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Where Taxpayers and Advisers Meet

Search found 38 matches

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by sandy2000
Sun Mar 04, 2018 11:29 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Purhase of house from Parent
Replies: 5
Views: 1071

Re: Purhase of house from Parent

SDLT payable by you/wife should read "No SDLT payable"
Not sure how there will be No SDLT to pay in this context?
by sandy2000
Sun Mar 04, 2018 11:13 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: business property and IHT
Replies: 6
Views: 1240

Re: business property and IHT

Thanks for info on LLP So if it is not an LLP, and if the property is held by individuals and only "assigned" to partnership in the partnership agreement (as you mentioned earlier) - thereby making the partnership effectively a beneficiary of the income, who would be named as the "landlord" in any t...
by sandy2000
Tue Feb 27, 2018 2:05 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Extra stamp duty
Replies: 2
Views: 1169

Re: Extra stamp duty

Depends .. if the house bought 14 years ago was on mortgage or whether there is money available to be gifted or not.. If such a gift wasn't an option 14 years ago then it may be less of an option at present. Gifting to parents now may increase IHT in the future.. If saving Tax is the primary goal th...
by sandy2000
Sat Feb 24, 2018 3:21 pm
Forum: Property Taxation
Topic: Help Please! on how to structure a property transaction
Replies: 16
Views: 2353

Re: Help Please! on how to structure a property transaction

A Will can be changed to allow a different beneficiary, but can this method be used to transfer the property to an SPV and thus avoid paying SDLT at the outset, which would otherwise be at the higher rate? Though SDLT is saved ... Will the IHT liability not arrise or increase by such a transfer to ...
by sandy2000
Tue Feb 20, 2018 10:00 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT on inherited property?
Replies: 6
Views: 1785

Re: SDLT on inherited property?

If you get land or property under the terms of a will, there’s no need to tell HMRC and you won’t pay SDLT. This applies even if you take on an outstanding mortgage on the property on the date the person died. Since there is no SDLT on property left in the will to sibling C, There is no sense in doi...
by sandy2000
Tue Feb 20, 2018 8:56 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheriting Rental Property
Replies: 16
Views: 2050

Re: Inheriting Rental Property

It would be the para 3A that was inserted by s300 FA 2004 - https://www.legislation.gov.uk/ukpga/2004/12/section/300
Thank you, bd6759, much appreciated.
by sandy2000
Mon Feb 19, 2018 8:47 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheriting Rental Property
Replies: 16
Views: 2050

Re: Inheriting Rental Property

Would that be this Para4 now? https://www.legislation.gov.uk/ukpga/2003/14/schedule/3/paragraph/4 Also in the SDLT guidance it says: If you’re left land or property in a will If you get land or property under the terms of a will, there’s no need to tell HMRC and you won’t pay SDLT. This applies even...
by sandy2000
Mon Feb 19, 2018 5:26 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheriting Rental Property
Replies: 16
Views: 2050

Re: Inheriting Rental Property

5/470 is 16% with 15% still unaccounted for (the remaining part has a net value of zero) Thank you for clearing that up My guess, and it's only a guess, is that if this is a second property for one or more children then they should take 365/470 and 40k of debt (but my guess would be the mother in t...
by sandy2000
Mon Feb 19, 2018 2:57 pm
Forum: Property Taxation
Topic: Three ways to account for mortgage arrangement fees: Which one is correct?
Replies: 8
Views: 1438

Re: Three ways to account for mortgage arrangement fees: Which one is correct?

"significant" could imply significant Significant implies not immaterial. Thanks .. i think "significant" has to be in relation to size of the loan and other costs of the loan - e.g £2000 fee on £20k loan is significant where is it is not so on a £200,000 loan .. this is what i came across on http:...
by sandy2000
Mon Feb 19, 2018 1:05 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Inheriting Rental Property
Replies: 16
Views: 2050

Re: Inheriting Rental Property

thank you for concurring on this.. So now we have two formulae (one above and one given by 'someone" for dividing the value of 50% share in the estate -- although division of "worthless" share seems insignificant but the two methods give a different outcome (eventually): 1- divide over NET value chi...

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