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Where Taxpayers and Advisers Meet

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by AnthonyR
Wed Mar 20, 2019 4:45 pm
Forum: International Tax
Topic: Confused Dinosaur - Emigrating/ Retiring to Israel
Replies: 2
Views: 107

Re: Confused Dinosaur - Emigrating/ Retiring to Israel

As D&C says, this looks like retirement planning advice rather than tax advice (and you seem to have to tax points covered), so you should really see an IFA that covers international advice. Most of the posters here, as qualified as they may be, probably can't give any investment or retirement advic...
by AnthonyR
Thu Mar 14, 2019 4:03 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Clarification - gift of family home to reduce IHT
Replies: 9
Views: 207

Re: Clarification - gift of family home to reduce IHT

The key issue is that your parents have made a gift and retained the benefit (a gift with reservation of benefit). HMRCs view is that if you give something away and continue to enjoy a benefit (rent, occupation, use, etc) then you haven't really given it away and they are going to treat it as part o...
by AnthonyR
Tue Mar 12, 2019 2:57 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Mirror Wills
Replies: 6
Views: 102

Re: Mirror Wills

Either because you want to retain control and establish a trust, or because someone can't look after the assets themselves (ie disabilities or minors). Will terminology can often cause confusion as well because the Executors are appointed to administer assets on behalf of the estate and hold the ass...
by AnthonyR
Tue Mar 12, 2019 1:37 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Will Trusts
Replies: 9
Views: 165

Re: Will Trusts

Yes - subject to the trustees having the power to advance such loans - you'll need to check the trust rules within the Will.
by AnthonyR
Tue Mar 12, 2019 1:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Business Relief for Inheritance Tax
Replies: 4
Views: 90

Re: Business Relief for Inheritance Tax

The other thing to look at is who runs the business.

If FIL lets out the shops to third parties who let them out then he probably won't get BR (it's an investment). If he runs them himself (including if he employs a manager) then he probably will.
by AnthonyR
Tue Mar 12, 2019 1:16 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Mirror Wills
Replies: 6
Views: 102

Re: Mirror Wills

Just because someone holds something on trust it doesn't mean that a standalone trust is created. If I lend you my pen you are holding it on trust for me, because it's my pen and you're only looking after it. Many Wills state that the executors/trustees hold the assets on behalf of husband/wife/son/...
by AnthonyR
Mon Mar 11, 2019 1:56 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Will Trusts
Replies: 9
Views: 165

Re: Will Trusts

ISAs are a funny beast in the sense that they are 'individual' savings accounts. Which mean they only offer tax benefits to a specific individual. There are provisions which allow ISAs to be inherited by a spouse, effectively they get a bonus ISA allowance in the year equal to the amount they inheri...
by AnthonyR
Fri Mar 08, 2019 4:09 pm
Forum: International Tax
Topic: NRIs and Double Taxation between India and UK
Replies: 4
Views: 91

Re: NRIs and Double Taxation between India and UK

1a) correct 1b) correct 2) the indian income will be added to her UK income and tax accordingly. If she pays any tax in India she will probably be able to offset this tax from the equivalent tax in the UK. If the UK tax is higher she will pay the difference. If the Indian tax is higher it's not poss...
by AnthonyR
Fri Mar 08, 2019 4:03 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Will Trusts
Replies: 9
Views: 165

Re: Will Trusts

A life interest trust pays the income of a trust (or provides use of the assets) to a specified person (the life tenant) for the remainder of their life and does not provide benefits to anyone else until the life tenant has died. You'd expect to see a line which says something like: My Trustees shal...
by AnthonyR
Fri Mar 08, 2019 1:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Will Trusts
Replies: 9
Views: 165

Re: Will Trusts

Without seeing the wording of the Will it's difficult to identify exactly what it does. The fact that there is a Will Trust (which is fine as a definition as it's a trust created by a Will) doesn't actually give any information as to whether the trust is discretionary or life interest. This arrangem...

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