UK Property Forum Latest Questions

j_lakher
  • 1
j_lakherBegginer
Asked: 2 years agoIn:
  • 1

In the United Kingdom, the liability for inheritance tax (IHT) depends on the overall value of the ...Read more

In the United Kingdom, the liability for inheritance tax (IHT) depends on the overall value of the deceased person’s estate, including any gifts made within seven years of their death. The current IHT threshold, also known as the nil-rate band, is £325,000 per person.
If the total value of the deceased person’s estate, including their shares and other assets, is below £325,000, then generally no inheritance tax is payable. However, if the estate exceeds the threshold, the amount above £325,000 may be subject to inheritance tax at a rate of 40%.
In your case, if you have been left £130,000 in shares, it is important to consider the total value of the deceased person’s estate. If the total value of their estate, including the shares, is below £325,000, then you would not typically be liable for inheritance tax on the shares.
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inheritance taxinheritance tax ukuk tax
Yozana
  • 2
Yozana
Asked: 2 years agoIn:
  • 2

My client inquired the applicability of SDLT rebate on their jointly owned properties. Two sisters jointly owned Two properties each. Property A (50% each by both sisters) & Property B(50% each by both sisters). Now they decide, to ...Read more

My client inquired the applicability of SDLT rebate on their jointly owned properties.

Two sisters jointly owned Two properties each. Property A (50% each by both sisters) & Property B(50% each by both sisters). Now they decide, to own each property 100% (Property A, 100% Elder sister ; Property B, 100% younger sister).

Is 3%SDLT rebate available to each sister ? Since each person is no longer owner of an additional property, and now have become single property owners, can they claim back 3% SDLT each paid when purchasing their second property ?

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Yozana
  • 0
Yozana
Asked: 2 years agoIn:
  • 0

Are the two property transfers made by my client to his fiancée, one in England and another one in Scotland, considered linked transactions?

Are the two property transfers made by my client to his fiancée, one in England and another one in Scotland, considered linked transactions?

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Yozana
  • 0
Yozana
Asked: 2 years agoIn:
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One of our clients has transferred his and his wife’s share of property to his mother over the span of 3 years now. He and his wife each transferred 10%, 8% and 4% in year 1, 2 and ...Read more

One of our clients has transferred his and his wife’s share of property to his mother over the span of 3 years now.

He and his wife each transferred 10%, 8% and 4% in year 1, 2 and 3 respectively.

From CGT point of view each transfer was just below the annual exemption threshold each year.

From SDLT point of view each transfer was below the minimum consideration of £40K each year.

My question is will it attract any anti avoidance rule for both CGT and SDLT?

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Nirajan
  • 0
Nirajan
Asked: 2 years agoIn:
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In this year, he carried out some of his consultancy through XYZ Ltd. He carried out remaining of his consultancy through ABC Ltd. ABC Ltd is a company which he uses only for his consultancy business. For coming year, he ...Read more

In this year, he carried out some of his consultancy through XYZ Ltd. He carried out remaining of his consultancy through ABC Ltd. ABC Ltd is a company which he uses only for his consultancy business. For coming year, he plans to close ABC Ltd and do all the consultancy business through XYZ Ltd. He will also register for VAT (as turnover reaches threshold). Please suggest any disadvantage or advantage of his plan.

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