This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 92 matches

Go to advanced search

by riccardob
Sun Aug 21, 2011 4:32 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non domiciled spouses
Replies: 11
Views: 1911

Re: Non domiciled spouses

ok but what happens if the couple have lived together for 35 years in Italy (met and married there) and then move to the uk and die here?

Can hmrc argue one parnter is uk dom and the other one isn't ie. the husband is italian national and the wife originally british.
by riccardob
Sun Aug 21, 2011 10:09 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non domiciled spouses
Replies: 11
Views: 1911

Re: Non domiciled spouses

Assuming you are married and each is non-UK domiciled for UK inheritance tax purposes then on the death of one spouse no inheritance tax arises on transfers from one to the other. a) What if one is classed as uk domiciled and the other one isn't? b) I am no expert but if a couple have lived togethe...
by riccardob
Sat Aug 20, 2011 12:38 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non domiciled spouses
Replies: 11
Views: 1911

Non domiciled spouses

If a couple own assets of more than 325k in the uk and one of them passess away, is there any tax payable or are they treated as uk spouses ie everything passess to the survyving spouse with no tax payable.
by riccardob
Wed Jul 27, 2011 6:33 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: gift with(out) reservation
Replies: 13
Views: 2650

Re: gift with(out) reservation

thanks again.

Just to clarify, if the parent gifts only 50% of the ownership am I correct in saying that a rent equal to half the market rent for said property would have to be paid in order to avoid the GWR for iht purposes?
by riccardob
Mon Jul 25, 2011 11:10 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: gift with(out) reservation
Replies: 13
Views: 2650

Re: gift with(out) reservation

No deed of gift necessary. Whether you hold as joint tenants or tenants in common depends on how you want your respective halves of the property to be inherited - likley to be as tenants in common to leave things as flexible as possible, then ensuring your respective wills do what they need to do. ...
by riccardob
Mon Jul 25, 2011 5:36 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: gift with(out) reservation
Replies: 13
Views: 2650

Re: gift with(out) reservation

Change of title at land registry is sufficient to evidence the gift. I would say it is best to have a proper, formal tenancy arrangement. Thanks Lee. I believe that we need to fill in a transfer form tr1 and on the form specify that there is no monetary exchange hence no sldt. Am I right in thinkin...
by riccardob
Sun Jul 24, 2011 10:46 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: gift with(out) reservation
Replies: 13
Views: 2650

Re: gift with(out) reservation

Sorry Lee i also forgot to ask you if the gift is made by simply registering change of the owner name at land registry via a solicitor or does other documentation need to be prepared that relates to this sort of transaction?
by riccardob
Sun Jul 24, 2011 10:40 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: gift with(out) reservation
Replies: 13
Views: 2650

Re: gift with(out) reservation

Best to establish the value of half the property and the full market rent by employing a surveyor. The rent will need to be regularly reviewed because if it falls short of the market a gift with reservation will then arise. Thanks Lee. Does a contract need to be drawn up or is payment of rent and a...
by riccardob
Sun Jul 24, 2011 10:39 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: gift with(out) reservation
Replies: 13
Views: 2650

Re: gift with(out) reservation

its for iht purposes.

Go to advanced search

cron