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Where Taxpayers and Advisers Meet

Search found 381 matches

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by someone
Wed Jul 10, 2019 11:32 am
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT on multiple transfers.
Replies: 3
Views: 1762

Re: SDLT on multiple transfers.

If she has a 98% share then each time you transfer the 98% there is a deemed consideration of £122,500. There shouldn't be any SDLT provided it is not a second property. Thanks. Hopefully it won't be necessary. I didn't think second property was relevant for transfers between husband and wife (any ...
by someone
Tue Jul 09, 2019 7:14 pm
Forum: Capital Gains Tax, CGT
Topic: Transfer Buy to Let property
Replies: 2
Views: 1391

Re: Transfer Buy to Let property

Sorry, I misread your initial post and assumed all three of you were on the title. This probably isn't called a transfer of equity. The CGT position remains the same - no tax due if there's no change in beneficial interest. I don't know about the SDLT position. I would assume liability for the mortg...
by someone
Tue Jul 09, 2019 7:06 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT on multiple transfers.
Replies: 3
Views: 1762

SDLT on multiple transfers.

I bought a property for 375K and paid SDLT on the purchase. I transferred 98% to my wife and we paid SDLT on the transfer. (outstanding mortgage was 150K) The remaining mortgage is now around 125K. Lets assume her 98% share is worth exactly 125K If my wife transfers her 98% back and then I transfer ...
by someone
Tue Jul 09, 2019 5:01 pm
Forum: Capital Gains Tax, CGT
Topic: Transfer Buy to Let property
Replies: 2
Views: 1391

Re: Transfer Buy to Let property

If there is no change in beneficial interest there is no SDLT due. You may, or may not, have problems convincing your solicitor about that. It will cost you more in legal fees if there is a mortgage and it will require the approval of the lender. But there is no fundamental reason to redeem the mort...
by someone
Mon Jul 08, 2019 7:40 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: SDLT following sale of an inherited property
Replies: 1
Views: 1495

Re: SDLT following sale of an inherited property

SDLT is paid on consideration - so SDLT will be due on whatever your brother pays for your share. You don't indicate whether the property is the majority of the estate or whether it's a small part. It may be possible, for example, for you to inherit cash assets and your brother the property. Possibl...
by someone
Wed Jul 03, 2019 9:19 pm
Forum: Property Taxation
Topic: Tax efficient way to gift commercial property to spouse
Replies: 7
Views: 2563

Re: Tax efficient way to gift commercial property to spouse

I know there wont be now, but if my wife later sells the property, and we have 50/50 ownership, (lets say its a 100k gain to keep it simple) am I right in thinking she inherits 50k from me (so no cgt on sale of that bit) which will leave a gain of 50k for her (-allowances etc) to pay cgt on IF she ...
by someone
Wed Jul 03, 2019 2:50 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Corbyn IHT grab
Replies: 3
Views: 1784

Re: Corbyn IHT grab

Haven't seen it but I'd assume gifts are taxed in the year they are made. So give your kid 125k on the day they are born and 12k p.a. for 20 years until they finish univ and start work. That's not far off the current IHT limit but you can do it per kid. (kids should ensure they are born to parents w...
by someone
Wed Jul 03, 2019 2:38 pm
Forum: Income Tax
Topic: Advice please on tax refund via re-coding and sipp
Replies: 2
Views: 1129

Re: Advice please on tax refund via re-coding and sipp

Can't help you with this year but I've found if you put the figures you want them to use in the whitespace of your SA return they do seem to read them and act on them. I got 'clobbered' due to a redundancy payment causing the pension taper to kick in. In the white space I said what I expected the ne...
by someone
Mon Jul 01, 2019 5:54 pm
Forum: Stamp Duty, Stamp Duty Land Tax, SDLT
Topic: Higher SDLT refund query
Replies: 1
Views: 1531

Re: Higher SDLT refund query

Yes if C is (and was bought to replace) your main residence (on the facts, CGT election doesn't count) and B is or was your main residence in the last 3 years (again on the facts)

No if not.
by someone
Fri Jun 28, 2019 8:37 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: account in parents' name
Replies: 11
Views: 1842

Re: account in parents' name

I'd agree with Maths. Looks more like an interest free loan to me.

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