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  • Tax

    Deed of Trust to combat S24 - experiences?

    Has any one done a Deed Of Trust to avoid S24

    if so how as it worked out

    how much did it cost you

    and are HMRC happy with this sort of thing

    I see a number of Accountants pushing this But I haven't seen a reply from HMRC and their views on this

    http://www.fyldetaxaccountants.co.uk/pro...-save-tax/

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Have done many see here for some light reading! https://www.gov.uk/hmrc-internal-manuals/trusts-settlements-and-estates-manual/tsem9800 

    Deb

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA


    hi deb

    Can you inform me what the costs are for doing this

    and do you think HMRC could challenge this arrangement  in the future

    DL

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    You should be looking at about £220 plus VAT per property but if all done at same time can usually be discounted.

    Deb

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    Not really an arrangement, you are actually transferring beneficial ownership of the property so nothing to challenge.

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    My own Tax Advisor and I have talked about this a number of times

    His Reply to Me is  I am also a Landlord and I am effected by S24 If it was as easy as a deed of trust I would be doing It

    He also says If I thought it would work I would be offering my services to do it for my Clients

    My own feelings are is it open to a challenge in the future by HMRC

    So I personally have gone down the sale and buy back into my company

    Long term I will be interested to see if there are challenges from HMRC if its so easy to do

    The bottom line here has to be why is there not an agreement on this with all Tax advisors


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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    We might be at cross purposes - do you mean deed of trust/form 17 or BICT?

    Debbie

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    It was the Link I put on the Blog when its started

    Deed Of Trust ??

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    In that case my previous posts stand. I think your accountant may be referring to the BICT Beneficial Interest Company Trust (Property 118 Mark Alexander?)


    Deb

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA


    Yes he was talking to me about a football club I think in Scotland trying to use that route

    and HMRC rumbled it and kicked it out

    DL

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.


    Debbie,

    If you could please write a detailed note on this route,Many Thanks

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