This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 9 matches

Go to advanced search

by Harry9
Thu Nov 28, 2019 2:02 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: £3000 gift help
Replies: 2
Views: 240

Re: £3000 gift help

Thank you, that was what I meant he would sell the ISA shares, it was just worded badly.

Thanks for the reply !
by Harry9
Fri Nov 08, 2019 2:35 pm
Forum: Capital Gains Tax, CGT
Topic: HELP RE CAPITAL GAINS TAX PLEASE
Replies: 4
Views: 675

Re: HELP RE CAPITAL GAINS TAX PLEASE

Thanks Anthony for answering my questions. One more thing which may sound a little stupid, how do they collect the CGT, do they adjust your tax code or simply send you a bill for the tax owing in the post? Is it my responsibility to inform the tax man about any investment sales or do the company I d...
by Harry9
Fri Nov 08, 2019 10:07 am
Forum: Capital Gains Tax, CGT
Topic: HELP RE CAPITAL GAINS TAX PLEASE
Replies: 4
Views: 675

Re: HELP RE CAPITAL GAINS TAX PLEASE

Sorry forgot to mention, are you still liable for CGT after your death?
by Harry9
Fri Nov 08, 2019 10:01 am
Forum: Capital Gains Tax, CGT
Topic: HELP RE CAPITAL GAINS TAX PLEASE
Replies: 4
Views: 675

HELP RE CAPITAL GAINS TAX PLEASE

Hi, If any Capital Gains Tax expert can help me I would be grateful If I have £250,000 in Investment Funds and decide to sell what CGT am I liable for as a 20% tax payer? Is the tax only based on profits from the investments and not the whole value? Are stocks and shares ISA's free from all tax if s...
by Harry9
Mon Dec 17, 2018 10:17 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: INHERITENCE TAX ALLOWANCE
Replies: 9
Views: 968

Re: INHERITENCE TAX ALLOWANCE

Speaking to my dad this weekend, we both find it strange and unfair that if he died tomorrow he wouldn't be liable for any IHT because he doesn't meet his £900K IHT threshold and is very unlikely to do so. Yet if today he gave away cash gifts over £3K to his immediate family and dies next week he wo...
by Harry9
Thu Dec 13, 2018 2:29 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: INHERITENCE TAX ALLOWANCE
Replies: 9
Views: 968

Re: INHERITENCE TAX ALLOWANCE

So his total tax allowance is £900K (that is £325k from my mother, £325K of his own and £250K for his house)
And his current total worth is less than that, then because he doesn't and is unlikely to reach that £900K threshold then he is free to give as much money as he likes?
by Harry9
Thu Dec 13, 2018 10:40 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: INHERITENCE TAX ALLOWANCE
Replies: 9
Views: 968

Re: INHERITENCE TAX ALLOWANCE

Hmmmm! So in other words he could just give £250 to each of his 3 sons and 9 grandchildren for each of their birthdays and for Christmas. That would amount to £6000. Or he could give £1000 per year to each of his 3 sons and £250 for each grandchild's birthday and Christmas which is £7500 per year. S...
by Harry9
Wed Dec 12, 2018 11:06 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: INHERITENCE TAX ALLOWANCE
Replies: 9
Views: 968

Re: INHERITANCE TAX ALLOWANCE

Thanks very much for that reply, it was much clearer to me than the gov web site :D My dads total estate with his investments etc and including his house is under the £900K. Because he is 93yrs he wants to give some of his money away to myself, my 2 brothers and 9 grandchildren. Am I right in saying...
by Harry9
Mon Dec 10, 2018 1:03 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: INHERITENCE TAX ALLOWANCE
Replies: 9
Views: 968

INHERITENCE TAX ALLOWANCE

Hi, can anybody help? I've looked on thee Government inheritance tax website but don't understand it. My 93yr father lives alone and his wife (my mum) died some 5yrs ago. How much is he allowed to leave in his will tax free, it reads to me it doubles because he can claim his wife's allowance as well...

Go to advanced search