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Where Taxpayers and Advisers Meet

Search found 25 matches

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by Jerome_Lane
Tue Mar 03, 2020 10:41 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gifting whole
Replies: 2
Views: 508

Re: Gifting whole

Assuming the property is fully relieved from CGT by principal private residents relief and there should be no SDLT if the property is free of debt, your mother will be making a potentially exempt transfer for inheritance tax purposes when she gifts the remainder of the property to you. Where your mo...
by Jerome_Lane
Tue Mar 03, 2020 10:30 am
Forum: Property Taxation
Topic: Transfer of equity and cgt
Replies: 10
Views: 1072

Re: Transfer of equity and cgt

Hello, do you mean for me to Contact you via email? Thanks
Yes, or call me....
by Jerome_Lane
Mon Feb 03, 2020 1:45 pm
Forum: Property Taxation
Topic: Should I claim property allowance or allowable expenses for this year?
Replies: 15
Views: 2227

Re: Should I claim property allowance or allowable expenses for this year?

Are 'finance costs' mortgage repayments? (I own the property outright).

So for all expenses I can claim 40%?
Finance costs are the interest elements of mortgage payments and any associated costs of securing finance.
by Jerome_Lane
Mon Feb 03, 2020 1:37 pm
Forum: Property Taxation
Topic: Should I claim property allowance or allowable expenses for this year?
Replies: 15
Views: 2227

Re: Should I claim property allowance or allowable expenses for this year?

Kind of - if you are a HR tax payer, any profit is taxed at 40%.
by Jerome_Lane
Thu Jan 09, 2020 11:54 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 10 year charge on Discretionary trust help !
Replies: 14
Views: 1705

Re: 10 year charge on Discretionary trust help !

You should now seek the professional advice you mention; it makes no sense to keep spending uncharged time as you drip feed information. I usually generate fees for exactly this type of advice. You are more than welcome to engage our services. Good luck.
by Jerome_Lane
Wed Jan 08, 2020 12:45 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 10 year charge on Discretionary trust help !
Replies: 14
Views: 1705

Re: 10 year charge on Discretionary trust help !

Thank you Jerome ----yes obviously quite complicated and would need to seek legal advice. One last question if u don't mind ---- how did u arrive at the possible 4.5K charge... i was calculating more in the 10K figure ?? again thank you VERY MUCH The notional IHT on 400,000 less NRB is £15,000 whic...
by Jerome_Lane
Tue Jan 07, 2020 10:37 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 10 year charge on Discretionary trust help !
Replies: 14
Views: 1705

Re: 10 year charge on Discretionary trust help !

Are you sure it is currently discretionary? If the trusts give Uncle a right to occupy the property then it might well be an IPDI (immediate post death interest), which is subject to IHT on his death rather than 10 yearly charges. This won't be the case if it just gives the trustees power to allow ...
by Jerome_Lane
Thu Dec 19, 2019 10:01 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT for transfer of interest to spouse
Replies: 5
Views: 1376

Re: SDLT for transfer of interest to spouse

In these circumstances, only a properly documented gift and declaration of Trust of the Lease should suffice ahead of the refinance. Although the bank's finance terms and conditions may possibly be breached for an miniscule period of time, they should not lose their equitable charge over the propert...
by Jerome_Lane
Thu Dec 19, 2019 9:48 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift a commercial property
Replies: 5
Views: 947

Re: Gift a commercial property

Since such a gift is a chargeable event for CGT, the IHT CLT is easily turned into a PET with a little bit of basic planning.
by Jerome_Lane
Mon Aug 05, 2019 12:06 pm
Forum: Property Taxation
Topic: Purchasing a percentage of parents house
Replies: 3
Views: 13350

Re: Purchasing a percentage of parents house

You won't pay SDLT if this is your only property and the chargeable consideration (what you pay) is less than £125,000. You will be buying something you are due to inherit a fifth of after you appear to have made a sacrifice to care for your mother over the last 7 years. The inheritance won't necess...

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