Turn on thread page Beta

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

    • Thread Starter
    Offline

    9
    ReputationRep:
    First think I will do is buy an Audi A3
    Offline

    16
    ReputationRep:
    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
    Offline

    13
    ReputationRep:
    (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?
    • Thread Starter
    Offline

    9
    ReputationRep:
    (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
    • Thread Starter
    Offline

    9
    ReputationRep:
    (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
    Offline

    13
    ReputationRep:
    (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.
    Offline

    20
    ReputationRep:
    (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.
    Offline

    11
    ReputationRep:
    That's it? lmfao.
    • Thread Starter
    Offline

    9
    ReputationRep:
    (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

    My granddad (RIP) was a surgeon and my grandmother was a nurse thats how they met , 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
    • Thread Starter
    Offline

    9
    ReputationRep:
    (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
    Offline

    13
    ReputationRep:
    (Original post by jon2016)
    lol thanks

    My granddad (RIP) was a surgeon and my grandmother was a nurse thats how they met , 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?
    Offline

    14
    ReputationRep:
    Your parent's house is worth £450.00?

    Do you live in an old trailer?
    Offline

    2
    ReputationRep:
    (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
    • Thread Starter
    Offline

    9
    ReputationRep:
    (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 ?
    • Thread Starter
    Offline

    9
    ReputationRep:
    (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
    • Community Assistant
    • Wiki Support Team
    • Political Ambassador
    Offline

    18
    ReputationRep:
    Community Assistant
    Wiki Support Team
    Political Ambassador
    (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.
    • Thread Starter
    Offline

    9
    ReputationRep:
    (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
    Offline

    3
    ReputationRep:
    (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
    • Thread Starter
    Offline

    9
    ReputationRep:
    (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
    Offline

    2
    ReputationRep:
    (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
 
 
 

3,249

students online now

800,000+

Exam discussions

Find your exam discussion here

Poll
Should predicted grades be removed from the uni application process
Useful resources
AtCTs

Ask the Community Team

Got a question about the site content or our moderation? Ask here.

Welcome Lounge

Welcome Lounge

We're a friendly bunch. Post here if you're new to TSR.

Groups associated with this forum:

View associated groups

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.