Latest news with #property
Daily Mail
3 hours ago
- Business
- Daily Mail
EXCLUSIVE ITV star handed huge pay rise buys £3.5million 10-bedroom mansion... but there's a catch
Ben Shephard has splashed out £3.5million on a gorgeous new home that was formerly the official residence of a bishop. While a number of ITV 's daytime stars may be considering downsizing in the wake of slashed budgets and job losses, Shephard, 50, is moving up in the world. The TV presenter purchased the huge new property in an idyllic riverside setting in west London after upgrading from his former home nearby. But there's a hitch that comes with his dream home which has left Ben in something of a pickle: despite its size there is no driveway or back access and the only way in is throught a small front gate. And this is going to make doing any building work to modernise the Grade II listed building difficult to arrange. A source said: 'It's an absolutely beautiful house. But the layout means that if he wants to do any substantive works to alter it - and it does need updating - then he will have problems getting larger materials or the machinery in. 'The only way in is via a relatively tiny front gate and as it's listed he's going to struggle to change the layout to alter that. 'So good luck to his architect and builder! 'I suspect that's why it needs updating - because it's so difficult to find a way to manage it. 'But that headache aside, Ben and Annie are thrilled with it.' 'It's the only blot on the horizon for them on what is otherwise their dream home so he's hoping to find some solution.' Shephard was handed a big pay rise when he teamed up with Cat Deeley last year to take over as hosts of This Morning - replacing longtime presenters Phillip Schofield and Holly Willoughby. The pair are reportedly each earning around £550,000-a-year to present the programme four days a week. Now it appears Shephard - who is estimated to be worth around £3.6 million - is investing some of the cash in his new pad. The move is said to have been overseen by wife Annie, a design consultant specialising in interiors and gardens. She spent a year lovingly transforming the couple's former home in Richmond into a stunning dream house. And the couple may see their new house as something of 'a project'. There's plenty of scope to re-style the somewhat staid interiors of the former ecclesiastical residence where a number of rooms downstairs were used as offices and formal reception rooms. After it went on the market, estate agents were singing the praises of the 'iconic house' which is described as being in an 'unrivalled setting'. But hinting that there was work to be done, they added that it was 'waiting to be transformed into a wonderful family home'. The large detached property, which is thought to be 300 years old, was originally the home of Thomas Twining, who made his fortune in the tea trade after setting up his first tea house in 1706 in Devereux Court near the Strand in London. It remained the family home for seven generations until artist and social reformer Elizabeth Twining bequeathed the property to the church after her death in 1889. The house was used as a rather grand vicarage before going on to become the offices and residence for a bishop. The 10-bedroomed property, which is located in a riverside conservation area, comprises almost 6,000 square feet of accommodation. Good morning Britain: where the breakfast TV star will have his own breakfast Estate agents highlighted how it offered buyers 'an exceptional opportunity' after coming on the market 'for the first time in three centuries'. The property is set close to the River Thames with a large Grade ll-listed church on one side and an historic park and gardens on the other. The location is said to have once been 'favoured by royalty for summer retreats'. The house is described as having 'an elegant period façade with an ornate entrance canopy and unique sundial feature' above the front door. Inside, the property has retained much of the original period detailing with 'superb ceiling heights, fireplaces and a magnificent entrance hall and wood carved staircase'. Downstairs, while most of the rooms had been configured as office and reception rooms, there's also a living room, dining room, kitchen and utility room. There are six bedrooms and two bathrooms on the first floor while a second floor annexe features three further bedrooms and another room which had been turned into an office. According to a glossy estate agent's brochure the gardens at the property 'wrap around three sides of the house and offer scope, with landscaping, to create a fabulous outdoor amenity'. The brochure added the sale offered 'an exceptionally rare opportunity to create a truly unique and impressive family home in a superb location'. It added: 'With its stunning riverside location, rich history, and excellent connectivity, this property offers a unique blend of past and present, making it a home that truly stands out from the ordinary.' The only downside of the property is that its close proximity to the church and graveyard with a footpath running between them means there's no car parking space and limited access to its back door. A source close to Shephard - who also presents ITV quiz show Tipping Point and Ninja Warrior UK - said: 'Even the removal van got stuck as everyone has to come to the front. 