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Where Taxpayers and Advisers Meet

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by maths
Thu Sep 17, 2020 9:15 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: NZ Trust - Property Inheritance
Replies: 2
Views: 375

Re: NZ Trust - Property Inheritance

I assume the trust is NZ not UK resident. The odds are that any tax consequences are likely to be in NZ not the UK assuming the trust sells the property and then distributes the sale proceeds to you. If the trust appoints the property out to you and you then sell you will potentially have a UK CGT c...
by maths
Thu Sep 17, 2020 3:29 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Incomplete gift query
Replies: 3
Views: 470

Re: Incomplete gift query

In short, the so-called "gift" fails and without further info' the donee has no right of action against the donor's estate.
by maths
Tue Sep 15, 2020 10:18 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB on failed PET main residence GWR
Replies: 2
Views: 467

Re: RNRB on failed PET main residence GWR

Assuming the property was not settled in trust but was an outright gift to son then as the gift wold have been a gift with reservation as father occupied the property then the RNRB would have ben available on father's death. If the property had been settled with father retaining a life interest then...
by maths
Tue Sep 15, 2020 8:21 pm
Forum: Capital Gains Tax, CGT
Topic: CGT Partial relief after gifting share of property
Replies: 2
Views: 473

Re: CGT Partial relief after gifting share of property

The law has recently changed where an interest in a residence is disposed of by one spouse to the other spouse; effective to such disposals on or after 6 April 2020. Let's assume that the inter-spouse disposal occurred on or after 6.4.20. In such a case the recipient spouse is teated as if her owner...
by maths
Mon Sep 14, 2020 4:59 pm
Forum: Capital Gains Tax, CGT
Topic: Transfer of Inherited Property to Spouse
Replies: 4
Views: 558

Re: Transfer of Inherited Property to Spouse

There is no need to transfer legal title into joint names. All your wife needs to do is to execute a declaration of trust under which she confirms she holds the legal title for you and her, say, 50/50 ie you each have thereafter a 50% beneficial interest in the property. This is sufficient for you t...
by maths
Sun Sep 13, 2020 2:59 pm
Forum: Capital Gains Tax, CGT
Topic: Houseboat Gift and Capital Gains
Replies: 3
Views: 696

Re: Houseboat Gift and Capital Gains

I'm only aware of a couple of tax cases which relate in fact to caravans not houseboats. The important difference is that re caravans it is often the surrounding land that is of value and in respect of which the taxpayer would want CGT exemption on disposal. Re houseboats on a canal/river there woul...
by maths
Sun Sep 13, 2020 2:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Death and Joint tenancy
Replies: 2
Views: 558

Re: Death and Joint tenancy

It would be sensible to notify LR on Form DJP.

This would mean that you alone would then hold the legal title.

Your wife's beneficial interest in the property would automatically pass to you on her death under the principle of survivorship.
by maths
Sun Sep 13, 2020 1:36 pm
Forum: PAYE and Payroll Taxes, National Insurance, NICs
Topic: UK resident and working for a foreign company in a third-country
Replies: 1
Views: 805

Re: UK resident and working for a foreign company in a third-country

Not straight forward. As a UK resident but non-domiciled you are liable to UK income tax on overseas (ie non-UK) earnings only if remitted to the UK (assuming remittance basis claimed). Otherwise UK income tax is levied. Under many of the UK's DTAs you would not be exposed to income tax on the overs...
by maths
Sun Sep 13, 2020 1:20 pm
Forum: International Tax
Topic: double taxation agreement uk italy - tie break
Replies: 7
Views: 1342

Re: double taxation agreement uk italy - tie break

A person is required to file a tax return if they receive a notice from HMRC to file a tax return. If no notice is received and no UK source income/gains arise then there is no need to notify HMRC of any liability top income tax/CGT. Where a person is dual resident but resident in the overseas terri...
by maths
Fri Sep 11, 2020 1:34 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Uk Inheritance tax foreign wife
Replies: 14
Views: 735

Re: Uk Inheritance tax foreign wife

Re Samson22's last post I'm not sure it is correct. Husband currently owns 100% of residential property (never a main/sole residence). Owned pre 6 April 2019. A disposal by H (not to spouse) precipitates capital gain and possible to rebase to 6.4 15 [TCGA 1992 Sch 4AA Part 3]. Assume H transfers pro...

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