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David Cameron to "lift Inheritance tax threshold"

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Original post by Bill_Gates
lol you put your assets on your children (s) name and then live for 7 year years. Or you set up a company and list it overseas (margaret thatcher did this), or set up a trust which is one of the more common ones but not without its problems.


I'm no expert, but I think unless you are a nondom, all of these methods can be somewhat fraught (particularly the ones involving transfers to children) and the foreign trust models are expensive to set up and only for the very rich. Which is how it should be of course - why should the very rich pay taxes to support the stable society, infrastructure, police, etc, that make this a nice place to have a grand house? God, some people, expecting them to pay taxes. The cheek.
Original post by yo radical one
I don't know the details of this particular instance, but if he thinks that simply signing the estate over to you, and your father living seven or more years will mean you avoid paying the fee, you really do need to get yourself a new solicitor :wink:


That's the second one he's seen about it.

I think I'll go with the paid advice from the expert in the field thanks.
Original post by Fullofsurprises
I'm no expert, but I think unless you are a nondom, all of these methods can be somewhat fraught (particularly the ones involving transfers to children) and the foreign trust models are expensive to set up and only for the very rich. Which is how it should be of course - why should the very rich pay taxes to support the stable society, infrastructure, police, etc, that make this a nice place to have a grand house? God, some people, expecting them to pay taxes. The cheek.


They are.

There are ways around it, but anyone who thinks that signing assets over to children, still living in the house/one of the houses rent-free and not dying within 7 years will get you out of it, is so painfully misinformed they deserve to get hit with a huge tax bill, just so I can laugh at them for their arrogance.


http://www.hmrc.gov.uk/inheritancetax/pass-money-property/pass-home-to-children.htm#3
Original post by MatureStudent36
That's the second one he's seen about it.

I think I'll go with the paid advice from the expert in the field thanks.


I think the issue here is probably that it's more complex than s/he's bothered to tell the client. After all there's little benefit to you in knowing the details and you wouldn't want to pay the 400/500 quid it would cost to have them take an hour explaining.

Saying that tax lawyers are gard to come by and anyone decent works in corporate support, so they might just be ****. Not your problem either way, so long as they've got PII.
Original post by Le Nombre
I think the issue here is probably that it's more complex than s/he's bothered to tell the client. After all there's little benefit to you in knowing the details and you wouldn't want to pay the 400/500 quid it would cost to have them take an hour explaining.

Saying that tax lawyers are gard to come by and anyone decent works in corporate support, so they might just be ****. Not your problem either way, so long as they've got PII.


It's all sorted now.

But anyway. Back on track.

Not a bad idea raising inheritance thresholds.

People work very hard for there money. In most cases, one of the main reasons for this is to pass on the fruits of their hard work to their children.
Original post by Fullofsurprises
I'm no expert, but I think unless you are a nondom, all of these methods can be somewhat fraught (particularly the ones involving transfers to children) and the foreign trust models are expensive to set up and only for the very rich. Which is how it should be of course - why should the very rich pay taxes to support the stable society, infrastructure, police, etc, that make this a nice place to have a grand house? God, some people, expecting them to pay taxes. The cheek.


Yes indeed. If you have to pay tax you never get rich dahling...
Original post by MatureStudent36
It's all sorted now.

But anyway. Back on track.

Not a bad idea raising inheritance thresholds.

People work very hard for there money. In most cases, one of the main reasons for this is to pass on the fruits of their hard work to their children.


Can do what they like really, people will still just avoid it.

Really? No way I'm giving my kids my money, they can earn their own if they want it. Ditto my parents, it's all going to charity bar some sentimental stuff (of which only their wedding rings have any value).
Original post by Le Nombre
Can do what they like really, people will still just avoid it.

Really? No way I'm giving my kids my money, they can earn their own if they want it. Ditto my parents, it's all going to charity bar some sentimental stuff (of which only their wedding rings have any value).


I bet you don't give it away to charity.

I bet you do what is natural and you ensure your kids are sorted.
Original post by MatureStudent36
I bet you don't give it away to charity.

I bet you do what is natural and you ensure your kids are sorted.


My parents definitely are, I know, I've seen the will. I fully intend to do the same, I know if I'd known I was due inherit hundreds of thousands I'd never bother doing anything, doubt my kids would be different with the same or more. My kids will likely have every advantage imaginable (private school, houses bought for them, jobs secured etc.), if by the time I cop it, when they're likely 40 or 50 odd, they haven't turned that into success they don't deserve the money I have.
Reply 49
Avatar for Ggmu!
Ggmu!
Original post by Le Nombre

Really? No way I'm giving my kids my money, they can earn their own if they want it. Ditto my parents, it's all going to charity bar some sentimental stuff (of which only their wedding rings have any value).


Broken Britain. Beer with dinner when you're 10, but no inheritance.

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Original post by Ggmu!
Broken Britain. Beer with dinner when you're 10, but no inheritance.

Posted from TSR Mobile


Pretty certain I never drank at home until I was 18. Also, if t definitely isn't your place to tell my parents what to do with their money. I'm a corporate lawyer, they've taken the fairly understandable decision I have more than enough money.

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