This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

Search found 25 matches

Go to advanced search

by anjo56
Sun Apr 01, 2018 7:43 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Gift without Reservation - mechanics any pitfalls?
Replies: 1
Views: 1095

Gift without Reservation - mechanics any pitfalls?

My husband and I want to make a Gift without Reservation in the shape of a deposit for our son to buy his first property. We understand that if we survive 7 years from the date of transfer it will be exempt from IHT. We have written a letter to our son confirming that the property will be in his sol...
by anjo56
Tue Feb 13, 2018 10:18 am
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Keeping a Mortgage for IHT Purposes?
Replies: 4
Views: 818

Re: Keeping a Mortgage for IHT Purposes?

Thanks both.
someone, I don't actually understand your last question in brackets? Sorry, putting toe in the water with all this stuff.
by anjo56
Fri Feb 09, 2018 1:01 pm
Forum: Inheritance Tax, IHT, Trusts & Estates, Capital Taxes
Topic: Keeping a Mortgage for IHT Purposes?
Replies: 4
Views: 818

Keeping a Mortgage for IHT Purposes?

Probably a very basic question but is there any advantage in keeping an outstanding mortgage in later years in the hope of dying before it is paid off? Would that help reduce IHT? My husband and I have 2 x BTL with interest only mortgages totalling £524k. We are in our early 60s. Thanks for any thou...
by anjo56
Sat Jan 27, 2018 9:32 am
Forum: Property Taxation
Topic: Plan to get son on property ladder - will it work?
Replies: 5
Views: 893

Re: Plan to get son on property ladder - will it work?

Thanks for pointing out my misunderstanding - very helpful as we are in uncharted waters here. Ultimately, we are trying to get a place for him to live in. We can't capital-raise enough to buy a place for him but could sustain an interest-only mortgage, with a lump sum to reduce the loan when we ret...
by anjo56
Fri Jan 26, 2018 9:08 pm
Forum: Property Taxation
Topic: Plan to get son on property ladder - will it work?
Replies: 5
Views: 893

Re: Plan to get son on property ladder - will it work?

Hello again AGoodman Have looked at your reply more closely and realise I might not fully understand - sorry this is all new to me. So, how does the trigger work - is it £40k as an absolute amount or a % of the property value? I think at the end of the day, it is preferable to get him on the propert...
by anjo56
Fri Jan 26, 2018 4:42 pm
Forum: Property Taxation
Topic: Plan to get son on property ladder - will it work?
Replies: 5
Views: 893

Re: Plan to get son on property ladder - will it work?

Thank you very much. Good to know!
by anjo56
Thu Jan 25, 2018 9:44 am
Forum: Property Taxation
Topic: Plan to get son on property ladder - will it work?
Replies: 5
Views: 893

Plan to get son on property ladder - will it work?

Hi We are considering purchasing a BTL with our son to get him on the property ladder, with a joint mortgage (mum,dad and son) of £210k where son’s “share” of the mortgage will be under £40k. The £140k deposit will be a gift without reservation from parents. Apart from mortgage payments, when we ret...
by anjo56
Mon Jan 22, 2018 9:32 am
Forum: Income Tax
Topic: Bank Charges Allowable Expenses forTax Purposes?
Replies: 2
Views: 1092

Re: Bank Charges Allowable Expenses forTax Purposes?

It is a dedicated account purely receiving rent and funding property expenses. Thanks very much for the reply.
by anjo56
Sun Jan 21, 2018 6:03 pm
Forum: Income Tax
Topic: Bank Charges Allowable Expenses forTax Purposes?
Replies: 2
Views: 1092

Bank Charges Allowable Expenses forTax Purposes?

Hi
Am finalising my Self Assessment. Can I include any bank/overdraft charges as expenses to be set against rental income?
Thank you.

Go to advanced search