Property transfering/Trust deeds/Tax Efficiency/inheritance/ Specialist Barrister/Actuaries

maxtich

Well-Known Member
Hi Members
Looking to see if members have direct, experience or can steer in the right direction to get expert specialist advice in the above areas!
Any assistance would be Greatly Appreciated
Thanks
 
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kes

Well-Known Member
Small but relevant personal experience. Wife and I owned an asset which could, via planning permission have changed value by a factor of 100.
Sought advice which was get the children's names on the asset immediately and pay the tax now if appropriate -( but it wasn't, £60K annual personal allowance for capital gains tax applies). Children now own asset and will pay their own cap gains, if appropriate, .......once Planning permission granted and the asset value rockets - they could use it and pay nothing or sell it and pay the tax.
Very wise to seek advice (maybe £200 max), as getting it wrong will cost either now or in the long-run. akes very much more sense if the current values are high. I would go to a good local solicitor who employs a tax specialist (as we did). Interview them and see if they feel 'right', if not go elsewhere.
Playing dumb but knowing some directly relevant law helps you choose.
 

maxtich

Well-Known Member
Thanks for your advice,have been badgering the accountant for some time and am of the opinion he’s Not that hit on it!
 

kes

Well-Known Member
If its cash you are looking to pass on, then its probably a trust and a solicitor is wise, title deeds the same, one or other may need linking to a will which it sounds you might be considering.
If an accountant is needed, Your solicitor will advise you and probably recommend one, if he uses one as part of his advice then the solicitor bears the professional responsibility. It might be wise to check the solicitor has professional negligence insurance - just in case and don't be afraid to ask.
Trust very, very, carefully.

Your accountant must be unable to advise - why would he not want a fee ?

Hope it works out well !
 

FISH BOY

Well-Known Member
Bottom line, all tax loopholes have been pretty much closed in recent years with regards to passing assets to kin.

Unfortunately only way of asset protection is downsizing assets, distribution of wealth and hanging on to the 7 year rule. :(
 

sh1kar

Well-Known Member
Actually you can give a gift out of income without 7 year rule kicking in subject to the gift not materially impacting your lifestyle, its out of earned income and is regular

But sounds like your looking more at property transfer
S
 

maxtich

Well-Known Member
Open to all suggestions as nothing has been sorted out thus far!
Please keep the comments coming,I’m sure i can’t be the only one looking for such advice.
Thanks
 

FISH BOY

Well-Known Member
Actually you can give a gift out of income without 7 year rule kicking in subject to the gift not materially impacting your lifestyle, its out of earned income and is regular

But sounds like your looking more at property transfer
S

Agreed, but compared to property asset value its relatively insignificant (think its up to £3k per year per parent)
 

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