Aug
30
He may be donating his multi-million pound earnings from his new biography to
a good cause – but it seems Tony Blair and his wife Cherie still have enough
money to buy a new home in the Caribbean.
Source: Bestselling Tony Blair goes house-hunting in Barbados
Aug
28
A real estate agent who has been trying to sell a Frank Lloyd Wright home for
two years is considering an inquiry from clients who want to move it from
Southern California to Japan.
Source: Frank Lloyd Wright house ‘could move from US to Japan’
Aug
27
Pensioner wins battle to stay in three-bed council house where he grew up
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A pensioner who faced being evicted from his home of 74 years has won his
right to stay after council bosses backed down.
Source: Pensioner wins battle to stay in three-bed council house where he grew up
Aug
24
Taxman loses IHT property battle rematch
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The taxman has lost a protracted inheritance tax (IHT) test case that confirms estates letting land and residential property to third parties qualify for business property relief.
The ruling is key to property owners and estate planners as the ruling means these properties are exempt from IHT.
The case concerning the estate of the Late Lord Balfour was first heard by a tax tribunal in 2009. Then, Lord Balfour’s executors were granted permission to appeal a determination by HM Revenue and Customs (HMRC) that disallowed property let by the estate from IHT.
One of the main factors of the case was whether a traditional landed estate carrying on a variety of activities qualified for business property relief as a trading entity.
In general, tax rules consider letting land and residential property as an investment rather than a business, which puts them squarely in assets charged to IHT.
HMRC lost the case and appealed the result. The judgment was handed down today.
The Upper Tribunal disallowed the appeal, letting the previous verdict in favour of Lord Balfour’s executors stand.
HMRC has reserved the right to take the matter to a higher court after reviewing the result.
Until HMRC announce their intentions, estate planners and solicitors are still in doubt over whether landed estates qualify for IHT exemption even though HMRC has lost the argument twice in court.
Opinion from Magic Money Tips
Why on earth can’t UK HMRC accept that they’ve lost their case TWICE and move on. They are such money-grabbing (expletive deleted for the sensitive readers amongst you) and they contradict themselves at every turn. If a person lets property, and they have two or more properties, then it’s a business and NOT an investment and as such should be brought into line with all the available reliefs set aside for businesses, such as rollover relief and business property relief.
Come on HMRC, now is the time to accept you can’t operate double standards and to cut the bureaucracy you’ve helped to create. That’s the only real way the UK taxpayer can reduce the mountain of debt left to us by the last Government. Reduce the bureaucracy thereby reducing the number of overpaid fat cat civil servants thereby reducing the wage bill of the public sector, thereby reducing the Government spend and borrowings against public sector debt requirement.
Article Source: http://www.themoneycentre.net/knowledge/news/LLN/Issue1/article7.htm
Aug
22
The number of travellers living in caravans rose sharply during Labour’s 13 years in power, Government figures have shown.
Source: Number of travellers’ caravans leapt under Labour