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Where Taxpayers and Advisers Meet

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by maths
Fri Jun 05, 2020 1:56 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: gifts
Replies: 2
Views: 218

Re: gifts

I agree with AGoodman.

The death of the donor within 7 years of the gift "triggers" a possible IHT charge but the status of the gift is determined at the date of the gift. At that time the donor was non-UK domiciled and hence the property gifted is excluded property falling outside the IHT regime.
by maths
Thu Jun 04, 2020 4:11 pm
Forum: Property Taxation
Topic: Capital allowance on FHL cash basis
Replies: 4
Views: 656

Re: Capital allowance on FHL cash basis

Definitely not my area of operation. For what it's worth I had understood that where the cash basis is used there is a specific list of capital expenditure in respect of which capital allowances do not apply [ITTOIA 2005 ss 33 and 33A]; post 5.4.17.
by maths
Thu Jun 04, 2020 3:52 pm
Forum: Income Tax
Topic: Need help with foreign tax
Replies: 4
Views: 358

Re: Need help with foreign tax

It is highly unlikely that your trading income for UK tax purposes would be categorised as "foreign source" income. As AGoodman states it is simply part of your UK trade with a UK source. Sometimes under domestic tax provisions of foreign countries a local withholding tax is levied where payments ar...
by maths
Wed Jun 03, 2020 4:30 pm
Forum: Capital Gains Tax, CGT
Topic: Ex rental now wifes main residence - to sell
Replies: 4
Views: 395

Re: Ex rental now wifes main residence - to sell

Your additional info'; doesn't change my posts. Gifts between spouses who have not separated can be passed between the two CGT free, but this is not your situation. You are in any event selling the property. She may be on the mortgage which means she will also be on the legal title to the property b...
by maths
Tue Jun 02, 2020 6:46 pm
Forum: Property Taxation
Topic: Transfer of equity and cgt
Replies: 10
Views: 1072

Re: Transfer of equity and cgt

You say you/sister own the property beneficially 50/50 as tenants in common. If your sister transfers 49% to you she will have made a CGT disposal and in principle a CGT charge will arise on any gain made. On any future sale you will each be exposed to CGT charges albeit split 99/1%. In principle th...
by maths
Tue Jun 02, 2020 5:24 pm
Forum: Capital Gains Tax, CGT
Topic: Ex rental now wifes main residence - to sell
Replies: 4
Views: 395

Re: Ex rental now wifes main residence - to sell

Yes, you are liable to CGT on any capital gains assuming, which appears to be the case, that your wife does not own any part of it.
by maths
Mon Jun 01, 2020 5:12 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT and gifts query
Replies: 2
Views: 764

Re: IHT and gifts query

A number of the gifts are actually expenses that have been incurred over the years and are gifts to payback bills would these need to be included in the gifts list A transfer of monies by your uncle will not constitute gifts by him where he is reimbursing a person for expenses he has asked them to ...
by maths
Mon Jun 01, 2020 4:45 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Memorial service
Replies: 2
Views: 270

Re: Memorial service

Very difficult to ascertain what is "reasonable". £10k does seem a bit excessive but without all the facts impossible to say.

It may be sensible to talk to the residuary beneficiaries (and close members of the family) and see how much they are willing to authorise for the service.
by maths
Sun May 31, 2020 12:21 pm
Forum: Capital Gains Tax, CGT
Topic: cgt on property
Replies: 5
Views: 630

Re: cgt on property

I would be inclined to the view that there was no partnership between you and your son. Your son is liable to income (not capital gains) tax on any profit. I assume your son had a bank account into which were deposited 100% of any sale proceeds. Ideally there should have been some form of loan agree...
by maths
Sat May 30, 2020 3:37 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT Allowance
Replies: 2
Views: 258

Re: IHT Allowance

The advice is correct. In addition to a nil rate band (325k) there is also a residence nil rate band (175k). At its simplest if you left everything to wife who on her death left everything to children, on her death there would be 650k (2 x 325k) plus 350k (a x 175k) of effective exemption from IHT i...

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