The Student Room Group

I inherit a 450,00 house when I turn 21 ama

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Reply 20
First think I will do is buy an Audi A3
why sell it? You live in London. Im assuming youll stay there.

You have a house, your own home. You cant be made homeless and will always have a roof over your head.

Selling it and you could end up with nothing
Original post by jon2016
Well its complicated because someone of the property belongs to my Dad, but my dad promised to give me his share when I turn 21. So I dont think I have to pay inheritance tax

I think I will pay capital gains tax on any rental income ? not sure but around 20%

Well, if some of the property belongs to you, wouldn't you be taxed for how much you inherited?
Reply 23
Original post by silverbolt
why sell it? You live in London. Im assuming youll stay there.

You have a house, your own home. You cant be made homeless and will always have a roof over your head.

Selling it and you could end up with nothing


Currently I live in uni halls
I could always live with my parents after graduation.

I dont think I could afford to live at the property with council tax and other bills etc
Reply 24
Original post by LaMandarine
Well, if some of the property belongs to you, wouldn't you be taxed for how much you inherited?


I dont know the details ? but it depends on how you structure it ?

Personally I think inheritance tax is unfair, the person who bought the property paid income tax and stamp duty and the person who inherits it will likely pay VAT on inheritance he spends


a 40% inheritance tax is obscene
Original post by jon2016
I dont know the details ? but it depends on how you structure it ?

Personally I think inheritance tax is unfair, the person who bought the property paid income tax and stamp duty and the person who inherits it will likely pay VAT on inheritance he spends


a 40% inheritance tax is obscene

I agree with you on the inheritance tax, that's why, aside of congratulating you, I must say I feel sorry for how much you'll lose for that value.
Reply 26
Original post by jon2016
Well its complicated because someone of the property belongs to my Dad, but my dad promised to give me his share when I turn 21. So I dont think I have to pay inheritance tax


Your dad will have already paid the inheritance tax when he got it.

Original post by jon2016
I think I will pay capital gains tax on any rental income ? not sure but around 20%


Income tax, not capital gains tax. Depends on your tax band.
Reply 27
That's it? lmfao.
Reply 28
Original post by LaMandarine
I agree with you on the inheritance tax, that's why, aside of congratulating you, I must say I feel sorry for how much you'll lose for that value.


lol thanks :smile:

My granddad (RIP) was a surgeon and my grandmother was a nurse thats how they met :smile: , Both of them passed away a while ago and my dad is pretty comfortable with his own medical career so they skipped a generation and left it all to me
Reply 29
Original post by spv
That's it? lmfao.


meh its not millions but it works out to be 20,000 a year if I invest it , which is more than enough to maintain a comfortable standard of living and not have to worry about bills
Original post by jon2016
lol thanks :smile:

My granddad (RIP) was a surgeon and my grandmother was a nurse thats how they met :smile: , Both of them passed away a while ago and my dad is pretty comfortable with his own medical career so they skipped a generation and left it all to me


Aww, my parents are chefs and that's how they met :cute:
Unfortunately I'm planning to become a diplomat, so it looks like I won't carry on the family tradition :lol:. I can cook though, so they're content with just that :P
What's your career goal?
Your parent's house is worth £450.00?

Do you live in an old trailer?
(edited 7 years ago)
Original post by jon2016
Only a few people know this my parents and one of my flatmates

I cant wait till the day, going to be one huge pay day


no one cares
Reply 33
Original post by LaMandarine
Aww, my parents are chefs and that's how they met :cute:
Unfortunately I'm planning to become a diplomat, so it looks like I won't carry on the family tradition :lol:. I can cook though, so they're content with just that :P
What's your career goal?


ahh cool ! Being a diplomat sounds awesome, I would love to be a foreign correspondent for a Newspaper somewhere like France or Germany.
Are you going to apply for the graduate stream ? any where in particular you want to be posted ?
Reply 34
Original post by Youngmetro
no one cares


Well I was hoping people who did care with respond
I didnt think people who did not care would respond

So I was hoping the filter would be automatic

if you care , comment
if you dont care, dont comment
Original post by jon2016
I wanted to tell someone ! burden of my chest

Dont mean to brag !


If it's that much of a burden, I'm happy to take it off your hands for free. I'm charitable like that.
Reply 36
Original post by BristolFresher15
Your parent's house is worth £450.00?

Do you live in an old trailer?


nah they live in a 5 bedroom detached house with a double garage. You should come over some time to clean the garden or something, we pay living wage dw
Original post by jon2016
Only a few people know this my parents and one of my flatmates

I cant wait till the day, going to be one huge pay day


so much for only a few :colonhash:
Reply 38
Original post by toronto353
If it's that much of a burden, I'm happy to take it off your hands for free. I'm charitable like that.


haha I mean it often crops up in conversation and I have to stay quite , whilst people talk about being in overdraft or having baken beans for dinner.

Feels awkward when I dont say yea me 2
Original post by jon2016
ahh cool ! Being a diplomat sounds awesome, I would love to be a foreign correspondent for a Newspaper somewhere like France or Germany.
Are you going to apply for the graduate stream ? any where in particular you want to be posted ?


lmaoo you're getting so offended on this thread, chill mate. Nothing here to be proud of, you're planning to live the rest of your life of this money which is embarrassing

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