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Where Taxpayers and Advisers Meet

Search found 20 matches

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by steven13
Mon Jul 06, 2020 1:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and pension payment
Replies: 3
Views: 614

Re: IHT and pension payment

Thank you kindly for your reply. However the payment is being made to me as the Executor of my grandfathers estate. Adding the amount to the value of my grandfathers estate will not give rise to an IHT liability. The payment then to myself as sole beneficiary will presumably be a final distribution ...
by steven13
Fri Jul 03, 2020 9:48 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and pension payment
Replies: 3
Views: 614

IHT and pension payment

I was the Executor and sole beneficiary under my fathers Will. He died in 2015 and I agreed his Estate with HMRC in 2016, with no IHT liability. During my fathers latter years he was in receipt of an employers pension through a Nortel Pension Plan. The Plan was placed in Administration in 2009 and r...
by steven13
Fri Dec 28, 2018 8:19 pm
Forum: Property Taxation
Topic: Property Allowance
Replies: 1
Views: 645

Property Allowance

During the year ended 5th April 2018 I received £3400 property income and paid out mortgage interest on the property of £2600 (I'm standard rate tax payer). Can I also claim the new Property Allowance Of £1000 or am I precluded from doing this because of the mortgage interest claim?
by steven13
Sat Dec 08, 2018 11:55 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Will and a contract
Replies: 4
Views: 771

Re: Will and a contract

I am in the process of getting divorced. My ex wife wishes to ensure that a certain part of my assets on my death pass to our children. She is concerned that if I meet someone else and they have children then my will could be changed so that my assets passed to my 'new' family. She will not accept m...
by steven13
Sat Dec 08, 2018 12:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Will and a contract
Replies: 4
Views: 771

Will and a contract

Am I correct in believing that it is possible to include within a Will an irrevocable contract which would ensure, come what may, that the assets falling within that contract are guaranteed to go to the beneficiary stated, and can never be changed.
by steven13
Mon Sep 17, 2018 10:05 am
Forum: Business Tax
Topic: vehicles
Replies: 0
Views: 1179

vehicles

I have recently purchased two vehicles which will be 100% used in my business. One is fully electric whilst the other is a hybrid with omissions less than 75g/Km.
Am i correct in believing that both are entitled to 100% tax relief under capital allowances in the year of purchase.
by steven13
Mon Jun 25, 2018 5:35 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: omitted PET
Replies: 3
Views: 798

Re: omitted PET

Thank you for your reply. the failed PET fell within the donors NRB, meaning that there is an underpayment of IHT on the donors free estate on death. The amount underpaid has been agreed with HMRC and is the liability of the executors/solicitors. However as they paid out the estate assets some fours...
by steven13
Mon Jun 25, 2018 4:01 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: omitted PET
Replies: 3
Views: 798

omitted PET

The executors to a will were a firm of solicitors who specialise in Probate and IHT. They complete the Estate, pay the IHT and distribute the balance to the beneficiary. Sometime later a failed PET comes to light which was omitted from their IHT calculations. The solicitors/executors held details of...
by steven13
Tue Mar 20, 2018 2:45 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: do i have to collapse trust
Replies: 3
Views: 733

Re: do i have to collapse trust

Thank you for your reply and rest assured I would never attempt to draft a legal document of any sort. However cant I use the existing Trust? The trust document provides that the potential beneficiaries could be , myself , my wife, or our children. Originally my wife was named as the 'current benefi...
by steven13
Tue Mar 20, 2018 11:40 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: do i have to collapse trust
Replies: 3
Views: 733

do i have to collapse trust

I am the Joint Trustee of an IIP trust created by my father in 1995. I am also named as the 'current beneficiary' under a revocable power of appointment, which entitles me to the Trust income but not the capital. The Trust was created to hold a Life Policy on the life of my father. My father has now...

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