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Where Taxpayers and Advisers Meet

Search found 7545 matches

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by maths
Fri Nov 15, 2019 4:16 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB and Pecuniary gifts
Replies: 5
Views: 603

Re: RNRB and Pecuniary gifts

Where part of the property is sold in order to settle the pecuniary legacy the estate will not benefit from the RNRB; the property is not specifically left to a direct descendent. The property must be “closely inherited” ie the property must pass under a will or intestacy to the deceased’s lineal de...
by maths
Thu Nov 14, 2019 7:34 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB and Pecuniary gifts
Replies: 5
Views: 603

Re: RNRB and Pecuniary gifts

My understanding is that it is not beyond doubt that the RNRB applies where the property is sold to generate cash to pay any pecuniary legacies.
by maths
Mon Nov 11, 2019 12:25 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Assign Insurance Bond
Replies: 2
Views: 681

Re: Assign Insurance Bond

I believe that by so doing, no chargeable event is triggered, the assignment becomes a PET, at the value at time of assignment and there would be a saving of income tax if the settler were a 40% tax payer whilst the recipient remained a lower rate payer at such future time as the bond were encashed...
by maths
Wed Nov 06, 2019 9:38 pm
Forum: Capital Gains Tax, CGT
Topic: CGT pitfalls if Declaration of Trust?
Replies: 1
Views: 480

Re: CGT pitfalls if Declaration of Trust?

The CGT effect of husband transferring say 50% of property to wife at a time when property was not occupied by you both is that the gain attributable on sale to your 50% would not be capable of reduction due to private residence relief or lettings relief; had husband retained 100% of flat then on sa...
by maths
Wed Nov 06, 2019 9:15 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Losses
Replies: 6
Views: 789

Re: Capital Losses

Capital losses of a tax year must be offset to the full against gains of that tax year even if the gains (alone) fall within the annual exempt amount. EG Gains 5,000. Losses 4,000. Net gains 1,000 which then use 1,000 of the annual exempt amount. All 4,000 losses have been offset and thus no losses ...
by maths
Mon Nov 04, 2019 5:37 pm
Forum: Capital Gains Tax, CGT
Topic: Main residence query
Replies: 1
Views: 1248

Re: Main residence query

For SDLT "intention" plays a key role. If you purchase property, say, "C" with the intention it is to be your sole/main residence within the 3 year period of selling "A" the 3% charge should not apply re purchase of "C". It becomes necessary to be able to argue that "B" was never intended to be, nor...
by maths
Mon Nov 04, 2019 5:03 pm
Forum: Capital Gains Tax, CGT
Topic: Capital Gains tax on inherited property
Replies: 3
Views: 987

Re: Capital Gains tax on inherited property

It would seem that step father had an interest inn possession (iip) pursuant to mother's will with remainder to you on step-father's death. Following mediation, step-father surrendered his iip for £125,000 and in principle precipitated a CGT charge on the trustees (but any gain should qualify for pr...
by maths
Mon Nov 04, 2019 4:07 pm
Forum: Income Tax
Topic: Who pays tax on rental income
Replies: 5
Views: 960

Re: Who pays tax on rental income

To be subject to income tax on rental income requires, of course, that the income is in fact rental income and the person assessed is either entitled to the income or de facto receives. In practice HMRC would assess the person entitled ie the person(s) possessing beneficial interests. The eldest son...
by maths
Wed Oct 30, 2019 7:23 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gifts made when Deemed Domicile
Replies: 10
Views: 2102

Re: Gifts made when Deemed Domicile

Bear in mind that if you haven't used your nil rate band (325K) and you make the gift now but fail to survive 7 years it may be that your UK assets on death are minimal and the NRB offsets any IHT charged on the gift of $50,000 ie no IHT.
by maths
Wed Oct 30, 2019 7:19 pm
Forum: Capital Gains Tax, CGT
Topic: CGT relief - charities
Replies: 4
Views: 4345

Re: CGT relief - charities

Difficult to see how only "profit`' or `'gain" from disposal can be tax effectively donated to charity?

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