'Because the rear of the house lies close to the church pathway we have to use the front as the main access to the house.' Annie appears to have already set to work on the property and this week took delivery of three large packages brought to the house in a courier van. Shephard met Annie while they were both studying at the University of Birmingham in 1995. Setting out to be an actor, Shephard achieved a BA honours degree in Dance, Drama and Theatre Arts while Annie studied Philosophy. The couple who married in Burgh Island off the coast of Devon in 2004 have two sons - Jack, 19, and Sam, 18. Essex-born Shephard went on to forge a successful career in TV - hosting some of Britain's best loved shows including working as a main anchor on Good Morning Britain. He once made a cameo appearance in an episode of US hit TV comedy Friends where he was credited as 'Man with Microphone'. Meanwhile Annie worked for fashion and interior design magazines working her way to advertising manager while hosting 'glamorous parties, fabulous conferences' and award events. After becoming a mum Annie - who describes herself as 'a welly wearing veg grower' - combined raising her children over 18 years with 'knocking down and remodelling houses and running big renovation projects'. She once wrote on her website: 'I've studied hard and taken excellent courses, so I've learned both the theory of design and I've also learned the hard way, by creating from the ground up, wellies on and spade in hand. 'After a few mistakes and a few more successes, my friends started to ask for help with their own interiors and gardens.' In 201,6 the couple bought their home in Richmond and Shephard occasionally shared photos on social media of his family life away from the limelight. Images posted during Covid lockdown at their previous home showed off their spectacular sprawling gardens which came complete with 'gin bench', fire pit and rose-filled archways. The garden also featured an immaculate lawn, bronze sculptures and an area where the family grew their own vegetables. Last week Shephard proved that away from the studio he's no sofa slouch as he showed off his incredible physique on the front cover of Men's Health magazine. Shephard told how he keeps in shape trying to keep up with his sons in workouts. He said: 'I've really, really enjoyed proving to my 18-year-old and 19-year-old sons that I can still compete with them. We love training together.' Shephard said his biggest challenge was coping with the endless supply of pastries, treats and calorific meals cooked up by TV chefs on This Morning.
Irish Times
4 hours ago
- Business
- Irish Times
My mother's plan to leave her house to my sister and I could create more problems than solutions
My mother's will currently leaves her home equally to my sister and I. My mother has minimal alternative assets. My sister lives with my mum. I am wondering if the home is left jointly to myself and my sister and my sister buys me out, will she be liable for CAT on her portion of the inheritance? it is unlikely for my sister to be able to raise the funds to cover the market value of 50 per cent of the property . Although I myself have a sizeable mortgage and significant dependents, it is not in my interest to see my sister and her children homeless . Furthermore I have doubts on how practical it would be for my sister to vacate the property if it was needed to be sold to execute the will. READ MORE I am concerned that I end up with a large liability from an asset that, in reality, I have no access to or ability to sell. Is it possible to say during the probate period that I don't want 50 per cent of the property, can I just have 25 per cent, and if so what are the tax implications? Ms BW Families are complicated things – deeply intertwined, generally emotionally interdependent and, for all the familiarity, inevitably unique one from the other in subtle ways. And that's very much how it is here. Your mother's home is more or less the sum total of what she will leave behind and she is understandably keen that it should be shared between her two children. The fact that your sister lives there with her own family is, somewhat depressingly, no longer as unusual as we would like to think it should be. Bad luck in love, in business or in life means many of us are not as independent as we would have expected to be well into our adult lives. But it does certainly complicate things. There seem to be two distinct issues here – the initial inheritance and then how you two can find a workable solution. As of now, a person can receive an inheritance of up to €400,000 from their parents. Assuming neither of you inherited from your father or benefited from a valuable financial or other gift – something over the value of €3,000 in any one year – then you have the full inheritance tax-free limit to play with. So, as long as your mother's property is not worth more than €800,000, there should be no question of capital acquisitions tax (CAT), better known as inheritance tax, for either of you. [ Inheritance tax: How to avoid leaving your loved ones with a hefty bill Opens in new window ] If it is worth more than that, however, then you will have a tax liability – 33 per cent of anything above your personal limit. So if the property is worth, say, €950,000, your half share would be worth €475,000. You would pay 33 per cent tax on the €75,000 of value above your tax-free threshold – a bill of €24,750 each. Unless you both have ready access to that sort of cash, then you would be looking at having to sell the property and paying