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@ahsanios93914 жыл бұрын
Many thanks, you are a star! , very informative video,
@UK-Property-Tax-Accountants4 жыл бұрын
That is most kind. Thank you for the positive words it’s really useful
@damienholden21325 күн бұрын
Time is
@UK-Property-Tax-Accountants2 күн бұрын
…precious
@dappa00002 жыл бұрын
Can we get a example of a couple who own two properties worth £550k each with no mortgage and will pass to children ?
@UK-Property-Tax-Accountants2 жыл бұрын
That would make a very good video. Feel free to join our Session and get you one of your questions answered by myself all Louise, live
@LindaJMatic19 күн бұрын
Do inheritance law still apply if you are resident abroad.
@UK-Property-Tax-Accountants19 күн бұрын
They do on your UK assets. Worldwide assets may also be subject to UK IHT if you remind UK domiciled
@jom5157 Жыл бұрын
I didn't pay a cent in inheritance tax.... Inherited a 40acre farm... Basically I took all my money out of my bank account a few years earlier and had my house in my partners name and also the car.. On paper it looked like I was broke af.... Based on that, I didn't pay a cent
@UK-Property-Tax-Accountants Жыл бұрын
That is great to see well done 👍
@razachaswills5076Күн бұрын
How easy is it to transfer my ownership of my property to my common law wife?
@UK-Property-Tax-AccountantsКүн бұрын
However, are the assets not subject to IHT on your parents or whoever has legal title
@UK-Property-Tax-AccountantsКүн бұрын
@razachaswills5076 a simple deed of trust 🙏👍
@jrddoubleu5147 ай бұрын
What are the tax implications/liabilities if a parent were to gift a 500K home, to their child, and the child were to sell it immediately? Would the recipient (child who was gifted property), be liable for capital gains and/or IHT, even if the parent who gave them the property is still alive and well? The parent bought the property for 60k. I've had a look, and I believe it's the case that capital gains tax would only be applicable to appreciation from the value when it was gifted, meaning, if it's worth 500K, and sold immediately, there wouldn't be any capital gains tax liability for the child (adult), who it was gifted to. Am I correct or have I (and sources) got this entirely wrong? Thanks.
@UK-Property-Tax-Accountants7 ай бұрын
If the market value at gift was £500k and was sold for the same price. 1. There would be no CGT if parents always lived in the property a home 2. The sell on would be subject to CGTif it was sold for more Best for parents to sell the home and give away cash.
@sangitakansal29828 ай бұрын
How to gift your residence to your child without incurring stamp duty and inheritance tax on a £850000 property
@UK-Property-Tax-Accountants8 ай бұрын
You can make the gift of a property valued at 850,000 without having to pay stamp duty land, tax or inheritance tax provided that you live for another seven years. This can easily be achieved by working with a local solicitor.
@wch49722 жыл бұрын
good video excellent
@UK-Property-Tax-Accountants2 жыл бұрын
Thank you 🙏
@acburton69662 жыл бұрын
I have been given £50,000 from my parents estate after selling her home . She is still alive and the total estate is less than £325,000 if she dies with the money she is giving me included . Where is the best place for me to put my money ?.
@UK-Property-Tax-Accountants2 жыл бұрын
The £50,000 that was given to you will still be included in the estate until the seven year mark has been reached
@dodders999 Жыл бұрын
Simon, my wife has recently died after putting her Pension Life Assurance( £415k ) in trust. Our residential property worth around £630k is also in trust both trusts are for the future benefit of our children. Can I disregard these values when submitting an application for probate? Thank you in advance for replying Adrian
@UK-Property-Tax-Accountants Жыл бұрын
First of all I am sorry to hear your very sad news. I pray for you and your family shoring these sad times. Provided the trusts cannot be revoked and you are not in any way the beneficiary and depending on how long ago these trusts were done then they could be ignored for IHT. You do need to speak with your solicitor who will review the trusts.
@wrzlgummidge76632 жыл бұрын
Very helpful, thanks. I have a portfolio of 5 BTL properties, no mortgages, not owned within a company structure. Would these properties qualify for BAT? Thanks in advance
@UK-Property-Tax-Accountants2 жыл бұрын
Please see my reply to the other post that you write
@desimeroll3 жыл бұрын
Hi Simon, great vids! I have a question, so: My father recently built a new home at the back of his residency for 150k three years ago. Market value is probably 450k now (currently on rent). The property is now under my name and the land registry since the start of this year, so its been gifted. Questions i have: 1) Does the 325k threshold apply per person? As i have 2 siblings 2) Now that the property is under my name, can I remortgage the property to meet the 325k threshold, or should my father had done that before gifting? (No trusts or mortgages involved)
@UK-Property-Tax-Accountants3 жыл бұрын
If I am honest this is a lot more detail than I would be comfortable in answering Please speak with us under a tax consultation (30 minutes is enough) or speak with your accountant /tax advisor There are bound to be other issues to consider here
@marklittler7843 жыл бұрын
Remember to allow for yourself or siblings suddenly dieing by accident by considering life insurance
@marklittler7843 жыл бұрын
You don't actually have to give possession of something to siblings for them to benefit from it, but just the use of it, people can become drug addicts or gamblers or marry one.
@Des-qn2yc3 жыл бұрын
Hi Simon, We have a life insurance policy which pays the remaining mortgage (rather high) on first death. Was advised to put this in a discretionary trust in order to be excluded from IHT. What are your thoughts?
