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Where Taxpayers and Advisers Meet

Search found 21 matches

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by TW1234
Wed Nov 13, 2019 3:32 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Assign Insurance Bond
Replies: 2
Views: 731

Re: Assign Insurance Bond

Thank you for the response.
by TW1234
Sun Nov 10, 2019 12:53 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Assign Insurance Bond
Replies: 2
Views: 731

Assign Insurance Bond

It is intended to assign an insurance bond, that has a substantial accrued profit, in its entirety to a minor as an outright gift. (A discretionary trust is not required) I believe that by so doing, no chargeable event is triggered, the assignment becomes a PET, at the value at time of assignment an...
by TW1234
Thu Jul 11, 2019 11:48 am
Forum: Income Tax
Topic: With profit Bonds - taxation on surrender
Replies: 1
Views: 5099

Re: With profit Bonds - taxation on surrender

There is more to the calculation, and you need to research "Top Slicing" relief. The HMRC site has guidance. However this is not a fully equitable tax as there can be winners and losers. (As you indicate) This gives some opportunity to avoid the consequences by encashing when a low rate tax payer bu...
by TW1234
Sun Dec 03, 2017 4:14 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift without reservation
Replies: 5
Views: 836

Re: Gift without reservation

The source of your funds for the gift is irrelevant. If the funds are raised in joint names, the gift amount can be transferred so that is in one person's sole ownership. (Inter spouse transfers are exempt) The gift should be made from an account that is in the sole name of the person making the gif...
by TW1234
Wed Nov 29, 2017 2:47 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Payments out of income for IHT purposes
Replies: 15
Views: 48174

Re: Payments out of income for IHT purposes

I understand your recognition of some circumstances in which a joint account is apportioned based on contributions, but this would not be the normal situation for a married couple.
You would be in a difficult position to assemble an allocation that covered all the proportioned outgoings.
by TW1234
Tue Nov 28, 2017 10:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Payments out of income for IHT purposes
Replies: 15
Views: 48174

Re: Payments out of income for IHT purposes

NB Other readers may wish to consider the benefits of first transferring funds into individual accounts that are used to make gift payments and so clearly identify the donor.
by TW1234
Tue Nov 28, 2017 9:57 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Payments out of income for IHT purposes
Replies: 15
Views: 48174

Re: Payments out of income for IHT purposes

On a simple view, the income was not joint but arose from seperate individuals who then amalgamated it. This should be identifiable from your available accounts. The expenditure would be reasonably apportioned 50/50. This will give unequal amounts available to be classed as surplus income. ( your fa...
by TW1234
Tue Nov 28, 2017 9:08 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT on insurance bond paid to nominee
Replies: 4
Views: 1013

Re: IHT on insurance bond paid to nominee

For clarity--it is a distribution bond with dividends reinvested.
by TW1234
Tue Nov 28, 2017 5:11 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT on insurance bond paid to nominee
Replies: 4
Views: 1013

Re: IHT on insurance bond paid to nominee

Would not think so, as a nomination can be changed and is not binding.
by TW1234
Tue Nov 28, 2017 4:23 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Payments out of income for IHT purposes
Replies: 15
Views: 48174

Re: Payments out of income for IHT purposes

But who actually made the gifts? Was the account used a sole account or the joint account?
Joint accounts can cause accounting difficulties!

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