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Where Taxpayers and Advisers Meet

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by AnthonyR
Thu Feb 16, 2017 12:34 pm
Forum: Property Taxation
Topic: Gifting share of mixed-use properties to children
Replies: 4
Views: 869

Re: Gifting share of mixed-use properties to children

This is a complex area and will depend on your long term intentions and whether you need to retain access to the income and capital. I've seen a lot of talk from promoters/sales people recently about the advantages of a Hybrid Partnership, but none really seem to take into account the complex CGT/SD...
by AnthonyR
Thu Feb 16, 2017 11:42 am
Forum: General
Topic: Help Needed - With what to Replace CASIO MJ-100 Calculator?
Replies: 9
Views: 2388

Re: Help Needed - With what to Replace CASIO MJ-100 Calculator?

Anyone? I love the fact that this was such a pressing issue that it kept you awake until 2-32 in the morning. Did you get any sleep at all? I've had a classic Casio MX-8 (approx £5 online) sat next to me for about 5 years. Although, to be honest, 9 out of 10 times I've got excel open, Ctrl+N and pl...
by AnthonyR
Mon Feb 13, 2017 2:58 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Trustee complaints
Replies: 3
Views: 805

Re: Trustee complaints

As above, but bear in mind that if it's a discretionary trust, they will likely have wide powers to invest and use the funds. On top of that, there is usually no requirement to provide specific beneficiaries with any benefit at all. You should seek specialist advice on this one (and get a copy of th...
by AnthonyR
Mon Feb 13, 2017 11:51 am
Forum: Income Tax
Topic: Can I offset personal losses against a limited company
Replies: 2
Views: 1551

Re: Can I offset personal losses against a limited company

As Aman said, unfortunately as your company is a separate legal person it's losses are not transferable to you. There is relief for early years losses for self employment, which can be off set against the previous 3 years income, but this doesn't apply in your circumstances (assuming your sole trade...
by AnthonyR
Sun Feb 12, 2017 1:28 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 7 year rule transferring to new properties
Replies: 3
Views: 957

Re: 7 year rule transferring to new properties

If the father has no beneficial interest in the property I would suggest that the gift and the 7 year period would have started in 2013. The fact that he's on the deed can be explained through him holding "his" share on trust for the son, who beneficially owns 100%. I would suggest that it's importa...
by AnthonyR
Fri Feb 10, 2017 12:21 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: 7 year rule transferring to new properties
Replies: 3
Views: 957

Re: 7 year rule transferring to new properties

The 7 year rule runs from the date of the gift itself, although I'm a bit unclear, but do you mean that in 2013 the father gifted the funds to the son to allow him to buy the property, or they bought it together and he intends to gift his share now? If the gift was in 2013 and the full value belongs...
by AnthonyR
Wed Feb 08, 2017 2:53 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: IHT on 2.4M property portfolio
Replies: 20
Views: 4326

Re: IHT on 2.4M property portfolio

Bit late to the party on this one, but I'd make a couple of observations: 1. Andrew's absolutely right that any borrowing which is subsequently invested into BPR qualifying assets no longer provides any IHT relief (the borrowing is set against the BPR assets first). This doesn't apply where the asse...

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