
Views: 147

Re: Transferring our share of the property

1. If you're just giving your share away then there's no SDLT to pay. 2. If you're selling it to her, the buyer pays SDLT (ie her) and I would expect it to be treated as a single composite transaction or linked transactions (it merits checking). If i'm right, she pays SDLT on the value she pays you ...
by AGoodman
Wed Jan 22, 2020 5:54 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Wills and IHT
Replies: 5
Views: 974

Re: Wills and IHT

Yes (assuming there were no massive gifts)
by AGoodman
Wed Jan 22, 2020 3:40 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: splitting discretionary trust into 2 Trusts ?
Replies: 3
Views: 162

Re: splitting discretionary trust into 2 Trusts ?

1. Yes it's possible. 2. No it wouldn't work (they would be treated as the same settlement for IHT purposes) 3. A pre-10 year distribution might help but the distributions would be taken into account in the anniversary calculations. Somebody would need to work it through as I can't recall how this w...
by AGoodman
Fri Jan 17, 2020 4:10 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and form IHT205
Replies: 2
Views: 453

Re: IHT and form IHT205

The first £325k of non-exempt gifts made in the last seven years of your life are in the nil rate band so taxed at...nil. Failed PETs will however reduce the nil rate band available to set against the remainder of your estate or transfer to your spouse. If you leave your estate to your wife, the nil...
by AGoodman
Fri Jan 17, 2020 4:03 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Calculation
Replies: 3
Views: 206

Re: IHT Calculation

To put it in context, how much is the total estate worth?
by AGoodman
Fri Jan 17, 2020 12:42 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT on Gifted Property
Replies: 1
Views: 357

Re: IHT on Gifted Property

You would need to keep paying.
by AGoodman
Fri Jan 17, 2020 12:41 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT205/IHT206
Replies: 2
Views: 315

Re: IHT205/IHT206

It's explained on page 11 of the notes. The test is not about IHT exemption, it is whether the estate falls within the category that can use form IHT205 (rather than the fuller IHT400). If the gifts were over £3k p.a. you need to include them when calculating the size of the estate for this purposes...
by AGoodman
Fri Jan 17, 2020 12:28 pm
Forum: Capital Gains Tax, CGT
Topic: Sale of only home due to separation
Replies: 3
Views: 334

Re: Sale of only home due to separation

It's fairly straightforward, but you could have some tax to pay. Principal private residence relief is only available when you or your spouse is in occupation but sadly a separated spouse does not count. It ceased to be your principal residence in 2013. First calculate your gain. Assuming you owned ...
by AGoodman
Fri Jan 10, 2020 11:22 am
Forum: Income Tax
Topic: DPS penalty
Replies: 5
Views: 466

Re: DPS penalty

Maths - if the landlord doesn't pay the deposit to the scheme on time they can (and will) order him to repay the tenant x times the deposit where (I think) x is between 1 and 3. Either this was a big deposit or the authority really did not like the landlord!

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