the tax owed. Your sister would have a net €450,000 to go and find a home thereafter and you would have your inheritance in cash of the same amount with no further tax owing on it. But let's assume the property is worth less than €800,000. What then? In simple terms, congratulations, you are joint owners of your mother's house. If you simply retain your interest in the house as an asset, there is no issue. When it is eventually sold, you will receive half the proceeds and your only 'liability' will be that any increase in value over the time you inherited it will be subject to capital gains tax – again at 33 per cent. There would need to be agreement between you and your sister, preferably in writing, that any running costs, regular maintenance, utility bills, local property tax etc would be met by her as they are her living costs, not yours. But what if your own financial circumstances dictate that you really need to get access to your inheritance or some of it? You say your sister would most likely not qualify for a mortgage to buy out your half: perhaps she could buy out a smaller portion, leaving you with reduced ownership of the property and some cash in hand. That would not leave her with any tax issues apart from a modest stamp duty bill. And, as it will be her family home, there will be no tax issues when she eventually sells it either. You could agree a staged purchase of your share over an extended period to make it more affordable to her. That would complicate things for you as each stage could trigger a capital gains charge if the gain on the portion being sold was greater than €1,270 in any one year. And there would also be stamp duty implications. Or you could agree to sell the house provided your sister is happy that her share of the sale proceeds would allow her to buy a home elsewhere or the wherewithal to raise a mortgage on a smaller home. How practical that is really depends on how much value there is in this current family home. In a world where you, understandably, do not want your sister and her family homeless, the realistic options are to sit on your inheritance and consider it an invested asset, get your sister to buy a portion of your share or agree to sell the property and use the proceeds for her to start again. You say your mother's 'current will'. I am assuming then that she is still alive. If this looks like becoming an intractable mess but you think your sister could raise enough to buy you out of a quarter share – and you are content that the inheritance will be lopsided according to your respective needs – you can always see if your mother is open to adjusting her will. Obviously, the choice is hers. [ Who gets the house: have you spoken to your parents about happens when they die? Opens in new window ] Can such cases end up in legal dispute? Yes, they can where one side wants to sell and the other refuses. But, really, the only winners in that scenario are the lawyers. Finally, on your suggestion that you might just say during probate that you only want a quarter of the house, not a half, I'm afraid that won't work. It is possible to 'disclaim' an inheritance – ie, say that you do not want it – but you cannot disclaim and then try to rewrite the will to say I don't want all of this, just some of this or a bit of that. If it is a bequest – ie, half the property has specifically been left to you by name – and you disclaim, it falls into the residue of the will. Now, it could be that you are one of the benefits of the residue, in which case you might have to disclaim again. Disclaiming a bequest and/or the residue would not prevent you accepting any other specific bequest that was made in your favour – such as for a favoured piece of art or jewellery, for instance. But it would rule you out of any benefit from any of the residue – including any of the house your mother intended to leave you half of. You cannot say, for instance, I would like only a quarter and not a half. There is one way this could work for you, depending on how your mother's will is worded. As it is, you and your sister are getting 50 per cent each of the house. Assuming that is by bequest, you can disclaim the bequest. Your share then falls into the residue – assuming there is a residuary clause in the will. There really should be in every will, if only to account for forgotten assets, but it is not always the case. Anyway, assuming there is a residue and it is again split evenly between you and your sister, she will get half of your half, leaving you with 25 per cent ownership. In terms of tax implications, whether it is a quarter or a half will have no effect as long as the value of what you receive is under €400,000. However, if this arrangement meant your sister got 75 per cent of the house and that portion was valued at more than €400,000, she would face a bill of 33 per cent of everything above that figure. That could, of course, force her to sell the house anyway which would defeat the object of the exercise. So you really do need to think this through carefully, and ideally get professional advice. The one thing you don't want is this gift from your mum leading to family discord. Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street Dublin 2, or by email to with a contact phone number. This column is a reader service and is not intended to replace professional advice
Daily Mail
7 hours ago
- Business
- Daily Mail
Can I gift my £330,000 second home to my adult kids without paying tax?
