On my fathers death in 2003 his nil rate band allowance was transferred into a pre prepared discretionary trust, the remaining value of the house was left in my mother name. I believe this was common prior to IHT being posthumously transferrable between spouses ... Continue Reading
Good morning, It is understood that bond returns are not classed as Income by HMRC, but as capital returns. The fundamental question - is a person who is also gifting out of an excess income stream also permitted to consume the capital returns via regular bond ... Continue Reading
Hi there, As per the link below estate income from time of death to date of distribution is: [list]dividends: 8.75%[/list] [list]everything else: 20%[/list] https://www.gov.uk/probate-estate/managing-and-selling-assets Can someone please tell me which ... Continue Reading
The Freehold property was bought in 2009 for £209,000. The whole property was converted into 3 flats, 2 of which were letting flats and the ground floor flat was PPR. The conversion took place in 2016 at a cost of £82,000 and both flats have been let since 2017 ... Continue Reading
I’m reporting CGT on a flat I inherited in two parts: 50% in 2017 and 50% in 2022. HMRC says I need to submit two CGT returns, one for each share. I’ve split the sale price and CGT allowance 50/50, but I’m unsure how to handle shared costs like Estate agent ... Continue Reading
Further to my previous post:- Our property was split into three separate title deeds in January of this year. My wife now own the titles to our two letting flats and has been receiving the rental income over the last three tax years. The ground floor flat, in ... Continue Reading
Hi, I need some help with completing the Foreign Tax Credit Relief section on my Self Assessment for 2024/25. Last year, I sold a property in Spain and made a gain of £10,000 (just using fake numbers for simplicity). I paid £2,000 in tax on the gain in Spain. In ... Continue Reading
Hello, does anyone have a link for the HMRC manual 'Residence and FIG Regime Manual' I am looking for info on split year treatment but under the split year treatment HMRC page HMRC redirects me to a Residence and FIG Regime Manual which cannot be found on their ... Continue Reading
