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Where Taxpayers and Advisers Meet

Search found 826 matches

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by AGoodman
Mon Sep 16, 2019 3:23 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Trust moves abroad?
Replies: 6
Views: 167

Re: Trust moves abroad?

Probably, I understand these saving certificates are free of IT and CGT anyway.
by AGoodman
Wed Sep 11, 2019 4:51 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: House Ownership vs IHT
Replies: 2
Views: 155

Re: House Ownership vs IHT

If you transferred a share to your sons, the share transferred could fall out of IHT in 7 years time (up until then it probably won't make any difference). You would need to transfer the share and pay them a proportion of the full market rent equivalent to their share. The position maybe better if t...
by AGoodman
Wed Sep 11, 2019 4:45 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Irish Inheritance UK resident
Replies: 1
Views: 101

Re: Irish Inheritance UK resident

1.No IHT to pay - UK IHT is paid by the estate and this estate does not appear to be liable to UK IHT
2. No CGT as the executor sold the house, not you
3. Fine.
by AGoodman
Tue Sep 10, 2019 4:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: General (Property)  Inheritance Tax Query
Replies: 5
Views: 176

Re: General (Property)  Inheritance Tax Query

For the avoidance of doubt, I think pawncob missed the gift so the CGT base cost is based on the market value 2006 rather than probate.

If no IHT account was filed in 2008-9, and any inheritance tax is payable as seems likely, there will definitely be 10 years of interest plus possibly penalties.
by AGoodman
Tue Sep 10, 2019 1:55 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Trust moves abroad?
Replies: 6
Views: 167

Re: Trust moves abroad?

You haven't mentioned why? 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. There may be income tax differences depending on the nature and location of the assets. The tax position will generally get...
by AGoodman
Mon Sep 09, 2019 8:55 am
Forum: Business Tax
Topic: Can you help with split tax years
Replies: 2
Views: 175

Re: Can you help with split tax years

https://www.gov.uk/hmrc-internal-manuals/residence-domicile-and-remittance-basis/rdrm12000
by AGoodman
Mon Sep 09, 2019 8:54 am
Forum: Business Tax
Topic: Can you help with split tax years
Replies: 2
Views: 175

Re: Can you help with split tax years

If you return to the UK in August 2020 you are unlikely to get split year treatment. Both possible cases (1 & 3) require you to be non-UK resident for the tax year following departure (i.e. 2020/21).
by AGoodman
Fri Sep 06, 2019 3:00 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Stamp duty on 2nd property
Replies: 1
Views: 180

Re: Stamp duty on 2nd property

No, because neither is worth more than £40k
by AGoodman
Thu Sep 05, 2019 4:54 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Equity Release for IHT
Replies: 3
Views: 128

Re: Equity Release for IHT

Sorry, I meant "As Jerome said".
by AGoodman
Thu Sep 05, 2019 4:54 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Equity Release for IHT
Replies: 3
Views: 128

Re: Equity Release for IHT

As JohhnyMac said.

Also, the only way to save IHT with equity release is to spend or give away the proceeds. Loans which are used to invest in excluded or relievable assets (such as AIM shares) are not deductible for IHT.

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