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

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    (Original post by Voi)
    Just rent it out to a young professional. It'll probably fetch over £1000+ month in rent.
    I spoke to an IFA when I was 18 and he said if I invested in a combination of bonds and shares, I would get a minimum of 20,000 a year which would increase above inflation most years
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    (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%
    Make sure the both of you see an accountant (the sooner the better). You'll probably have to pay CGT on the transfer. If you'd prefer to live somewhere smaller and have the money, set up a company, and see if the accountant can find the most cost-effective way for him to transfer it into that. Then rent it for a year or two through the company. You won't pay CGT, any income above the income tax threshold you can take as a dividend (and expenses can be written off) which you don't pay tax on for the first £5k, then pay 7.5% for the rest.

    After a couple of years, you then sell the company, rather than the house itself (though the house is included). Entrepreneur's relief means you'll only pay 10% tax on that sale, rather than CGT.
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    You're sat there with almost half a million whilst your friends are on a baked bean diet? :'D

    Good luck whatever you choose to do. The price could inflate & it might be worth keeping/renting out for a few years? I wouldn't know, I'm no Phil Spencer ;-)


    PlGLET
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    (Original post by PlGLET)
    You're sat there with almost half a million whilst your friends are on a baked bean diet? :'D

    Good luck whatever you choose to do. The price could inflate & it might be worth keeping/renting out for a few years? I wouldn't know, I'm no Phil Spencer ;-)


    PlGLET
    lol im asset rich but cash poor :/ didnt even get a student loan so had to get a part time job and work during Summer.

    Also that friend was just bad at managing his finances

    Yes I do have alot to weigh up, I could just move to Panama open up a surf shop and live on the beach for ever
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    one in ten households in Britain are worth seven-figures

    http://www.thisismoney.co.uk/money/n...lionaires.html

    So that means one in ten of you reading this is richer than me
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    (Original post by jon2016)
    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
    I'm more adept at kitchen work.
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    (Original post by BristolFresher15)
    I'm more adept at kitchen work.
    sorry dont let strangers inside the property
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    (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

    Edit : meant to say £450,000
    i remember one of my friend inherited his grans house when he was 15 and he had the floor redone turned out there were safes full of old white fivers, gold bars and loose gemstones under the boards he gave me a few bits which i still mostly have
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    (Original post by jamesthehustler)
    i remember one of my friend inherited his grans house when he was 15 and he had the floor redone turned out there were safes full of old white fivers, gold bars and loose gemstones under the boards he gave me a few bits which i still mostly have
    LOL is this real ?

    I will prob search the shed and attic before I sell it
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    (Original post by jon2016)
    LOL is this real ?

    I will prob search the shed and attic before I sell it
    totally it all totalled out at about £6,000,000
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    (Original post by jamesthehustler)
    totally it all totalled out at about £6,000,000
    sounds like a great story, must have sucked when you realised it was a dream
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    (Original post by jon2016)
    lol im asset rich but cash poor :/
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    (Original post by jon2016)
    Yes I do have alot to weigh up, I could just move to Panama open up a surf shop and live on the beach for ever
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    :-)




    PlGLET
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    Probs hire 2 prostitutes and have a threesome aswell
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    (Original post by jon2016)
    Im going to sell it and invest the money in low risk Bonds and Shares.

    Spoken informally to a few people who said I would be able to get an income of £20,000 a year rising above inflation each year
    No such thing as 'low risk' on the stock market

    Well, maybe German bonds... but they get very low returns
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    (Original post by Mathemagicien)
    No such thing as 'low risk' on the stock market

    Well, maybe German bonds... but they get very low returns
    haha I know but apparently if you buy negative correlated stocks you can reduce your risk by quite alot

    Low Risk as in, a less than 5% chance I would loose more than 45,000 in a single years trading
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    (Original post by Mathemagicien)
    No such thing as 'low risk' on the stock market

    Well, maybe German bonds... but they get very low returns
    My dad has shares Blackrock's Energy portfolio and oil companies are doing really bad at the moment but he only lost like 10% or something this year but still up 25% from 5 years ago.

    StockMarket does go up and down but overall trend is up
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    you gunna invite me to your house parties or else i will rip your neck just like they do in twilight

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    (Original post by sfaraj)
    you gunna invite me to your house parties or else i will rip your neck just like they do in twilight

    We can party right now, DM me your digits
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    (Original post by jon2016)
    Probs hire 2 prostitutes and have a threesome aswell
    stuff of legends mate

    you have a good time, you earned it!
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    (Original post by jon2016)
    sounds like a great story, must have sucked when you realised it was a dream
    admittedly he had to split it with his 2 siblings and his father but he's moved to dubai where he bought a 2009 CCX and a studio apartment
 
 
 
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