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Slash UK Capital Gains Tax (CGT) Using Trusts - Gifts to children

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Want to reduce your capital gains tax? Consider creating a UK trust. This guide explains how it works and how it can benefit you.
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10 май 2023

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Комментарии : 18

@Simon-Misiewicz-US-UK-Taxes Год назад

Video Amendment: Please note that you can use your AEA allowances of £6,000 per person (2023/24) to minimise the impact of using your IHT lifetime allowance £100,000 gain (£6,000) Annual CGT allowance (AEA) but may be doubled for a couple £94,000 Gain £325,000 Lifetime allowance per person (£94,000) Gain as above £231,000 IHT lifetime allowance remaining I hope the above helps 😀

@allykhan8594 Год назад

Yes! Been on my mind.

@neilharvey9342 Год назад

At 1min30, how on earth is CGT £37,600 on a £100k gross gain? It shouldn't be more than £28k with zero AEA. What am I missing? £37.6k is 40% post £6k AEA

@Simon-Misiewicz-US-UK-Taxes Год назад

I was meant to have edited that out. Now done. Thank you for pointing that out, not sure why I left that in. 🙏

@jonmould2946 Год назад

Can you please tell me if you can put the property in a trust after the property is bought or when i put the property up for sale?

@Simon-Misiewicz-US-UK-Taxes Год назад

You would not sell a property rather put it into trust for the benefit of your kids

@chrishaley5337 Год назад

If I use a trust do I not create a capital gains tax liability by the change in ownership?

@Simon-Misiewicz-US-UK-Taxes Год назад

Check out the video once more as I talk about swapping CGT for inheritance tax. In the middle of the video is the explanation

@Mrnw10 Год назад

Dosent this only apply for the first 10 years? If you die after that period dosent the CGT apply again?

@Simon-Misiewicz-US-UK-Taxes Год назад

I think you may be referring to the 10-year charge in a trust rather than CGT of individual. Let me know would you?

@Mrnw10 Год назад

@@Simon-Misiewicz-US-UK-Taxes You are correct had my wires crossed. I just knew there was some clause within this setup. Cheers! .. look forward to joining later

@Simon-Misiewicz-US-UK-Taxes Год назад

No worries at all. Glad we cleared it up though 👍

@allykhan8594 Год назад

Revocable or irrevocable?

@Simon-Misiewicz-US-UK-Taxes Год назад

Can you give me some context to your question for me to answer

@allykhan8594 Год назад

@@Simon-Misiewicz-US-UK-Taxes hi, can you make trust that can be revoked?

@Simon-Misiewicz-US-UK-Taxes Год назад

You can revoke a trust but then you would have to pay back any taxes due. I never advise clients unless they are hundred percent it is something that they want to do

@allykhan8594 Год назад

@@Simon-Misiewicz-US-UK-Taxes Can a mortgaged property be put into a Trust? Will Lenders consent be required? Thanks

@Simon-Misiewicz-US-UK-Taxes Год назад

Unlikely. It will require a repayment