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Where Taxpayers and Advisers Meet

Search found 10 matches

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by JMW_tax
Tue Mar 26, 2019 9:57 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Impact of P N Bewley Ltd v HMRC 2019
Replies: 1
Views: 199

Impact of P N Bewley Ltd v HMRC 2019

(this may need to be posted somewhere else as is about Council Tax). I read with interest the article by Andrew Hubbard 11/3/19 called When is a Dwelling not a Dwelling - and wondered if this has a knock on impact for council tax when a property is undergoing repairs - if those repairs are significa...
by JMW_tax
Sun Mar 17, 2019 10:29 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Clarification - gift of family home to reduce IHT
Replies: 12
Views: 536

Re: Clarification - gift of family home to reduce IHT

Thank you all for the valued response - and my heart sinks at the hole we may have dug ourselves! Why I did not come to you guys first for advice is quite frankly stupid on my part! My parents estate is difficult to value, but I will try to give an idea (and the reasons for the difficulties): 1. Ren...
by JMW_tax
Wed Mar 13, 2019 11:38 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Clarification - gift of family home to reduce IHT
Replies: 12
Views: 536

Re: Clarification - gift of family home to reduce IHT

Thank you Maths for the clarification, however.... my parents have already gifted the whole of the property (100%) to my sister and I. So where does that leave us? I assume fully open to HMRC chasing IHT. In which case what do we do to minimise this liability. Sorry, I should have probably stated ab...
by JMW_tax
Tue Mar 12, 2019 7:16 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Clarification - gift of family home to reduce IHT
Replies: 12
Views: 536

Clarification - gift of family home to reduce IHT

I hope I am not reiterating another thread - if so, apologies, I did not find it. My parents have decided to gift their home to my sister and me in equal shares. We live at the property as do my parents. Our Will advisor has suggested that it is essential that my parents have a legal tenancy and pay...
by JMW_tax
Thu Apr 12, 2018 11:29 am
Forum: Capital Gains Tax, CGT
Topic: Can Spouse CGT allowance be used for part disposal of let property in sole name
Replies: 3
Views: 448

Re: Can Spouse CGT allowance be used for part disposal of let property in sole name

Forgot to add:

If apply wife's CGT allowance, then taxable amount reduces from 12,250 by £11,700 to £550 @28% = £154 - saving £3,276 in CGT liability
by JMW_tax
Thu Apr 12, 2018 11:25 am
Forum: Capital Gains Tax, CGT
Topic: Can Spouse CGT allowance be used for part disposal of let property in sole name
Replies: 3
Views: 448

Can Spouse CGT allowance be used for part disposal of let property in sole name

Advice please. I have a let property that I have owned since 2001 and in my sole name (as married some years later). I have now sold the garage (March 2018) and calculating CGT. A friend who works to the Valuation Office suggested I might be able to apply my wife's CGT allowance on the CGT gains, wh...
by JMW_tax
Thu Sep 08, 2016 3:11 pm
Forum: Property Taxation
Topic: Purchase or gift of parents Buy To let - CGT implications
Replies: 5
Views: 823

Re: Purchase or gift of parents Buy To let - CGT implications

Also, what stamp duty would be due and when (that we pay, not final sell on which is the purchasers worry)
by JMW_tax
Thu Sep 08, 2016 3:09 pm
Forum: Property Taxation
Topic: Purchase or gift of parents Buy To let - CGT implications
Replies: 5
Views: 823

Re: Purchase or gift of parents Buy To let - CGT implications

Thanks bd6759, I agree that bringing up to date would be future CGT deductions unless doing the property up and then selling in which case it may be classed as trading. My parents have thrown another suggestion into the pot, which I would appreciate anyone's thoughts over. So a valuer has seen the p...
by JMW_tax
Mon Aug 29, 2016 10:53 pm
Forum: Property Taxation
Topic: Purchase or gift of parents Buy To let - CGT implications
Replies: 5
Views: 823

Re: Purchase or gift of parents Buy To let - CGT implications

Thanks LozaAccounts,
Pretty much as expected in terms of CGT value. As stated, we would get an estate agent to determine the value as an unemcumbered property in current state, and also the value with the existing tenant / condition.
by JMW_tax
Mon Aug 29, 2016 4:49 pm
Forum: Property Taxation
Topic: Purchase or gift of parents Buy To let - CGT implications
Replies: 5
Views: 823

Purchase or gift of parents Buy To let - CGT implications

Hi everyone, My parents have now reached the point that they are selling their Buy to let properties, the first of which they have offered me. They wish to sell it to me with the current tenant who is a problem tenant (so I would have to go through the legal hassles, unpaid rent, damaged property ra...

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