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Where Taxpayers and Advisers Meet

Search found 5 matches

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by kiloware43
Mon Jul 08, 2019 3:57 pm
Forum: Income Tax
Topic: With profit Bonds - taxation on surrender
Replies: 1
Views: 87

With profit Bonds - taxation on surrender

Mainland UK Insurance With Profit Bond effected 25 years ago with £15K - no withdrawals. Current value £105K. Now assigned equally between 3 children. As I understand it the calculation for tax liability upon surrender is - the gain divided by the number of 'relevant' years - so for one of the child...
by kiloware43
Tue Sep 26, 2017 11:31 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Commitment to pay extra IHT due on 2nd death because of interest in possession of residence.
Replies: 4
Views: 7666

Re: Commitment to pay extra IHT due on 2nd death because of interest in possession of residence.

The significant thrust of the enquiry is 'guaranteeing' that W's estate would not incur any IHT purely because of her interest in possession of the property since H's death. Probably possible to come up with a realistic figure for now, but difficult to come up with one for the future without reviewi...
by kiloware43
Fri Sep 08, 2017 11:19 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Commitment to pay extra IHT due on 2nd death because of interest in possession of residence.
Replies: 4
Views: 7666

Commitment to pay extra IHT due on 2nd death because of interest in possession of residence.

Married couple both previously widowed, no IHT allowances used on the deaths of their previous spouses. Unequal liquid assets which are held separately. Mrs £200K, Mr £1.2M, plus property in his name alone (£500K) On the marriage, her property was sold and assets distributed to her children. Her cur...
by kiloware43
Mon Jun 19, 2017 3:53 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT - BPR exemption
Replies: 2
Views: 582

IHT - BPR exemption

I believe/ hope this is an easy one. Just wanted confirmation really. Have AIM stocks in eligible BPR companies held in an 'IHT' package, managed by a specialist financial management company. So IHT exemption after 2 years etc etc (but a 2% annual management charge) If I have investments in the same...
by kiloware43
Wed Jan 14, 2015 5:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT 7 year rule
Replies: 1
Views: 639

IHT 7 year rule

I have heard that in counting back 7 years from the latest gift, if a previous gift was still somewhere in the 7 year cycle then that gets roped in as well (albeit tapered I assume). Say gift in 2005, another 2010 - dies in 2015. So Is it do your gifting, and then don't make any more for another 7 y...

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