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Where Taxpayers and Advisers Meet

Search found 96 matches

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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: 3115

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: 3115

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: 3115

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: 3115

Re: gift with(out) reservation

its for iht purposes.
by riccardob
Sat Jul 23, 2011 7:15 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: gift with(out) reservation
Replies: 13
Views: 3115

gift with(out) reservation

If a child is gifted half of a property by a parents and said parent still lives in the house am I correct in saying that rent should be paid? How does one establish market rent? The other half is owned by the other parent who still lives in the house too. Am I right in saying that 50% of full rent ...
by riccardob
Thu Jul 21, 2011 10:25 pm
Forum: Income Tax
Topic: tax return
Replies: 1
Views: 748

tax return

Hi,

For someone that earns 30k a year on a payee basis how much extra can he earn before having to pay 40% tax, for example through rental income?

I am confused by the allowance concept. Someone told me you can earn up to 42500 but I read that 35k is the treshold for 40% tax.

many thanks
by riccardob
Thu Jul 21, 2011 3:10 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Dom status
Replies: 6
Views: 1309

Re: Dom status

Thanks maths. So if hmrc class them as non uk dom they are only liable to uk iht on uk assets. If they class them as both uk doms then worldwide assets are included in iht BUT the nil band rate would be 650k. My worry was that hmrc could pull a fast one on first death and say that one is non uk dom ...
by riccardob
Wed Jul 20, 2011 5:35 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Dom status
Replies: 6
Views: 1309

Re: Dom status

More detail:

Husband is italian born in Italy.
Mother is dual national british italian but born in the uk
by riccardob
Wed Jul 20, 2011 5:34 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Dom status
Replies: 6
Views: 1309

Dom status

Hello, I have a specific question on the dom status of my parents. I understand that the dom issue is complicated however I would like to know if one spouse can be considered uk domiciled and the other non uk domiciled for iht purposes even if the marriage is pre 1974. I have read somewhere that the...
by riccardob
Wed Jul 13, 2011 7:39 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: allowances
Replies: 1
Views: 567

allowances

1) If a spouse is non dom and the other one isn't am I correct in saying that only 325k + 55k is iht is the nil band rate passed onto the other spouse?

2) if the non dom spouse has assets abroad and he dies, is he liable to uk iht?

Thanks

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