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Found 15 results

  1. Hey everyone, I have been told my very old grandmas property will be split between myself and my 2 sisters when she passes. Obviously a hard topic to look at but I want to be sensible about what options I have. My 2 sisters do not want to keep the property, as they want the lump sump of cash. I have a LTD company set up with my partner which we have yet to use for a property but intend to in the future for BTL. Is there a way to avoid inheritance tax? Can I buy the property into the company now? Does it have to wait until she has passed away? I’m keen to
  2. Hi All As you can see below my question is quite specific and not related to section 24 but balancing paying the least tax vs future estate planning. x7 properties personal name - no mortgage. Net profits have reached the basic tax threshold of 50k so will not be buying any further properties on my personal name. Income Tax 20% x1 property via LTD company SPV and all future purchases to be done via LTD company. Corporation tax 19% My question is (we will assume i meet the conditions for incorporation relief) would you keep things as they are and con
  3. I have been gifted a monthly amount of money from my dad for the last few years and it qualifies under 'normal expenditure out of income' (section 21 of the Inheritance Tax Act 1984). I was just wondering if I am able to boost my salary by adding this monthly gift to it? and in turn apply for a larger mortgage? for example; I have been gifted £500 per month, for the last 7 years from my dad ('normal expenditure out of income'). Can I add this to my main salary of £2500, to boost my salary to £3000 and receive a larger mortgage? Cheers
  4. Hi everyone, I am hoping for some feedback/guidance/advice on a strategy to pass a portfolio of mortgaged properties to my daughter in the future, who is currently two years old. The idea is to build up a portfolio of properties that my wife and I will use to fund our retirement (15-20 years away sadly), but of course would want these to be passed to my daughter with the minimum amount of tax payable. The plan is to set up a Ltd company and have multiple share classes, A class - management/voting, B class - asset ownership only, C class - rights to revenue/dividends. I've r
  5. Hi everyone, I hope you are all safe with the covid 19 situation and all. Im in a position where my family will be selling a property and with a portion of this I will be using it to set up my own company and invest using this lump sum. To make this as simple as possible my mother will be selling a property for £300k. From that my mother will be buying a £200k house through a LTD company having £100k left over for retirement. Myself and my sister are looking at the best way to minimise the tax and be able to secure the £200k property for us in the future. Once the £200k
  6. Hi there, I own a property company in London with a mixture of residential & commercial property. I understand that Property companies are not exempt from inheritance tax for my kids. For 30 years I have owned the freehold and for a portion used the commercial sections of the properties for my own business. Now I'm looking to lease the commercial areas. We have 4 residential units and 2 commercial units. We also have a personal property which exceeds £1Million. I have a few questions that id be grateful for your help with. I'd like to con
  7. Hi all, My siblings and I are the only beneficiaries in our father's will and are due to receive various assets including two properties, and a portion of another property. We are assessing our options with how to administer the estate, and have two options: 1. Receive all assets as per the will and be subject to IHT. 2. Step aside as beneficiaries and allow all assets to pass to our mother, meaning no IHT due as they were married. My mother would then gift the assets to us in full. Thinking specifically of the properties, I am hoping that as they are mortga
  8. Hi, I’m hoping that someone can offer some advice on our current family situation. My Gran recently had an accident and broke her hip causing her to be hospitalised and eventually put into a care home. She was living in a bungalow by herself but that’s no longer sustainable. She has had to leave her bungalow and enter into a care home. She is now going to sell the bungalow to help fund the cost of the care home. The cost of the care home is about £32k per annum and after she sold her bungalow along with her other savings she will have around £280k. We propose to keep £6
  9. Hi all, Can anybody recommend a good accountant who has significant knowledge and preferably experience of property investing themselves in the Northampton/Milton Keynes area? I have found a couple of local ones through Google but would value a recommendation. Many thanks, Wes.
  10. Evening, My mother, my wife and I have been discussing ways to start a property company. We will each put in the same amount of money to start it. Our desire is to structure the company to reduce future exposure to Inheritance tax. Is it possible to set up a company where my mother would be a controlling director but only have a minimal, say 2% owning share of the company so that her value is reduced but her influence within the company is not. I'm sure Rob has talked about something similar in the past but I cannot find reference to it. I would like help if
  11. Hi dear property investors and helpers, My first time posting here. My position: I have a buy to let property in London which is in shared ownership with my parents, due to the upcoming Landlord tax, I am looking to structure my current and future properties in a company. I am looking to expand my portfolio and looking to hold properties in a company. I have recently married and my partner is not a named owner in the property. I have heard that you can have a company control the BTL property so that it is effectively within a company whilst it pays for
  12. Hi folks, thought I'd try posing a complex tax question to you clever lot after having read some incredibly in depth advice given on other threads. You may want to get a cup of tea first... Circumstances: Grandparent (A) has left 75% estate to only child (B) and 25% split to grandchildren (C + D). The IHT has been paid and probate granted leaving in the estate a mortgage-free London home that is currently let out. Ownership is still up in the air. Immediate Aims: B wants to keep the property for the income and pay off children C + D by raising a 25% LTV mortgage (75% equity). C +
  13. Do you own assets that will eventually be passed on to your children? Are you worried about inheritance tax? The problem — capital gains tax (CGT) & inheritance tax (IHT) Many parents throughout the UK wish to transfer assets to their children now to avoid inheritance tax (IHT) in the future and we receive many calls from clients and non-clients who have heard about lifetime transfers. Basically, if you transfer assets up to the IHT threshold and survive for seven years after the transfer, then that transfer will not form part of the IHT liability upon your passing. Unfortunately
  14. Do you own assets that will eventually be passed on to your children? Are you worried about inheritance tax? The problem — capital gains tax (CGT) & inheritance tax (IHT)Many parents throughout the UK wish to transfer assets to their children now to avoid inheritance tax (IHT) in the future and we receive many calls from clients and non-clients who have heard about lifetime transfers. Basically, if you transfer assets up to the IHT threshold and survive for seven years after the transfer, then that transfer will not form part of the IHT liability upon your passing. Unfortunately, howeve
  15. Hi everyone, I'd be keen to hear your opinions on the following scenario and how best to achieve what we're aiming for (sorry if I waffle on!).. My situation: I have been investing in property for about 3 years and have a small portfolio of 5 single lets. I plan to refinance on these houses and buy more properties in the coming years, however as they're all in their initial mortgage terms at the moment, I won't be able to do this until 2015/16 (without facing high redemption fees!) which is where my Dad comes in.... My Dads situation: My Dad's house is mortgage free and worth arou
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