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Where Taxpayers and Advisers Meet

Search found 12 matches

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by cliff99
Sat Oct 24, 2020 12:23 pm
Forum: Capital Gains Tax, CGT
Topic: CGT due?
Replies: 2
Views: 167

CGT due?

Some 18 years ago my sister and I purchased a property for the use of our parents. They have lived in the property rent free until very recently when one has died, and the other has gone into a care home. We are now about to sell the property. During our 18 years of ownership the property has obviou...
by cliff99
Sat Jun 06, 2020 12:13 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on property
Replies: 2
Views: 517

CGT on property

I own a number of properties that I rent out and which constitutes a significant part of my income. I have recently sold one of my properties and it has generated a capital gain. The remaining properties continue to be let I have been informed that this sale will qualify for the 10% entrepreneur's C...
by cliff99
Sat Jan 04, 2020 6:42 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Allowance
Replies: 1
Views: 431

IHT Allowance

A very recently deceased spouse has left her estate to her husband. The husband would prefer his late wife’s estate to go to their children by executing a deed of variation in the children’s favour. He has been informed that if he should do this, then he will lose his right to claim his late wife’s ...
by cliff99
Sun Nov 17, 2019 4:46 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Excepted estates
Replies: 1
Views: 675

Excepted estates

I am the executor of a recently deceased person and am hoping to be able to apply for probate on the basis of the estate qualifying as an “excepted” estate. In which case my application will be on IHT205 rather than the more complex and demanding IHT400. My initial enquiries indicated that the value...
by cliff99
Fri Aug 16, 2019 4:45 pm
Forum: Capital Gains Tax, CGT
Topic: CGT liability
Replies: 1
Views: 7273

CGT liability

My wife and I have owned a property for 26 years. We have let it out for 8 years but lived in for the remaining I8 years as our main residence. We are about to sell it with a substantial gain but our years of residence as our main home more than cancel out the gain. Thus no CGT is due. Do we have to...
by cliff99
Thu Jun 27, 2019 12:15 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on a gift
Replies: 2
Views: 2767

CGT on a gift

I have owned and rented out a buy to let for several years and during that period it has increased in value significantly. Our son is about to be married and I intend to gift him the property which will become the main home of he and his new wife. My understanding is that there will be no stamp duty...
by cliff99
Sun Mar 10, 2019 5:21 pm
Forum: Income Tax
Topic: Childrens tax
Replies: 1
Views: 452

Childrens tax

We are contemplating buying a property for our two sons who are 16 and 11 respectively. The plan would be that it is rented out by the children and the rental income they receive would help to cover their present school fees and ultimately their university fees. However we are aware that money provi...
by cliff99
Mon Aug 27, 2018 3:31 pm
Forum: Property Taxation
Topic: Small estate
Replies: 1
Views: 599

Small estate

As executor I have recently dealt with the demise of an elderly relative. This lady had been resident in a care home for many years and had no personal property. After funeral expenses there remained less than £10,000 in her bank account. The bank has agreed to pass the contents of the account to th...
by cliff99
Sat Jul 14, 2018 12:24 am
Forum: Capital Gains Tax, CGT
Topic: CGT libility
Replies: 2
Views: 742

CGT libility

A recent announcement by HMRC indicated that,”Where no money or other type of payment changes hands one can give away a property and there is no requirement to pay SDLT or file a return” Our daughter recently married and we gifted her a property that had been our “buy to let” for several years. Duri...
by cliff99
Thu Nov 09, 2017 5:15 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: MRNRB
Replies: 2
Views: 25067

MRNRB

My maternal parent is now in her nineties and increasingly frail to the point where she is at risk by living alone in her property We would like her to come to live with us, but she is reluctant to do this, as she believes that in doing so she will lose the new main residence nil rate band (MRNRB). ...

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