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Where Taxpayers and Advisers Meet

Search found 15 matches

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by davidxt
Tue May 07, 2019 9:08 am
Forum: Capital Gains Tax, CGT
Topic: GCT on inherited assets - valuation dates
Replies: 2
Views: 537

Re: GCT on inherited assets - valuation dates

[OP}: My appreciation, thank you for the response.
by davidxt
Mon Apr 29, 2019 9:33 am
Forum: Capital Gains Tax, CGT
Topic: GCT on inherited assets - valuation dates
Replies: 2
Views: 537

GCT on inherited assets - valuation dates

My mother died in January leaving her estate to my father. Her assets included some shares which after grant of probate have been transferred to my father's ownership. After registration in his name he has gifted them to me as a PET. I am trying to understand the IHT/CGT implications. There was no C...
by davidxt
Sun Mar 24, 2019 7:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Immediate gifting of an inheritance
Replies: 7
Views: 977

Re: Immediate gifting of an inheritance

many thanks for your responses
by davidxt
Sun Mar 24, 2019 1:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Immediate gifting of an inheritance
Replies: 7
Views: 977

Immediate gifting of an inheritance

My recently deceased mother's will gives the NRB to my sister and I, and passes the rest to her surviving spouse, ie our father. The three of us are executors and there are no other beneficiaries. We have just been granted Probate (with no IHT payable) but have not yet distributed the estate. My fat...
by davidxt
Sun Nov 12, 2017 7:25 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT liability on inherited BPR-qualifying asset
Replies: 2
Views: 46185

Re: IHT liability on inherited BPR-qualifying asset

Thank you for that reference, it is most helpful
by davidxt
Sat Nov 11, 2017 12:49 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT liability on inherited BPR-qualifying asset
Replies: 2
Views: 46185

IHT liability on inherited BPR-qualifying asset

An elderly relative has an EIS investment that qualifies for BPR. It has been held for 2+ years so falls outside his estate for IHT purposes. Upon his death all of his assets, the total of which which exceed the IHT allowance, will pass to his wife. If at that time his wife has already died, it is c...
by davidxt
Thu Mar 23, 2017 12:54 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Probate and joint accounts
Replies: 1
Views: 578

Probate and joint accounts

My parents in their 90s have mirror wills leaving everything to each other. They individually hold assets that will generate an unwelcome amount of the new probate charges - plus they also have some assets held in joint names. Hence there will be rather a lot to be paid upon both deaths (and assumin...
by davidxt
Fri Mar 17, 2017 11:28 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Lifetime gift of EIS shares - IHT treatment?
Replies: 4
Views: 953

Re: Lifetime gift of EIS shares - IHT treatment?

I see. That would mean no IHT benefit in gift of this asset since it is going to turn into cash after year 4, whoever the owner is.

Thank you for this help, much appreciated.
by davidxt
Mon Mar 13, 2017 4:42 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Lifetime gift of EIS shares - IHT treatment?
Replies: 4
Views: 953

Re: Lifetime gift of EIS shares - IHT treatment?

The intention is to gift the EIS shares themselves, that is, to do so prior to their being encashed by the wind-up of the scheme.
by davidxt
Mon Mar 13, 2017 1:03 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Lifetime gift of EIS shares - IHT treatment?
Replies: 4
Views: 953

Lifetime gift of EIS shares - IHT treatment?

A relative aged 95 invested in an EIS scheme a little over two years ago. The value of his assets, ignoring the EIS investment, will mean that his estate will be liable to IHT upon his death. The EIS investment is now free of IHT, however the scheme's design is that it will wind-up after four years,...

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