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I'm trying to work out the IHT implications of a Trust set
I'm trying to work out the IHT implications of a Trust set up by my aunt less than 7 years before she died. I'm assuming the Trust means that the value of the life assurance policies paid to Trustees … read more
Tony Tax
Tony Tax
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High School or GED
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Andrew, I have some questions about a rental property we
Hi Andrew, I have some questions about a rental property we own, that my fiancee's parents would like to move into. We're looking to find the best option to minimise our tax liability (stamp duty, CGT… read more
bigduckontax
bigduckontax
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I am 58 and currently have a final salary pension with a previous
I am 58 and currently have a final salary pension with a previous company. I have no need to draw on the pension for the foreseeable future - as I have plenty of savings and have my own company and ha… read more
Tony Tax
Tony Tax
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High School or GED
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if money are coming from my ex-husband to our son to avoid
if money are coming from my ex-husband to our son to avoid a possible sharing with my present husband in the case of divorce, will I be able to buy a property with this money? What do I need to do for… read more
TaxVince
TaxVince
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Master's Degree
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Hi Tony, I saw this question of yours http://www.justanswer.com/uk-tax/37l7c-person-
Hi Tony, I saw this question of yours http://www.justanswer.com/uk-tax/37l7c-person-s-sole-income-financial-spread-betting.html and thought that it might be useful to visitors if you could add a refer… read more
Tony Tax
Tony Tax
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High School or GED
16,045 satisfied customers
Dear expert,My husband setting a life insurance plan. there
Dear expert, My husband setting a life insurance plan. there is only his LIFE insurance. We are considering setting a (flexible) trust for it to avoid inheritance tax in case it goes to our child. I h… read more
TaxVince
TaxVince
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I have a SIPP, not yet in drawdown but anticipate it will be
I have a SIPP, not yet in drawdown but anticipate it will be after age 75 (currently 72). On the one hand HMRC says 55% tax recovery will apply to any residual lump sum in the SIPP paid out to benefic… read more
TaxVince
TaxVince
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I am aged 61 and I have a pension fund of about £1.5 million.
I am aged 61 and I have a pension fund of about £1.5 million. My intention is to continue working my whole life and never to take an income or cash lump sum from my pension fund. What is the most tax … read more
Tony Tax
Tony Tax
Tax Consultant
High School or GED
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umbrella pension trusts ..... valid way of extracting funds
umbrella pension trusts ..... valid way of extracting funds from your pension pot before 55 years of age ... or just a scam, that in addition to the 15% fees also results in income or capital gains ta… read more
UKSolicitorJA
UKSolicitorJA
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I will shortly be drawing my company pension and lump sum and
I will shortly be drawing my company pension and lump sum and have been offered the following pension benefit options:- • Pension of £22937 (increasing annually in line with RPI index) + Tax free lump… read more
Tony Tax
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On the above art collection, can it be transferred into a company
On the above art collection, can it be transferred into a company such they become company assets? Would they still be liable for capital gains tax?… read more
CCTax
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Hello Tony I have a further question for you. As explained
Hello Tony I have a further question for you. As explained I have lived in Hong Kong for the last 28 years. I returned to the UK two months ago and at this point am unsure whether this will be tempora… read more
Tony Tax
Tony Tax
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High School or GED
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Hi - Can you poss. help. In 1998 my husband & I divorced (he
Hi - Can you poss. help. In 1998 my husband & I divorced (he was an alcoholic) and shortly afterwards he committed suicide. For a year before his death we had lived apart - our 3 children lived with m… read more
Tony Tax
Tony Tax
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High School or GED
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Hi, In light of the recent increase of CGT to 28% I am considering
Hi, In light of the recent increase of CGT to 28% I am considering gifting some shares to my fiancee to limit the amount of potential CGT we would pay in the future (as she only earns approx £5k per y… read more
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I am a life tenant in what I suppose is called an interest
I am a life tenant in what I suppose is called an "interest in Possession" trust - I set it up and transferred my assets into it. My children receive the assets on my death and I receive the income du… read more
Julie Kingham
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hi there i wish to pay off a large sum of money to help a friend
hi there i wish to pay off a large sum of money to help a friend out who is struggling with their mortage by paying off the mortgage directly. is there any tax implications for him if i do this ?… read more
Julie Kingham
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I have property valued at approx. 700,000 including the house
I have property valued at approx.£700,000 including the house I live in. The rest consists of 3 flats in one house all let. I have two daughters who will inherit this when I die. I am now 61. I unders… read more
Sam
Sam
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Higher Officer HMRC
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Inhertiance TAX and CGT. 1. Mum (68yrs old)& dads (70yrs
Inhertiance TAX and CGT. 1. Mum (68yrs old)& dad's (70yrs old) main residence(only home). Valued at £205k. Debt on house £85k. 2. Dad owns land with a strong possibilty of getting planning permission … read more
QC
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