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Where Taxpayers and Advisers Meet

Search found 392 matches

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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: 159

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: 159

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: 159

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: 193

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: 506

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: 506

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...
by someone
Tue Jan 07, 2020 8:51 am
Forum: Property Taxation
Topic: Home improvement offset from previous financial year
Replies: 1
Views: 349

Re: Home improvement offset from previous financial year

You haven't lost all ability but you need to be careful to only include allowed expenses. Some may, or may not, be capital in nature. In theory you can go back up to 7 years and the expenses are assumed to occur on the day the letting business starts. But if I understand correctly, the expenses must...
by someone
Thu Dec 19, 2019 8:07 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT for transfer of interest to spouse
Replies: 5
Views: 897

Re: SDLT for transfer of interest to spouse

If you do the transfer of equity and the remortgage in one go then the SDLT is calculated on the original mortgage. The mortgagee will give you a new mortgage account on the transfer of equity even if the borrowed amount and the term doesn't change. So it's obvious whether you did it as one or two t...
by someone
Mon Dec 02, 2019 4:37 pm
Forum: Income Tax
Topic: Gift Aid carry back
Replies: 9
Views: 1169

Re: Gift Aid carry back

Submit the amended return. Challenge HMRC's decision if they reject it. Unfortunately, if you're planning to make a gift based on the net costs to yourself you need to know what the effective tax rate would be. e.g. you want to make a net 10K gift. If the tax relief is 40% then you should give 1333...
by someone
Mon Oct 07, 2019 9:16 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Terms of a lease
Replies: 1
Views: 5689

Re: Terms of a lease

This is a legal question, not a tax question. Absolute bans on subletting are rare in leases but can be enforced. Most have a 'not unreasonably withheld' landlords consent needed. A majority of leaseholders could get the lease condition amended but not an individual. The leaseholders could also try ...

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