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Where Taxpayers and Advisers Meet

Search found 321 matches

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by AnthonyR
Thu Nov 21, 2019 12:19 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB and Pecuniary gifts
Replies: 8
Views: 1784

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 d...
by AnthonyR
Thu Nov 21, 2019 12:18 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB and Pecuniary gifts
Replies: 8
Views: 1784

Re: RNRB and Pecuniary gifts

Just to be difficult (or perhaps to simply the matter) is there a need to have specific pecuniary legacies if the estate is simply being split between the 5 children/grandchildren? Just appoint a percentage to each of them and there's no fear of the RNRB being lost as there isn't this complication. ...
by AnthonyR
Fri Nov 15, 2019 10:51 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB and Pecuniary gifts
Replies: 8
Views: 1784

Re: RNRB and Pecuniary gifts

HMRC Guidance here seems to infer that this should be ok: https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm46033 Sale of the residence post-death The actual residence does not have to end up in the hands of the deceased’s direct descendants. An estate could still be eligible for t...
by AnthonyR
Thu Nov 14, 2019 5:35 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT
Replies: 1
Views: 554

Re: IHT

There's two elements to consider, the first being the probate application and the second being the IHT forms. The first question to identify is whether you need to apply for probate at all. If their only assets were joint bank accounts and joint property then these will pass automatically to the sur...
by AnthonyR
Thu Nov 14, 2019 5:24 pm
Forum: Property Taxation
Topic: Buy next door house, change boundary and sell again
Replies: 6
Views: 1724

Re: Buy next door house, change boundary and sell again

https://www.gov.uk/government/publications/stamp-duty-land-tax-sdlt-pre-completion-transactions-rules
Was hoping for a yes or no answer rather than a 22 page HMRC publication ;) won't be the biggest one I read this week though unfortunately.
by AnthonyR
Thu Nov 14, 2019 5:20 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT allowances
Replies: 4
Views: 855

Re: IHT allowances

The first thing to identify is what her Will says. If the Will passes the assets to the spouse then this will already be exempt and then allow the use of the husbands allowance. If the assets pass to anyone else (her children I would assume) then there is an option to chose to vary the will to pass ...
by AnthonyR
Thu Nov 14, 2019 5:11 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: RNRB and Pecuniary gifts
Replies: 8
Views: 1784

Re: RNRB and Pecuniary gifts

As long as your direct descendent inherit the house or the proceeds of sale from the house then you will qualify for the RNRB (assuming your estate isn't affected by the taper after £2m). This means that if, for example, you left a pecuniary legacy of £100,000 to your daughter and there wasn't cash ...
by AnthonyR
Tue Nov 12, 2019 11:56 am
Forum: Property Taxation
Topic: Buy next door house, change boundary and sell again
Replies: 6
Views: 1724

Re: Buy next door house, change boundary and sell again

Yes. There is a subsale relief, now called pre completion transaction relief, if you can line up the onwards sale of most of the property to complete at the same time as your purchase of the whole. I don't generally advise on SDLT, but like to understand the general rules. With PCTR does the onward...
by AnthonyR
Fri Nov 08, 2019 11:47 am
Forum: Capital Gains Tax, CGT
Topic: CGT One Year Rule, I am in Shock.
Replies: 15
Views: 22501

Re: CGT One Year Rule, I am in Shock.

Just following on from what the others have said, there is no rollover/holdover available on the sale of a single residential property. Without meaning to be rude, you can stop researching. The only practical option you have available to defer the tax would be to reinvest the proceeds into SEIS (whi...
by AnthonyR
Fri Nov 08, 2019 11:36 am
Forum: Capital Gains Tax, CGT
Topic: Private use
Replies: 6
Views: 10918

Re: Private use

HMRC have a specialist valuation team that look at these things. From your point of view you should ideally instruct a surveyor to value the property back then and as a result of the change many surveyors are aware of the need to be able to backvalue to 2015. However, in practice what a lot of clien...

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