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Where Taxpayers and Advisers Meet

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by Ian McTernan CTA
Fri Feb 21, 2003 12:00 am
Forum: Capital Gains Tax, CGT
Topic: CGT - Mortgages
Replies: 1
Views: 2020

<r>Mortgages have NO affect for CGT- the cgt calculation is based on purchase price plus legal costs of purchase and sale, estate agents fees and enhancement expenditure.<br/> <br/> If you have lived in the property at any time this complicates matters but makes the calculation more favourable. Bein...
by Ian McTernan CTA
Fri Feb 21, 2003 12:00 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT - Complicated situation!
Replies: 1
Views: 2139

<r>Effectively, the gifts are potentially exempt transfers and rely on the donor living for seven years to avoid IHT on death. If she dies before the expiry of this period then IHT will be payable, and who pays this would depend to some extent on the terms of the Will. You may also be able to purcha...

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