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Where Taxpayers and Advisers Meet

Search found 43 matches

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by Arnold Aaro
Sat May 28, 2005 2:42 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheritance tax on property
Replies: 4
Views: 1812

There is no IHT (Inheritance Tax) between husband and wife!
by Arnold Aaro
Thu May 26, 2005 4:06 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Grandson,grandmother- joint savings account
Replies: 4
Views: 2450

<r>Lennon,<br/> <br/> your mother may be interested in the following concept to reduce the value of her estate immediately.<br/> <br/> One way of gifting cash is through a Discounted Gift Trust. <br/> <br/> This would allow your your mother to gift some of her cash away to the family (e.g. grandchil...
by Arnold Aaro
Wed May 25, 2005 3:29 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Question on Property
Replies: 5
Views: 2645

<t>As half share is less than the nil rate band, there is no IHT on it.<br/> <br/> However, as you have indicated with the other assets taking the total estate above £275k, there will be IHT at 40% on this excess.<br/> <br/> Perhaps someone else with more experience on probate could advise you furt...
by Arnold Aaro
Tue May 24, 2005 3:49 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Question on Property
Replies: 5
Views: 2645

<r>A few questions if I may...<br/> <br/> <br/> 1. What is the half share of the house worth?<br/> 2. Did your Aunt have any other assets, and if so how much?<br/> 3. Has your Aunt made any gifts in the last 7 years?<br/> <br/> The picture should then be clearer, and we can then hopefully answer you...
by Arnold Aaro
Mon May 23, 2005 2:37 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Purchase of parent's house as part of IHT
Replies: 11
Views: 4138

<r>Mick - a sales pitch if I may!<br/> <br/> I offer one of the most competitive life assurance policies on the market for IHT planning, as Anthony has suggested.<br/> <br/> If you would like a quote, under no obligation, feel free to provide me details of your mothers date of birth, whether she is ...
by Arnold Aaro
Sun May 22, 2005 3:38 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Purchase of parent's house as part of IHT
Replies: 11
Views: 4138

<r>Correct - any shortfall on the market open market value will be clased as a 7 year PET. Don't forget that rent must be paid on this portion, otherwise this portion of the property will still be considered as part of her estate.<br/> <br/> QUOTE: "Also, is my proposal of my mother purchasing a sha...
by Arnold Aaro
Fri May 20, 2005 9:47 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Purchase of parent's house as part of IHT
Replies: 11
Views: 4138

<r>Not to worry Mick - We are here to straighten things for you!<br/> <br/> You and you siblings can purchase any share of the home from your mother. However, on any share of the Property which now belongs to you after the purchase, your mother needs to pay a market rate of rent to you, otherwise an...
by Arnold Aaro
Fri May 06, 2005 6:28 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: parental gifts?
Replies: 3
Views: 3091

<r>EU doesn't have much to do with it I'm afraid.<br/> <br/> If you buy a Property abroad you my be taxed on the rental income either in the UK or the country of the property or both. It all depends on taxation agreements between the Uk and other nations. Also there may be tax when you eventually se...
by Arnold Aaro
Fri May 06, 2005 5:33 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: parental gifts?
Replies: 3
Views: 3091

<r>There is no income tax or CGT on receiving the gift. <br/> <br/> However, provided the donor has no future rights to the gift, and he/she lives for 7 years the gift escapes Inheritance Tax (IHT) as well.<br/> <br/> If the donor passes away within 7 years there may be IHT on his/her estate dependi...

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