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Where Taxpayers and Advisers Meet

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by robertmlaws
Wed Aug 02, 2006 2:13 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Can I Reduce Inheritance Tax ?
Replies: 2
Views: 1347

<t>"Does being a resident in the house give me any way of reducing the value of the house for inheritance tax purposes?"<br/> <br/> It might help in the sense that if you continue to live in it after you have inherited it then you will have no CGT liability when you eventually sell it. There is ther...
by robertmlaws
Mon Jul 17, 2006 3:51 am
Forum: Income Tax
Topic: interst on my BSoc account: how to get it taxed as wife's income
Replies: 3
Views: 1466

thank you, she already has interest paid gross so it would just be matter of me giving her the money.

regards, robert
by robertmlaws
Mon Jul 17, 2006 2:19 am
Forum: Income Tax
Topic: interst on my BSoc account: how to get it taxed as wife's income
Replies: 3
Views: 1466

<t>I have looked through the various articles but cannot find the answer to this question, which must be often asked.<br/> <br/> My wife does not work. I work and I pay income tax at 40% marginal rate. I have some money in a building society account and the interest is taxed as my income. I would li...
by robertmlaws
Thu Jun 15, 2006 4:57 am
Forum: Income Tax
Topic: Income tax on waived interest receipts
Replies: 2
Views: 1843

Thank you, I understand what you mean. it sounds as if I need to do something more formal than simply not demand the money. regards, Robert
by robertmlaws
Wed Jun 14, 2006 5:45 am
Forum: Income Tax
Topic: Income tax on waived interest receipts
Replies: 2
Views: 1843

<t>I wonder if somone can advise me on the tax implications (income tax and possibly inhereitence tax) if I waive some interest payments that are due to me. <br/> <br/> As part of my divorce agreement I loaned my exwife about £50,000 to enable her to have a larger house. The agreement says that int...
by robertmlaws
Fri Jan 13, 2006 6:46 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: How much tax will be paid on selling a property inherited from a spouse?
Replies: 3
Views: 1724

<t>"I want to leave my property ...to my future wife in my will."<br/> <br/> I believe it is still the case that if you make the will before the marriage you should make sure it says that it is made "in anticipation of my marriage to XXX". Otherwise the marriage has the effect of renouncing the exis...
by robertmlaws
Thu Dec 08, 2005 8:53 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Nightmare scenario
Replies: 2
Views: 1816

<t>A very interesting response from Lee Young.<br/> <br/> I would raise another question. Was the gift-transfer registered with the land registry? I don't know when it became coimpulsory to do that, please pardon my ignorance. <br/> <br/> If it was not registered, then the evidence of the change of ...
by robertmlaws
Tue Nov 15, 2005 8:27 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritant Tax
Replies: 5
Views: 2887

<t>We presume the house is owned as tenants in common. If it were the more usual "joint tenants" then the estranged father would own the house 100% following the wife's death regardless of the will.<br/> <br/> It has been said above that there is no CGT liability (apart from that corresponding to th...
by robertmlaws
Fri Oct 14, 2005 5:23 am
Forum: Capital Gains Tax, CGT
Topic: Will my wife's previous main residence cost me?
Replies: 4
Views: 1887

Another point to consider: Did she give you half her house before you married or after? The spouse exemption for inheritence tax applies only if you were married at the time of the gift (rather than at the time of death), I believe.

Robert
IANAL
by robertmlaws
Wed Sep 14, 2005 2:42 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Please Help Very Worried re IHT Account Corrections
Replies: 7
Views: 2547

Taxbar said: "I would advise anyone with an estate of this size to use a firm of specialist private client solicitors."

I respectfully disagree with this. Unless there is a special complication it is quite straightforward to do it yourself.

Robert
IANAL

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