I live in Australia (and am a tax resident here) and I own a leasehold flat in Suffolk that I use when visiting the UK. I no longer wish to own the property due to the doubling of the council tax on unoccupied properties. Also, the water is muddied with regard to possible liability for UK inheritance tax. There is no inheritance tax here in Australia. I would like to gift it to my two adult children since I don't need the funds here and they will eventually inherit the property anyway. If I transfer title to them, do they have to pay stamp duty, and if so, at what rate? It is on sale at present for £330,000 Due to the government's war on landlords and buy to let (neither of which applies to me since it is not let out), it will probably not sell at that price. If stamp duty is levied on the gift, would it be possible to agree a notional sale price of £250,000 in order to fall into the lowest tax bracket, or can it even be exempt from stamp duty since there will be no money changing hands? They will then become second home owners, so does the transaction incur additional stamp duty? P.A, via email SCROLL DOWN TO ASK YOUR FINANCIAL PLANNING QUESTION Harvey Dorset, of This is Money, replies: For many Britons living abroad, its nice to continue to have a base to come back to when you visit. This would be especially the case for you, as your trips from Australia are likely to be for longer periods given the distance between the two countries. Unfortunately, you tax changes that came into effect last month in Suffolk mean that you are now required to pay twice the standard council tax rate on your property, as it is only 'occupied periodically.' East Suffolk Council states: 'At a Full Council meeting held in February 2024 it was approved that from 1 April 2025 a 100 per cent Second Home Premium charge will be applied to properties that are furnished and do not have anyone living in them as their main home. This means that 200 per cent Council Tax is payable.' Understandably, you have decided it is not worth you keeping the property under the current ownership circumstances. Instead, you want to give the flat to your children, which would pass on some wealth and help with potential inheritance tax liabilities. As you say, there is no inheritance tax in Australia but there is in the UK, meaning your situation is harder to work out. Meanwhile, as discussed below, there are other taxes that you may need to watch out for. This is Money spoke to two financial advisers to find out what you need to do in order to pass your flat to your children while keeping tax to a minimum. David Denton, head of technical at Quilter Cheviot, replies: First, from an inheritance tax point of view, your instincts are right to consider future exposure. While Australia abolished inheritance tax in the late 1970s, UK IHT still applies to most UK-based assets – including property – regardless of the tax residency or domicile of the owner. So, although you're an Australian tax resident, your UK flat remains within the scope of UK IHT. That said, with the nil-rate band currently set at £325,000 and your flat valued at around £330,000, the potential liability could be relatively minor, although the nil rate band is frozen until at least 5 April 2030. Now to the more immediate question of gifting the property to your children. Provided there is no outstanding mortgage on the flat, a transfer of ownership as a genuine gift would not trigger Stamp Duty Land Tax (SDLT) on the part of your children. SDLT is only payable if there is 'consideration' – for example, if the recipient assumes liability for a mortgage, or pays for the property. However, even if the transfer is exempt from SDLT because there is no consideration, your children may still face the 3 per cent additional homes surcharge in the future. This wouldn't apply at the point of receiving the gifted flat, but if they later went on to buy another UK property without selling the Suffolk flat, the new home would count as an 'additional property' and attract the higher SDLT rate. Lastly, you also need to consider capital gains tax (CGT). As a non-resident, you remain liable for UK CGT on the disposal of UK property, even when gifting it. The gain would be calculated as the difference between the property's market value at the point of transfer and its value when you acquired it. Certain costs associated with the transaction may be deducted, and it's likely that the annual exempt amount of £3,000 would be available, whilst depending on the level of gain, the tax rate could be up to 24 per cent. Where people often come unstuck is trying to manipulate the value of the property for tax purposes. HMRC normally expects that any transfer – whether by sale or gift – is assessed based on open market value. That means a professional valuation may be required. Artificially lowering the price could lead to tax complications and potentially penalties. In short, your children won't pay SDLT upon receiving a gift without a mortgage, but there are still IHT and CGT considerations. It's worth seeking tailored advice and a professional valuation to ensure all angles are covered properly. Check your inheritance tax position carefully Oliver Loughead, wealth manager at RBC Brewin