Puzzler

Registered with Property118.com
Tuesday 9th July 2013

Insures properties through a broker recommended by Property118
No


Latest Comments

Total Number of Property118 Comments: 881

Puzzler

8:36 AM, 16th November 2019
About 3 days ago

Bare Trust as IHT mitigation tool?

Reply to the comment left by Puzzler at 16/11/2019 - 08:06
But the sister who transfers her share will no longer have any interest in the property which might be a risky position. She could transfer a smaller share and set up a deed of trust. There is no point in a bare trust as it changes nothing. A discretionary trust does not remove assets from an estate as such, there are complicated rules for setting up and different tax arrangements and charges.

I am no expert on this - they need professional specialist advice.... Read More

Puzzler

8:06 AM, 16th November 2019
About 3 days ago

Bare Trust as IHT mitigation tool?

Reply to the comment left by Puzzler at 16/11/2019 - 07:44
I have found this link - https://www.gov.uk/trusts-taxes/trusts-and-inheritance-tax - see interest in possession

You could save the tax is if it is known which sister will go first and survives more than 7 years after making the gift. That is, you'd would have to take a gamble (health issues might improve the odds of getting it right). If you were wrong the surviving sister would be no worse off than she is now.... Read More

Puzzler

7:44 AM, 16th November 2019
About 3 days ago

Bare Trust as IHT mitigation tool?

I think you need specialist advice but what about leaving a life interest to the surviving sister and the residue to the final beneficiaries whoever they may be. There are IHT breaks if that is a charity. If family or friends, there will be a hefty IHT bill, but it's a windfall for them in any case.... Read More

Puzzler

13:38 PM, 4th November 2019
About 2 weeks ago

Check Out questions in the current climate?

My agent insists on a professional clean before they move in (either by the landlord or outgoing tenant) and when they move out supported by an invoice

Re the bath- how does it look? How old is it? You would have to divide the cost over the number of years it's expected to last and factor how old it is - say it is 7 years and could be expected to last 10 then you maybe could ask for 30% of the cost - there is a formula somewhere for this on one the deposit websites

Your best bet is to talk to them, and see if you can agree an amount to deduct (they have to agree or it goes to dispute) you may find they make an offer. It seems quite a small thing, I would be tempted to write it off (depending on the bath damage)... Read More

Puzzler

15:19 PM, 1st November 2019
About 3 weeks ago

Access to electrical cupboard withheld?

Reply to the comment left by Puzzler at 01/11/2019 - 14:56
https://mocopa.org.uk/documents/mocopa

Installation of meter guidance - bottom of p72 - must be placed so consumer can access... Read More