Inheritance Tax

[Traf]

2 hours ago, Casino said:

You would need to ask Laura Trott, but she seemed to suggest we need growth and that would be helped if everybody who could work did work

i think shes full of shit, fwiw

She should stick to riding bikes and making Jason Kenny's tea.

[mickbrown]

1 hour ago, globaldiver said:

Gifting is about mitigating inheritance tax.

A house can be put into a special trust, if done before it is foreseeable that the donor/s would need to go into care. Not many solicitors are specialists, but I’d be happy to effect an introduction, if required.

Ta very much, I’ll bear that in mind

[mickbrown]

5 hours ago, globaldiver said:

No, I haven’t said that. I’m interested in moral and philosophical viewpoints.

I read that Australia might reintroduce it, as the population ages.

Bolty is fewmin’

[MickyD]

1 hour ago, globaldiver said:

Gifting is about mitigating inheritance tax.

A house can be put into a special trust, if done before it is foreseeable that the donor/s would need to go into care. Not many solicitors are specialists, but I’d be happy to effect an introduction, if required.

When my dad died 17 years ago, the house was left in equal thirds to me, my brother and my mum. There was also a provision in the Will giving my mum the right to live there rent free for as long as she is able.

According to my dad’s solicitor at the reading of the Will, if mum does end up in a home, they can’t force me or my brother to sell our two-thirds so mum’s third can’t be sold either provided seven years elapse between his death and her need for a care home.

Apparently.

We’re not quite at the time where we need to test that advice but if anyone has been in a similar position, your advice would be appreciated.

[globaldiver]

28 minutes ago, MickyD said:

When my dad died 17 years ago, the house was left in equal thirds to me, my brother and my mum. There was also a provision in the Will giving my mum the right to live there rent free for as long as she is able.

According to my dad’s solicitor at the reading of the Will, if mum does end up in a home, they can’t force me or my brother to sell our two-thirds so mum’s third can’t be sold either provided seven years elapse between his death and her need for a care home.

Apparently.

We’re not quite at the time where we need to test that advice but if anyone has been in a similar position, your advice would be appreciated.

I don’t think 7 years has anything to do with it. Happy to chat it through.

[Casino]

4 minutes ago, globaldiver said:

I don’t think 7 years has anything to do with it. Happy to chat it through.

Indeed

I often hear this 7 year figure quoted

Fact is, i believe, if they come after you, you will potentially need to show any such act wasnt done with the intention of avoiding your dues

[globaldiver]

5 minutes ago, Casino said:

Indeed

I often hear this 7 year figure quoted

Fact is, i believe, if they come after you, you will potentially need to show any such act wasnt done with the intention of avoiding your dues

Quite.

That said, for a recent matter, Bolton Council asked whether any assets had been disposed of within the last year. 

[Ani]

The idea that the cut in heritable tax is to promote growth is bollocks. Whatever you think about the morality of the tax.

Surely a better way to promote growth would be to cut taxes that impact more than 4% of the population? 
 

If the other thing is wanting to get more people back to work making changes that reduce taxation on working people make more sense ? 
 

 

[Sweep]

15 minutes ago, Ani said:

The idea that the cut in heritable tax is to promote growth is bollocks.

 

 

Absolutely this

[tyldesley_white]

45 minutes ago, Ani said:

The idea that the cut in heritable tax is to promote growth is bollocks.
 

its the trickle down shit again

[Spider]

1 hour ago, Ani said:

The idea that the cut in heritable tax is to promote growth is bollocks. Whatever you think about the morality of the tax.

Surely a better way to promote growth would be to cut taxes that impact more than 4% of the population? 
 

If the other thing is wanting to get more people back to work making changes that reduce taxation on working people make more sense ? 
 

 

Thanks

Youve said what i didn’t think needed saying 

[Winchester White]

Maybe a fairer system would be on what each individual can receive before tax from the deceased rather than a limit on the estate from the deceased?

Dunno and frankly as I have never been or never will be subject to it I am not too concerned.

[globaldiver]

After reading and thinking;

It isn’t right that taxes continue after death. I did consider the benefit of distributing the tax to help others, but I think there are sufficient other means of doing this already. If the direct benefit of distribution of this tax could be demonstrated then I might review, but I can’t find evidence to support. 

Pragmatically, it is a voluntary tax, so a not too unreasonable assumption is that those who pay are content to pay, or couldn’t be bothered planning, which is about the same thing. Couldn’t be bothered enough to do owt about it.

Therefore, leave it as it is. 

[Ani]

My partner has suggested to avoid inheritance tax it would be better if we got married. That is the best argument I have heard for scrapping it. 

[Horwich]

29 minutes ago, Ani said:

My partner has suggested to avoid inheritance tax it would be better if we got married. That is the best argument I have heard for scrapping it. 

Tell him to “do one”

[globaldiver]

30 minutes ago, Ani said:

My partner has suggested to avoid inheritance tax it would be better if we got married. That is the best argument I have heard for scrapping it. 

It’s a course of action I have recommended over the years and a few couples have taken my advice.

There’s no such thing as common law spouses as far as Inheritance Tax is concerned, so marriage is worthy of serious consideration.

 

[Ani]

2 minutes ago, globaldiver said:

It’s a course of action I have recommended over the years and a few couples have taken my advice.

There’s no such thing as common law spouses as far as Inheritance Tax is concerned, so marriage is worthy of serious consideration.

 

You sound like her 😂😂

I am in the 96% that have their affairs sorted in an inheritance tax friendly way. If I get to 86 might need to re-asses but if I do money will have all gone hopefully. 
 

 

[globaldiver]

9 minutes ago, Ani said:

You sound like her 😂😂

I am in the 96% that have their affairs sorted in an inheritance tax friendly way. If I get to 86 might need to re-asses but if I do money will have all gone hopefully. 
 

 

🤣😂🤣😂🤣

[royal white]

 

[Tonge moor green jacket]

Soon to be converted to an hmo for illegals..

[mickbrown]

40 minutes ago, royal white said:

 

So they’ve got £6 million left?

My heart bleeds

 

[royal white]

14 minutes ago, mickbrown said:

So they’ve got £6 million left?

My heart bleeds

 

You’re probably missing the point

[Cheese]

15 minutes ago, royal white said:

You’re probably missing the point

Go on...

[globaldiver]

1 hour ago, royal white said:

 

Not “forced to sell”, more “had to sell as they didn’t plan properly”

[Winchester White]

1 hour ago, Tonge moor green jacket said:

Soon to be converted to an hmo for illegals..

Yeah of course 🙄