@UK-Property-Tax-Accountants3 жыл бұрын
I would agree with the trust element to save the insurance money being reduced by IHT. I am unable to comment on the type of policy taken as I am not FCA regulated
@optimistic54134 жыл бұрын
hi Simon, great videos- all of them. Question please would a property rental company SPV financed via another service company (through the holding company) be 100% exempt from the IHT? There is a point on your last slide that loans and property investments are not exempt. One of the reasons I want to incorporate my 2nd house into the SPV is for IHT purposes, but if it not exempt, then I might reconsider altogether.
@UK-Property-Tax-Accountants4 жыл бұрын
There are a lot of factors that would determine if business asset rollover is allowed. Sadly too many to discuss in a format like this one.
@roberttopliss85122 жыл бұрын
Very helpful thank you. If I set up trust funds for my kids it this effected by inheraten tax? :-)
@UK-Property-Tax-Accountants2 жыл бұрын
It very much depends on the tripe of trust you have, which there are many. You are vest to get some trust advice
@miatrue98 Жыл бұрын
Can a donor gift a percentage of their property i. e. 80% equity of the value instead a fixed amount of money for the purposes of the 7 years rule? Thank you
@UK-Property-Tax-Accountants Жыл бұрын
Given the number of questions that you have posed recently I would suggest that you reach out to your tax advisor as soon as you can to ensure that you have the right plan ahead of you
@johnbutler3141 Жыл бұрын
Any liquid cash. Buy gold coins and give to whoever. Cash in anyway in the world.
@UK-Property-Tax-Accountants Жыл бұрын
Good point but be careful with gifts for IHT purposes
@nopigletharmed2 жыл бұрын
Hi , what is sufficient evidence for HMRC not to question a property gift in terms of it being a gift with reservation. I.e what proof is needed that the donee is no longer living in the property ?
@UK-Property-Tax-Accountants2 жыл бұрын
Bills, electoral role, assets registered at a different address
@playpianotoday62237 ай бұрын
I make money every year from royalties which I get from books that I have self published on Amazon. I publish as an individual and the tax I pay on the royalties are paid through self assessment. In my will, I have left the copyright for the books to my son, so that he will get the royalties in future. Is there any value to this for inheritance tax purposes?
@UK-Property-Tax-Accountants7 ай бұрын
Sadly, this is not my specialist field and therefore not able to provide you with a reasonable or accurate answer. Please speak to a specialist in your industry.
@sanjsharma9036 Жыл бұрын
Why minus company assets are you assuming this is money owed
@UK-Property-Tax-Accountants Жыл бұрын
Its just an example to be fair. Nothing more.
@tirathplaha68402 жыл бұрын
Hi You did £150000 pension funds should be deducted from gross assets. That £150k, did she got it as tax free lump sum? Is the tax free lump sum from pension is IHT Tax free?
@UK-Property-Tax-Accountants2 жыл бұрын
Any money taken out of your pension will be subject to IHT. This is because you are now taking cash out of the pension rather than leave it in the pension
@MrThewillows Жыл бұрын
hello, may I ask if properties purchased and used as holiday accomodation with familiar online agents, formally declarred commercial properties by the council can be passed on to children who are small % shareholders of the company without iht? thanks
@UK-Property-Tax-Accountants Жыл бұрын
Inheritance tax is a complex area. It might be better to take a holistic approach with your tax advisor. Looking at one property may not do you justice
@UK-Property-Tax-Accountants2 жыл бұрын
Tell us more about your situation here survey.zohopublic.com/zs/60Bz5M. Feel free to read our article www.optimiseaccountants.co.uk/knwbase/how-to-minimise-inheritance-tax/. Why not join us at one of our live events? Register here: www.optimiseaccountants.co.uk/monthly-seminars/.
NRB does it only apply if the residential home is being passed to a child or grandchild ?
@UK-Property-Tax-Accountants4 жыл бұрын
NRB is added to your IHT bands. Whoever you give assets to is up to the donor. The executor would have to pay the IHT liability on the deceased estates behalf.
@stevemcqueen90392 жыл бұрын
Hi we have 2 properties in the UK both currently rented out and both joint owned by my wife and I is it possible to set up a business and transfer ownership of houses into the business then 2+ years will they be IHT free ? many thanks and great videos.
@UK-Property-Tax-Accountants2 жыл бұрын
Hi Steve, you can. There may be SDLT and CGT charges as incorporation relief is not available with two properties
@786free13 жыл бұрын
Thanks, that was very helpful. Do you automatically qualify for £175,000 RNRB on top of your £325,000 allowance if you do not have a mortgage and your estate is worth over £500,000?
@UK-Property-Tax-Accountants3 жыл бұрын
The RNRP is only available if you have a property, which is your home, that exceeds the £325,000 IHT lifetime allowance
@786free13 жыл бұрын
@@UK-Property-Tax-Accountants thanks.
@Blackdiamond929_3 жыл бұрын
When you say couple you mean married couple right
@UK-Property-Tax-Accountants3 жыл бұрын
Yes indeed, apologies for not being clear
@UK-Property-Tax-Accountants3 жыл бұрын
2020/2021 Update: See an updated video to gifting assets to children: kzfaq.info/get/bejne/f6uEfbmCl5vGh4k.html