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Where Taxpayers and Advisers Meet

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by Nigel Lord
Fri May 12, 2006 1:32 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: GCT and Inheritance tax
Replies: 8
Views: 3982

<r>ihealth<br/> <br/> Sorry. I read the trhreads to wrong way around.<br/> <br/> Yes, the discretionary trust route is still available, but there are two additional hurdles to overcome.<br/> <br/> Firstly, you cannot extinguish any gain that has arisen in the intervening period, only future gains. S...
by Nigel Lord
Fri May 12, 2006 1:05 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: GCT and Inheritance tax
Replies: 8
Views: 3982

<r>Medic<br/> <br/> You have unwittingly created a situation whereby you have exposure to both CGT and IHT charges.<br/> <br/> There are solutions to the double charges in respect of all of the properties other than the main family home, but you will need to act quickly as the solution for the prope...
by Nigel Lord
Thu Sep 23, 2004 7:14 am
Forum: VAT & Excise Duties
Topic: Vat on agency commission to a non uk tax resident
Replies: 1
Views: 1775

<t>Bad news I am afraid. UK VAT at 17.5% is due on the agency commission. The liability is determined by the location of the property, not the residence of the client.<br/> You are right that there will be no CGT if the house was your PPR.<br/> <br/> If you would like to discuss this further please ...
by Nigel Lord
Wed Apr 07, 2004 2:07 am
Forum: Property Taxation
Topic: Avoid CTG by transferring 2nd Property to daughter?
Replies: 3
Views: 1686

Ian

I thought that was inferred in my answer. (...if the property is a second home...)

Nigel
by Nigel Lord
Tue Mar 30, 2004 3:46 am
Forum: Property Taxation
Topic: Letting out a property whilst renting elsewhere
Replies: 7
Views: 2506

<t>Chris<br/> <br/> If you look at your mortgage statements you will see that interest is stated as a separate item (either monthly or annually). If you have a fixed mortgage this will stay the same. If you have a variable mortgage the interest will increase/decrease in line with your lender's rates...
by Nigel Lord
Mon Mar 29, 2004 8:10 am
Forum: Income Tax
Topic: Part Time Income/Loss
Replies: 1
Views: 1112

<r>You will be able to offset all expenses incurred wholly and necessarily in connection with your trade. This would include travelling, accommodation and subsistence incurred on business.<br/> <br/> If you are able to establish that you are undertaking the trade with the intention of making a profi...
by Nigel Lord
Mon Mar 29, 2004 8:03 am
Forum: Income Tax
Topic: Part Time Travel Writer (Freelance)
Replies: 1
Views: 1339

<r>Your wife will certainly be able to offset travelling expenses incurred in respect of the trade of freelance travel writing to reduce or eliminate any profit, as long as they are wholly & necessarily incurred (family holidays are neither).<br/> <br/> If losses are incurred, your wife will nee...
by Nigel Lord
Mon Mar 29, 2004 6:03 am
Forum: Capital Gains Tax, CGT
Topic: transfer of home from parent Capital Gains Tax Liability
Replies: 1
Views: 1293

<r>If your mother transfers the property into the names of you and your wife this will be chargeable event for Capital Gains Tax (CGT)purposes. The transfer will be treated as being made at open market value as you are connected persons. However, assuming that it has always been your mother's only m...
by Nigel Lord
Mon Mar 29, 2004 5:09 am
Forum: Property Taxation
Topic: Letting out a property whilst renting elsewhere
Replies: 7
Views: 2506

<r>Jessica<br/> <br/> It is your call. Before making a decision you may wish to look at the Inland Revenue website and download the appropriate section of the Tax Return and notes from last year (see links):<br/> <br/> <URL url="http://www.inlandrevenue.gov.uk/pdfs/2002_03/land/sa105.pdf"><LINK_TEXT...
by Nigel Lord
Mon Mar 29, 2004 4:20 am
Forum: Property Taxation
Topic: Letting out a property whilst renting elsewhere
Replies: 7
Views: 2506

<r>The more the merrier.<br/> <br/> If the mortgage was taken out for the purchase or improvement of the property, relief would be available in respect of interest arising during the let period (or void periods if let subsequently). If the mortgage is replaced by refinancing, the interest in respect...

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