Dolphin, replies: Transferring ownership of UK property to children is a significant decision that carries various legal, financial, and tax implications, particularly for individuals who are not resident in the United Kingdom. Regarding inheritance tax (IHT) treatment of the property, for a non-UK resident, IHT will normally be due on UK assets only (subject to new long-term UK residency rules) that exceed the available nil rate band (NRB), which is currently £325,000 per person. If you have a spouse or civil partner, it might be possible to make use of both of your available NRBs, so £650,000. Under UK law, a gift of property is typically treated as a potentially exempt transfer (PET). This means that if the donor survives for seven years following the date of the gift, the value of the gift may fall outside the scope of IHT. However, if the donor dies within that period, the value of the gift may still be brought into account for IHT purposes. In such cases, taper relief may apply, potentially reducing the amount of tax due depending on the time elapsed between the gift and the donor's death. If you have previously lived in the UK, you should check if you qualify as a long-term UK resident, as your worldwide assets may fall into scope for UK IHT. You are deemed a long-term UK tax resident if you have been resident for either the previous 10 consecutive years or a total of 10 years or more within the previous 20 years. Help with financial advice and planning Financial planning can help you grow your wealth, sort your pension, or make sure your finances are as tax efficient as possible. A key driver for many people is investing for or in retirement and inheritance tax planning. If you are looking for help sorting your finances and want to work out whether you need advice, planning, or coaching, the following links can help you understand more: >Do you need financial planning or financial advice - and is it worth it? > Financial advice: What to ask and how much it might cost > Are you retirement ready? Take our quiz and get financial planning help > Inheritance tax planning - what you need to know to protect your wealth Regarding concerns around stamp duty land tax, SDLT generally does not apply to gifts of property unless the recipient assumes a mortgage on the property. In cases where the transfer involves taking over an existing mortgage, SDLT may be charged based on the value of the outstanding loan. Therefore, the structure of the gift - especially whether the property is encumbered - must be carefully evaluated. Capital gains tax (CGT) should also be considered. Since April 2015, non-residents have been liable for CGT on disposals of UK residential property. A gift of property is treated as if the donor has disposed of it at market value, even if no money changes hands. This means that any increase in the property's value from its acquisition (or from April 2015 if it was owned before that date) to the date of the gift may be subject to CGT. Non-resident individuals must report and pay any CGT due within 60 days of completing the gift. The legal process for transferring UK property to children is complex. A UK-based solicitor should be instructed to handle the conveyancing and ensure all necessary documentation is completed, including a deed of gift or transfer deed. An often-overlooked aspect of gifting property is the potential loss of control. Once the property is legally transferred, the donor no longer holds rights over it unless specific conditions are attached, such as transferring it through a trust. Establishing a trust can be a useful mechanism to maintain some level of influence over the property while still achieving estate planning objectives. However, trusts introduce their own tax implications and legal complexity, so professional advice is essential before proceeding. In conclusion, while gifting UK property to children can be a valuable tool for estate planning and wealth distribution, non-UK residents must carefully assess the legal and tax consequences. Thorough planning, supported by expert advice from UK solicitors and cross-border tax professionals, is essential to ensure that such a transfer achieves the desired outcome without triggering unintended liabilities.
Yahoo
9 hours ago
- Business
- Yahoo
Five-bedroom home with 170-foot garden in South Cheam hits the market
A detached house in South Cheam has come on the market with five bedrooms, five bathrooms, and a rear garden measuring around 170 feet, according to estate agent Henley Homes. The property, located on Cuddington Way, is being offered for sale at a guide price of £2,100,000. Henley Homes states that the home is "chain free" and available as a freehold. Cuddington Way property boasts spacious layout and chain-free sale (Image: Henley Homes/ Zoopla) The estate agent describes the house, named Cooinda, as a "loved family home" set in the heart of South Cheam. Spread over three floors, the home's ground floor contains a large open-plan kitchen and breakfast room, a utility room, a study, and a double-aspect sitting and dining room that runs from the front to the back of the house. The kitchen, which measures 29 feet 9 inches by 15 feet 5 inches, features bi-fold doors leading onto a patio, a