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Started by willia211, 02-02-2018, 18:40 PM
12 responses
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Last Post willia211  
Started by sue1946, 23-02-2018, 16:57 PM
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Last Post Nigel Nicholson  
Started by buffalo747, 18-02-2018, 13:00 PM
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Last Post buffalo747  
Started by joshua, 16-02-2018, 08:48 AM
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Last Post Nigel Nicholson  
Started by HP mum, 20-02-2018, 11:36 AM
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Last Post HP mum
by HP mum
 
Started by Raymondus, 19-02-2018, 13:42 PM
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Last Post jpkeates  
Started by Worried of Bermondsey, 11-02-2018, 16:08 PM
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Last Post elbowe
by elbowe
 
Started by Evaland19, 19-02-2018, 19:53 PM
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Last Post elbowe
by elbowe
 
Started by stunnie, 17-02-2018, 17:29 PM
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by stunnie
 
Started by The Good Daughter, 16-02-2018, 14:14 PM
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Last Post Gordon999  
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  • Reply to Implications of Gifting a % of Property
    by Claymore
    jpkeates,

    That's lovely, thank you so much!
    24-03-2020, 01:50 AM
  • Implications of Gifting a % of Property
    by Claymore
    Hi

    My main residence is unencumbered. I am thinking ahead (with the thought of the 7 year rule on inheritance tax).

    If I gift my son 50% of my property now - would I still be OK to live in the house?

    Would there be any immediate tax consequences of gifting him...
    18-03-2020, 15:29 PM
  • Reply to Implications of Gifting a % of Property
    by jpkeates
    That's another reason to use a trust,
    The trust becomes the beneficial owner of the property, so it moves out of your estate for income tax purposes (over seven years).

    You and your son would be the beneficiaries of the trust, so should anything happen to either of you, the trust...
    23-03-2020, 14:32 PM
  • Reply to Implications of Gifting a % of Property
    by Claymore
    Thanks JP. I am thinking of gifting him 50%, he will still be living with me for a few years.

    My biggest concern is that if he marries and then divorces etc - how that would affect me!...
    23-03-2020, 13:53 PM
  • Reply to Capital Gains Tax confusion
    by FluffyBunny
    Thank you jpkeates, very helpful
    23-03-2020, 12:51 PM
  • Capital Gains Tax confusion
    by FluffyBunny
    Hi

    We are considering selling our second home and wonder if anyone can help.

    Background: My husband bought the home in 1988 for £44,000. Over the years it has been rented out for 1 year, empty for 2 years and rented out again for the last 3 years. Up until 3 years ago it...
    17-03-2020, 17:38 PM
  • Reply to Capital Gains Tax confusion
    by jpkeates
    Your main residence is the place that you live. If you live in more than one place, you need to tell HMRC which is your primary residence and update them if it changes.
    Most people only have one residence, so it's just a matter of fact.
    Based on what you posted, it was your main residence...
    23-03-2020, 10:03 AM
  • Reply to Capital Gains Tax confusion
    by FluffyBunny
    Thanks for the reply. Can anyone help with my other questions please?
    22-03-2020, 16:43 PM
  • Reply to Tax Return or Letter?
    by Claymore
    Ha, bet you are. Lots of worried people.

    I haven't been totally absent, I have dipped in to read your threads quite a few times. Love your updates. Take care.
    20-03-2020, 16:05 PM
  • Tax Return or Letter?
    by Claymore
    Hi

    I remember there being a rental income limit where you don't need to actually complete a property tax return. Instead of completing the tax return you can write a letter to the tax office declaring the income and net profit. Is this still in practise?

    Also, if you do...
    17-02-2020, 16:41 PM
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