Many parents wish to support family members by gifting them assets, with the aim of providing a source of income, and/or something that will appreciate in value over time. For example, a parent (e.g. mother) may gift a 50% interest in an investment property in London to her adult son. The possible tax implications will… Read More »
The valuation of assets for tax purposes is a tricky business. It has been called a ‘dark art’; a specialist area for experts, not to be dabbled in by other professional advisers. Get help! Even HM Revenue and Customs (HMRC) officers don’t normally engage in tax valuations of assets; they enlist the help of specialists… Read More »
Two (or possibly more) individuals might together buy (say) a house. If one of those individuals disposes of their interest in the house to a third party or dies, how should that property interest be valued for inheritance tax (IHT) purposes? Why it matters The jointly-owned house could be held either as ‘joint tenants’ or… Read More »
Most tax advisers use the guidance manuals published by HM Revenue and Customs (HMRC) on a regular basis. Taxpayers may sometimes refer to them as well. It might be tempting to go straight to the HMRC manuals for guidance on a tax issue, without looking at the relevant tax legislation. This would be a mistake… Read More »