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Where Taxpayers and Advisers Meet

Search found 7604 matches

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by maths
Thu Jan 23, 2020 10:19 pm
Forum: Property Taxation
Topic: Income from tenancy in common
Replies: 2
Views: 142

Re: Income from tenancy in common

Assuming the legal title is registered in joint names an appropriate declaration (using Form 17) can be made under which the rental income reflects the respective beneficial interests. The % of rental income must be in line with the corresponding beneficial interests. Thus, beneficial ownership as t...
by maths
Thu Jan 23, 2020 12:29 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT for 400 /403 and exempt GROB
Replies: 1
Views: 211

Re: IHT for 400 /403 and exempt GROB

Gift of property is a PET. No need to declare PET at date of gift. If death occurs within 7 years IHT on PET arises and would need to be declared. However, based on your post the gift with reservation provisions will not apply on the death (joint ownership etc) but would need to be disclosed togethe...
by maths
Thu Jan 23, 2020 12:19 am
Forum: Property Taxation
Topic: Live in house rent free
Replies: 1
Views: 117

Re: Live in house rent free

Presumably you will purchase and own the property and parents will be allowed to live there rent free? On any future sale you will face a CGT charge on any gain as the property will not be your residence as you don't live in it. The property on your death forms part of your IHT estate. SDLT (possibl...
by maths
Wed Jan 22, 2020 5:21 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Selling Half Share of Inherited Property to Family Member
Replies: 4
Views: 241

Re: Selling Half Share of Inherited Property to Family Member

No mention was made in your original post re a life interest for father? The sale by you of your remainder interest to father will not attract a CGT charge on your part. However, as the trust will then terminate Father will be treated as having disposed of his newly acquired interest in return for t...
by maths
Tue Jan 21, 2020 4:58 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Selling Half Share of Inherited Property to Family Member
Replies: 4
Views: 241

Re: Selling Half Share of Inherited Property to Family Member

I think there may be some confusion. In 2019 when you inherited a 50% property share you would. generally speaking have no IHT to pay; IHT on the deceased's estate comes out of their estate not your 50%. IHT is therefore irrelevant. On a sale by you of your 50% you would be exposed to a CGT not IHT ...
by maths
Sun Jan 19, 2020 8:48 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT tax GROB calc query
Replies: 1
Views: 268

Re: IHT tax GROB calc query

1. At date of F's death he owns absolutely 2/6 and has a reservation in 1/6 ie F is treated as beneficially owning 3/6. Value of his 3/6 takes in to account related property of 2/6 held by M ie F's 3/6 value is 3/5 of value of property less 50% which is exempt as left to M with the balance subject t...
by maths
Sun Jan 19, 2020 2:27 pm
Forum: Income Tax
Topic: Confused over Gift Aid on Self Assessment return
Replies: 3
Views: 335

Re: Confused over Gift Aid on Self Assessment return

You could explain your entries in the White Space of the Return if you wish to avoid confusion.
by maths
Sun Jan 19, 2020 2:18 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 7 year rule and gift
Replies: 2
Views: 256

Re: 7 year rule and gift

As joint beneficial tenants you would for tax each own 50% ie a gift of 50% occurred. If on a subsequent simple severance to tenants in common each would again own 50%. In which case no gift arose following the severance and the 7 years runs from the original gift only. If however, at the time of se...
by maths
Sun Jan 19, 2020 2:13 pm
Forum: Property Taxation
Topic: Old BTL property
Replies: 2
Views: 294

Re: Old BTL property

A back of the envelope calculation gives rise to a CGT charge on your part of around £3,600 or possible £5,600. The fact that you are gifting the property does not prevent a CGT charge arising. The above figures assume a disposal on or before 5 April this year; thereafter as Robbob points out your l...
by maths
Fri Jan 17, 2020 9:12 pm
Forum: Income Tax
Topic: 2017/2018 cheque reissue
Replies: 3
Views: 333

Re: 2017/2018 cheque reissue

Suggest telephoning HMRC or writing and simply explain the situation requesting a replacement cheque.

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