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 23 matches

Go to advanced search

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: 8
Views: 578

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: 8
Views: 578

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: 1365

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: 1365

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: 1365

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: 1053

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: 799

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: 12636

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...
by Jerome_Lane
Mon Aug 05, 2019 9:48 am
Forum: Property Taxation
Topic: Purchasing a percentage of parents house
Replies: 3
Views: 12636

Re: Purchasing a percentage of parents house

I suggest you get full advice on this but your mum won't pay any CGT if its always been her main home. It sounds like you might be in a position to just buy the house outright and come to arrangement with your siblings to ensure care and financial arrangements are dealt with so all is done fair. Alt...
by Jerome_Lane
Mon Aug 05, 2019 9:39 am
Forum: Capital Gains Tax, CGT
Topic: Capital gains on inherited house to flat conversion
Replies: 1
Views: 6055

Re: Capital gains on inherited house to flat conversion

By "we" I assume you mean you as a husband and wife. If you took each flat at a base cost of £220K (£150k probate and £70k rennovations), the gain is say £155k. Roughly 60% should be protected by PPR relief and if let 2008 to 2012, lettings relief will wipe out the chargeable gain. Otherwise you mig...

Go to advanced search