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Thousands of London homeowners are set to face a huge hike in council tax if their properties are left empty for over a year.Strengthened rules allowing town halls to double council tax bills on long term empty homes come into force on April 1.
Thousands Of London Homeowners To Face Double Council Tax Payments In Crackdown On Empty Properties
⏲ 0:47 👁 155.3M
Medway Council
Cabinet
⏲ 2 hours 52 minutes 25 seconds 👁 183
Medway Council
Health and Adult Social Care Overview and Scrutiny Committee
⏲ 3 hours 13 minutes 58 seconds 👁 80
The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.
IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed
⏲ 1:29 👁 21.4M
Medway Council
Council & Special Council Meeting
⏲ 5 hours 58 minutes 24 seconds 👁 351
Medway Council
Medway Council - Pay online
⏲ 31 seconds 👁 574
The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.
IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed
⏲ 1:29 👁 1.3M
Medway Council
Medway Council -- Welfare Reform Infographic
⏲ 4 minutes 8 seconds 👁 117
Medway Council
Business Support Overview and Scrutiny Committee
⏲ 2 hours 15 minutes 9 seconds 👁 74
The IRS issued Revenue Ruling 2023-2, which had a substantial impact on estate planning, particularly where an irrevocable trust is involved. In the last decade or so, more families have begun utilizing irrevocable trusts to protect their assets from spend-down in order to qualify for government benefits, such as Medicaid and VA Aid and Attendance.<br/><br/>Prior to the issuance of this ruling, it was unclear whether assets passing to beneficiaries through an irrevocable trust would receive a step-up in basis, thereby eliminating any capital gains taxes that would otherwise be owed. Historically, assets that are disposed of during an individual’s lifetime are subject to capital gains taxes on the increase in value of that asset over time. The amount of capital gains owed is determined largely by the difference between the value at the time of purchase and the value at the time of transfer.
IRS Quietly Changes The Rule On How Your Children’s Inheritance Will Be Taxed
⏲ 1:29 👁 2.7M
Medway Council
Health and Adult Social Care Overview and Scrutiny Committee
⏲ 3 hours 16 minutes 53 seconds 👁 84
Medway Council
Medway Local Plan: Councillor Mahil
⏲ 1 minute 6 seconds 👁 30
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