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Where Taxpayers and Advisers Meet

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by AnthonyR
Mon Mar 16, 2020 6:45 pm
Forum: Company Taxation
Topic: Company Debt Assignment
Replies: 0
Views: 456

Company Debt Assignment

Client owns and runs Trade Co and Prop Co 100%. Over the years Trade co has loaned a significant amount to Prop Co to finance the purchase of property. Client is now considering selling Trade Co and needs to tidy up the loan account prior to sale. As connected companies a loan write off should be ta...
by AnthonyR
Sun Dec 29, 2019 4:35 pm
Forum: Business Tax
Topic: Going LTD
Replies: 2
Views: 731

Re: Going LTD

If you can't afford an accountant you probably shouldn't be transferring to a limited company unless you have experience preparing formal accounts as it requires the preparation of statutory accounts in a particular format, tax returns for the company, personal tax returns recognising the income. Ho...
by AnthonyR
Mon Dec 09, 2019 3:14 pm
Forum: Property Taxation
Topic: BICT
Replies: 1
Views: 554

Re: BICT

If you sell them, you pay CGT and if you then acquire flats then you'll have an SDLT charge on the purchases. Is that going to put you in a better position than just holding the HMOs (I appreciate it's not all about the finances and HMOs are hard work)? Transferring the properties into a company wou...
by AnthonyR
Tue Nov 26, 2019 8:54 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Transferring property into sons name
Replies: 1
Views: 381

Re: Transferring property into sons name

If your father transfers the property to you as a gift then this will trigger capital gains tax on the gain since he has owned it, with tax at 18/28% (after annual exemption). If he does this before 6 April he will have until Jan 2021 to pay the tax, if he does it on or after 6 April he will have to...
by AnthonyR
Thu Nov 21, 2019 12:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB and Pecuniary gifts
Replies: 8
Views: 1288

Re: RNRB and Pecuniary gifts

Where part of the property is sold in order to settle the pecuniary legacy the estate will not benefit from the RNRB; the property is not specifically left to a direct descendent. The property must be “closely inherited” ie the property must pass under a will or intestacy to the deceased’s lineal d...
by AnthonyR
Thu Nov 21, 2019 12:18 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB and Pecuniary gifts
Replies: 8
Views: 1288

Re: RNRB and Pecuniary gifts

Just to be difficult (or perhaps to simply the matter) is there a need to have specific pecuniary legacies if the estate is simply being split between the 5 children/grandchildren? Just appoint a percentage to each of them and there's no fear of the RNRB being lost as there isn't this complication. ...
by AnthonyR
Fri Nov 15, 2019 10:51 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB and Pecuniary gifts
Replies: 8
Views: 1288

Re: RNRB and Pecuniary gifts

HMRC Guidance here seems to infer that this should be ok: https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm46033 Sale of the residence post-death The actual residence does not have to end up in the hands of the deceased’s direct descendants. An estate could still be eligible for t...
by AnthonyR
Thu Nov 14, 2019 5:35 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT
Replies: 1
Views: 419

Re: IHT

There's two elements to consider, the first being the probate application and the second being the IHT forms. The first question to identify is whether you need to apply for probate at all. If their only assets were joint bank accounts and joint property then these will pass automatically to the sur...
by AnthonyR
Thu Nov 14, 2019 5:24 pm
Forum: Property Taxation
Topic: Buy next door house, change boundary and sell again
Replies: 6
Views: 1279

Re: Buy next door house, change boundary and sell again

https://www.gov.uk/government/publications/stamp-duty-land-tax-sdlt-pre-completion-transactions-rules
Was hoping for a yes or no answer rather than a 22 page HMRC publication ;) won't be the biggest one I read this week though unfortunately.
by AnthonyR
Thu Nov 14, 2019 5:20 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT allowances
Replies: 4
Views: 592

Re: IHT allowances

The first thing to identify is what her Will says. If the Will passes the assets to the spouse then this will already be exempt and then allow the use of the husbands allowance. If the assets pass to anyone else (her children I would assume) then there is an option to chose to vary the will to pass ...

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