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Where Taxpayers and Advisers Meet

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by someone
Fri May 15, 2020 6:27 pm
Forum: Property Taxation
Topic: Do I get Stamp Duty relief on my BTL property?
Replies: 6
Views: 947

Re: Do I get Stamp Duty relief on my BTL property?

Robbob's suggestion re wife purchasing the home on her own will not work even if wife currently owns no property; if it worked it would drive a coach and horses through the higher rate legislation.
If the wife has sold her only or main residence in the last three years then it might work.
by someone
Sun Mar 01, 2020 1:43 pm
Forum: Income Tax
Topic: Updating tax code online
Replies: 2
Views: 693

Updating tax code online

Hi, I've just made a one off contribution into my SIPP (to beat any changes in the 11th March budget) which means that I will now overpay tax in the 2019/20 tax year. I went online to try to update my tax code to (try to) get this back via my end-march payslip but I cannot see any way to change this...
by someone
Thu Feb 20, 2020 7:58 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Using the residence nil rate band (RNRB) but not passing property to family
Replies: 8
Views: 866

Re: Using the residence nil rate band (RNRB) but not passing property to family

Ah, I misunderstood 1/4 of the estate including the house to mean 1/4 of the entire estate rather than a quarter that includes the entire house. Blinded by the fact that most estates aren't large enough that the home is a quarter or less of the estate.
by someone
Thu Feb 20, 2020 5:25 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Using the residence nil rate band (RNRB) but not passing property to family
Replies: 8
Views: 866

Re: Using the residence nil rate band (RNRB) but not passing property to family

You can't just do something contrary to the will. As maths says, you could use a deed of variation to amend any stipulations in the will with the partner's agreement. Does that depend on the precise wording of the will? If it just splits the estate four ways then I would guess property to kids, cas...
by someone
Fri Jan 24, 2020 1:05 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Joint Tenants and Gifting AGAIN
Replies: 6
Views: 744

Re: Joint Tenants and Gifting AGAIN

One of my problems with property law is that there are two different ownerships. The legal title is always owned as joint tenants. The beneficial ownership can be JT or TiC. But I never know whether any given bit of law is talking about legal or beneficial ownership. Usually it doesn't matter but so...
by someone
Thu Jan 23, 2020 9:39 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Joint Tenants and Gifting AGAIN
Replies: 6
Views: 744

Re: Joint Tenants and Gifting AGAIN

Worst case scenario here is may be considered a full GROB. So all back in mothers estate. But if i died first under a GROB i dont know if the full value falls into my estate also? I'm struggling to imagine a scenario where both you and your mother can have made GWROBs. I'm assuming that your mother...
by someone
Thu Jan 23, 2020 7:20 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Joint Tenants and Gifting AGAIN
Replies: 6
Views: 744

Re: Joint Tenants and Gifting AGAIN

if anyone knows a answer to this i appreciate it. was gifted a property as joint tenants in 2016 which i live in with mother, expenses shared etc. someone told me after reading a book by Emma Chamberlain and Chris Whitehouse they mention that under the exclusion of GWR it has to be undivided share ...
by someone
Thu Jan 23, 2020 7:04 pm
Forum: Property Taxation
Topic: Transferring our share of the property
Replies: 6
Views: 830

Re: Transferring our share of the property

And also by "giving away" his share to my mum, is my brother able to claim back the extra he paid on stamp duty when he purchased another property ( which is his main residence now ) Yes. It's disposal that matters, not whether the disposal was for consideration or not. But there's a possible wrink...
by someone
Thu Jan 09, 2020 10:06 am
Forum: Property Taxation
Topic: Apportioning mortgage interest
Replies: 3
Views: 769

Re: Apportioning mortgage interest

Many thanks. Will do it that way - slightly easier as it means all the debt belongs with one property
by someone
Tue Jan 07, 2020 7:28 pm
Forum: Property Taxation
Topic: Apportioning mortgage interest
Replies: 3
Views: 769

Apportioning mortgage interest

If a husband and wife jointly own two BTL properties in unequal shares (e.g. 90/10) but for one they have not submitted a form 17 and for the other they have then the rental income is shared 50/50 for one and 90/10 for the other but what about the mortgage interest, especially where the borrowing on...

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