UK Property Forum Latest Questions

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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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
Nirajan
  • 0
Nirajan
Asked: 2 years agoIn:
  • 0

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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Nirajan
  • 0
Nirajan
Asked: 2 years agoIn:
  • 0

What’s the treatment of a Fixed Asset used by the client partially for their personal use and partially for their business? Should we capitalize pro rata amount on purchase and depreciate that amount or should we capitalize the total cost ...Read more

What’s the treatment of a Fixed Asset used by the client partially for their personal use and partially for their business? Should we capitalize pro rata amount on purchase and depreciate that amount or should we capitalize the total cost of asset? Also, what could be it’s tax implication?

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