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Where Taxpayers and Advisers Meet

Search found 47 matches

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by NonDom41
Tue Feb 19, 2019 4:18 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: UK tax for house in the USA
Replies: 6
Views: 1060

Re: UK tax for house in the USA

Thank you. The house is an investment and rented out. Currently I file a US as well as a UK-Income tax return every year where the rental income is reported. Does my son have to file a UK-income tax return every year in addition because of his relevant shares (they change each year because they add ...
by NonDom41
Sun Feb 17, 2019 7:30 pm
Forum: Capital Gains Tax, CGT
Topic: UK-tax on house in the USA
Replies: 0
Views: 804

UK-tax on house in the USA

I own a house in the USA. A foreigner like me who owns a property in the USA is subject to high US inheritance tax (only $60,000 allowance). In order to bring down these taxes for my son when I die, I have arranged the following: I gift him a part of the house in the value of $15,000.00 every year. ...
by NonDom41
Fri Feb 15, 2019 7:12 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: UK tax for house in the USA
Replies: 6
Views: 1060

UK tax for house in the USA

I own a house in the USA. A foreigner like me who owns a property in the USA is subject to high US inheritance tax (only $60,000 allowance). In order to bring down these taxes for my son when I die, I have arranged the following: I gift him a part of the house in the value of $15,000.00 every year. ...
by NonDom41
Tue Jan 29, 2019 9:22 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Tax on gift of investment bond
Replies: 3
Views: 11839

Re: Tax on gift of investment bond

Thank you for your explanation.

However, if I give this gift to my son after 15 years residence (and I am deemed domiciled) income/gift tax or CGT would be due. Correct?
by NonDom41
Sun Jan 27, 2019 2:44 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on gift of foreign property?
Replies: 3
Views: 667

Re: CGT on gift of foreign property?

Thank you, Adam593 The flat is situated in Germany and it falls within the German gift tax allowance; i.e. there is no tax due in Germany. It was bought in 1981 for GBP 100,000.00 and the value today is approx. GBP 220,000.00. This means the difference of GBP 120,000.00 would be subject to UK-capita...
by NonDom41
Fri Jan 25, 2019 3:28 pm
Forum: Savings & Investments, Pensions & Retirement
Topic: Tax on gift of investment bond
Replies: 3
Views: 11839

Tax on gift of investment bond

I am a non-domiciled person in the UK and file my income tax returns of my worldwide income on the arising basis. I have a bank account outside of the UK with an investment bond and would like to give this bond as a gift to my son. He lives with me in the UK. It would be a gift/transfer from my fore...
by NonDom41
Fri Jan 25, 2019 3:12 pm
Forum: Capital Gains Tax, CGT
Topic: CGT on gift of foreign property?
Replies: 3
Views: 667

CGT on gift of foreign property?

I am a non-domiciled person in the UK and file my income tax returns of my worldwide income on the arising basis. I own a flat outside of the UK and would like to give it as a gift to my son. He lives with me in the UK. This flat has nothing to do with the UK and has been in my possession long befor...
by NonDom41
Wed Jan 23, 2019 8:01 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non.Domiciled
Replies: 10
Views: 1512

Re: Non.Domiciled

@AGoodman To A) The company bought the flat a long time ago, before I came to the UK. I do not file on the remittance basis. I think the tax situation you described would apply anyway and has nothing to do with the 15-year residency (domiciled or not). Correct? To B) Are only cash transfers tax-exem...
by NonDom41
Mon Jan 21, 2019 4:51 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Personal tax implications for beneficiary from discretionary trust
Replies: 5
Views: 866

Re: Personal tax implications for beneficiary from discretionary trust

@AGoodman

Sorry for my interruption. I have sent you a Private Message; can you please check?
by NonDom41
Tue Jan 15, 2019 5:42 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Non.Domiciled
Replies: 10
Views: 1512

Re: Non.Domiciled

@goodman

Thank you very much for your detailed information.

I have sent you a Private Message a few days ago; did you receive it? If not, please send me a PM and I will reply.

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