Lemony
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IHT - whether a gifted house should be included in the donor's or donee's estate
I am a widow with my son as my only child. Last year I bought a house in my son's name. Both my son and I are living in the house. Recently I realise that if I continue to live in the house, the house cannot be taken as a gift to my son. (It's just like I still own the house.) The 7 years rule hence cannot apply. Even after 7 years, the house will be included in my estate when I die. What if my son dies before me? As the house is in my son's name, will the house be included in his estate instead? -
RE: Tax on property income missing in the Full Calculation section
Thank you! -
Tax on property income missing in the Full Calculation section
Hi, in 23/24, I received a taxable rental income of £4625, among other incomes.Having filled in all the necessary entries in online self-assessment, I clicked open the Full Calculation page. While the page did list out £4625 under "Profit from UK Land and Property", the calculation did not show the tax I need to pay on it. As my total income is £22996, which exceeds the Personal Allowance, I should need to pay tax on the £4625. I would like to know whether it's an error in the calculation.