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Where Taxpayers and Advisers Meet

Search found 12 matches

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by temple
Sun Jul 21, 2019 5:33 pm
Forum: Capital Gains Tax, CGT
Topic: CGT liability
Replies: 1
Views: 55

CGT liability

My wife and I bought our property for £51,000 in December 1990 and lived in it until 2006 In 2006 we let it out until 2016, then in 2016 we moved back in. In effect we lived in the property for 18 years and rented it out for 10 years We are now selling the property for £150,000, so there is a capita...
by temple
Wed May 08, 2019 3:01 pm
Forum: General
Topic: Transfer of property
Replies: 2
Views: 198

Re: Transfer of property

If you submit a TR1 showing a transfer from all four of you to Mum and Dad then that should ensure that the sons will not incur the 3% surcharge when they buy their own property, But their previous share of the property precludes them from claiming the first time buyer concession, and that a signifi...
by temple
Sat Jan 05, 2019 6:13 pm
Forum: Capital Gains Tax, CGT
Topic: CGT
Replies: 1
Views: 235

CGT

My wife owns outright two buy to let flats and would like to gift one to me. I appreciate that should she gift it to a third party she would be liable for CGT on the gain. But does this also apply to a gift to a spouse If in fact no IHT is due from my wife as a gift to her spouse, at what value woul...
by temple
Tue Nov 20, 2018 11:15 pm
Forum: Capital Gains Tax, CGT
Topic: CGT
Replies: 1
Views: 366

CGT

My wife and I purchased a property that we lived in as our main home for several years and which we later rented out. We now plan to sell it and are concerned in respect to any CGT on its increase in value over the years. Our accountant has calculated that the years of occupation as a main home, cou...
by temple
Sat Jul 28, 2018 9:16 pm
Forum: Income Tax
Topic: Tax allowance
Replies: 2
Views: 317

Tax allowance

Our two sons 14 and15, are currently at a fee paying school and hopefully will eventually go to university. As a means of helping to cover their educational costs into their twenties we have envisaged the purchase of a buy to let property in their names (with a nominee involved until they reach the ...
by temple
Tue May 01, 2018 9:06 pm
Forum: General
Topic: Right to reside
Replies: 4
Views: 2613

Right to reside

Our sons recently purchased a modest property for the use of my wife and I. They have been advised that it would be prudent if they instrructed a solicitor to draw up a formal agreement giving us the right to reside in the property for our lifetime. The purpose would be to ensure that in any unantic...
by temple
Thu Mar 29, 2018 11:12 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Life interest trust
Replies: 1
Views: 429

Life interest trust

Several years ago we purchased a property for the use of my wife’s parents. Both we and they are concerned that if anything should happen to us they might have to vacate the property. We have been advised that it is possible draw up “a life interest trust” stating that they can live in the property ...
by temple
Thu Mar 16, 2017 12:05 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and primary home
Replies: 6
Views: 1154

Re: IHT and primary home

Very much appreciate of the offer of a calculation.

It was bought for £41,000 in June 2005 and it has been constantly rented out since that date. We have never occupied the property at any time

Its present valuation is £135,000.
by temple
Wed Mar 15, 2017 12:46 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and primary home
Replies: 6
Views: 1154

Re: IHT and primary home

We have been advised that the normal exemption from CGT on a primary home would be limited if we moved into our ex buy to let as our main home. Has HMRC issued any guidance on the calculation?
by temple
Sun Mar 05, 2017 10:32 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and primary home
Replies: 6
Views: 1154

IHT and primary home

An elderly couple have reached the age where living in their house with stairs and a garden is an increasing burden. They have owned a buy to let flat for many years and now have in mind the possibility selling their present house and moving into the buy to let flat as their only and primary home. T...

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