tiled floor, high and low level storage, an integrated dishwasher, a rangemaster-style cooker with gas hob, an integrated wine cooler, space for a large fridge freezer, and a breakfast bar, according to the listing. Spacious sitting and dining area includes modern gas fireplace (Image: Henley Homes/ Zoopla) A utility room sits just off the kitchen, with space for white goods and a sink. The study on the ground floor has a front aspect and wood-effect strip flooring. A cloakroom with wash hand basin and WC is also located on this level. Main bathroom boasts freestanding roll-top bath and rainfall shower (Image: Henley Homes/ Zoopla) The sitting and dining room measures 29 feet 5 inches by 12 feet 3 inches. Henley Homes states that it is double aspect, with a tiled floor, bi-fold doors leading onto the patio, and a gas fire. Upstairs, the first floor provides three double bedrooms, each with its own en-suite bathroom, and a spacious study. The main bedroom, at the rear of the property, measures 19 feet 10 inches by 11 feet 8 inches and includes fitted wardrobes. Five double bedrooms, each with private en-suite, span three floors (Image: Henley Homes/ Zoopla) Its en-suite bathroom is described as having a wash hand basin on a vanity unit, a low-level WC, a corner shower unit with a wall-mounted rainwater showerhead and separate handheld attachment, part-tiled walls, a tiled floor, a roll-top style freestanding bath, and a heated towel rail. The second and third bedrooms on this floor also feature fitted wardrobes and en-suite bathrooms with heated towel rails. A home office or study, measuring 11 feet 1 inch by 7 feet 6 inches, is also included, with a fitted desk unit and drawers. On the second floor, two further bedrooms are available, both with eaves storage and their own en-suite bathrooms. Each en-suite on this level includes a side aspect skylight, tiled floor, wall-mounted wash hand basin with tiled splashback, and a storage cupboard. Outside, the front of the property features a large gated carriageway drive, which the estate agent says provides "ample off street parking" and access to the garage. The front garden measures 60 feet by 55 feet. The rear garden, described as "south facing", extends to approximately 170 feet at its maximum point and is mainly laid to lawn, with a substantial York Stone patio and a storage shed. Henley Homes highlights that the property is being offered with no onward chain. The Energy Performance Certificate (EPC) rating for the home is C. According to the listing, the house is situated in the SM2 postcode area. The estate agent encourages interested parties to contact Henley Homes for further details or to arrange a viewing.
Yahoo
10 hours ago
- General
- Yahoo
House with outdoor bar on the market for £525,000
A four-bedroom detached house in Hedge End is on the market for £525,000. According to the estate agent, the house on Stanier Way boasts a 26ft kitchen/diner, a spacious lounge, and a tandem length garage. The property, listed by White and Guard, also features an attractive rear garden complete with an outdoor bar. The ground floor comprises a modern kitchen/diner, a lounge with patio doors opening onto the garden, a study, and a WC. Rear garden includes deck, lawn, and a fully equipped outdoor bar (Image: White & Guard)READ MORE: Charming Victorian cottage up for sale in Lowford Village The kitchen is equipped with shaker style wall and base units, a built-in double oven, gas hob, and integrated appliances including a fridge/freezer and dishwasher. The lounge features a fireplace and sliding patio doors leading out to the garden. The first floor hosts four bedrooms, two of which have modern en-suite facilities, and a family bathroom. The master bedroom has a built-in wardrobe and a modern en-suite with a corner shower cubicle, vanity wash hand basin, and WC. Spacious 26ft shaker-style kitchen/diner with integrated appliances and double oven (Image: White & Guard) The second and third bedrooms overlook the rear garden and have built-in wardrobes, with the second bedroom also benefitting from an en-suite. The fourth bedroom faces the front of the property. The family bathroom comprises a panel enclosed bath with shower attachment, wash hand basin, and WC. Externally, the property offers driveway parking for two cars leading to a tandem length garage. READ MORE: Four-bedroom detached house on the market for £450,000 The rear garden features a paved patio area, a section of lawn with mature tree and shrub borders, a shingled area with a covered outdoor bar, and a decked seating area. Broadband information provided by the Openreach website indicates that the property has access to full fibre broadband with download speeds of up to 1600 Mbps and upload speeds of up to 115 Mbps. The estate agent notes that gas, water, electricity, and mains drainage are connected to the property. The property is situated within walking distance of Hedge End's train station and Dowd's Farm Park, as well as local shops, schools, and amenities, including M27 motorway links. Local schools with 'Good' Ofsted ratings include Wellstead Primary School, Berrywood Primary School, Deer Park School, and Shamblehurst Primary School, all within a mile of the property.
