Accordingly, the CGT base cost of the property will be its market value at the time of the transfer less gift holdover relief, if claimed. (2). On the transfer of property from a trust to a beneficiary there will be an IHT exit cha...
in 2013. The tax increases have been implemented following the approval of the so-called Obamacare tax and the signing of the American Taxpayer Relief Act into law. Estates lawyer Laurie Hall claims that the taxes are affecting even the people they are not intended for. Trusts will see ...
A real estate investment trust, or REIT, is essentially a mutual fund for real estate. As the name suggests, the trust invests in real estate related investments. Investors buy shares in the trust, and the REIT passes income from its holdings to those in
you can give away $18 million a year without even having to fill out a federal gift-tax form. That $18 million would be out of your estate for good. But if you made the $18 million in bequests via your will, the money would be part of your taxable estate and, depending on when ...
Trusts for future generations Where clients wish to provide for their children and grandchildren (e.g. for the provision of school fees), it can be prudent to create a trust of up to the available inheritance tax allowance (known as the nil rate band). There will be no inheritance tax o...
Since 2017, bond funds registered as OEICs or Unit Trusts pay their income gross – that is, with no tax deducted. A welcome simplification. The tax rate you’ll pay on bond income will depend on your overallincome taxstatus. Non-reporting bond funds may pay interest gross. More on non...
6Any use of your lifetime federal gift exemption will result in a corresponding reduction in your federal estate tax exemption available at your death. A portability election must be made on a deceased spouse’s estate tax return in order for the unused portion of the deceased spouse’s estate...
To help out,Don't Mess With Taxeshas gathered some common tax terms and phrases and their plain English meanings in this Tax Glossary (and the Tax Glossary's precursor, amini tax dictionary, if you will, that was a blog post back in 2007). Yes, I've been working on this for a whil...
Whether aninheritancewill be taxed, and at what rate, depends on its value, the relationship of the beneficiary to the person who passed away, and the prevailing rules regarding where the decedent (the person with the estate) lived.4
wealth tax as a way to boost the government’s public spending coffers by taking extra money from those who don’t really need it. Such a tax generally only applies to the wealthiest, and it can be argued that the money it will cost them will have zero impact on their quality of ...