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Idle Banter For non SV and non bike related chat (and the odd bit of humour - but if any post isn't suitable it'll get deleted real quick).
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Old 27-01-06, 02:10 PM   #41
Iansv
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I've got no chance Ever.....
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Old 27-01-06, 02:11 PM   #42
Ed
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Originally Posted by TSM
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Originally Posted by e.d.
Why buy a house, the government will only sell it to pay for your care when you go senile.
Thats why you sell it to your children for pennys and make sure there is a contract that says that they cannot evict you until you have died.
Sadly that doesn't work - it has to be an absolute gift for inheritance tax purposes, otherwise it's 'a gift with reservation'. Under the Finance Act 1986, section 102 and schedule 30, gifts subject to a reservation are taxed on death as though they were still the donor's own. So I'm afraid it doesn't work.

Shall I next tell you about how to place the property in a discretionary trust in a bid to get around the rules?
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Old 27-01-06, 02:14 PM   #43
diamond
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What if there's no kids? No point in buying a house
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Old 27-01-06, 02:15 PM   #44
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Originally Posted by Sythree
Shall I next tell you about how to place the property in a discretionary trust in a bid to get around the rules?
Yes please Ed.


.
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Old 27-01-06, 02:15 PM   #45
TSM
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Quote:
Originally Posted by Sythree
Quote:
Originally Posted by TSM
Quote:
Originally Posted by e.d.
Why buy a house, the government will only sell it to pay for your care when you go senile.
Thats why you sell it to your children for pennys and make sure there is a contract that says that they cannot evict you until you have died.
Sadly that doesn't work - it has to be an absolute gift for inheritance tax purposes, otherwise it's 'a gift with reservation'. Under the Finance Act 1986, section 102 and schedule 30, gifts subject to a reservation are taxed on death as though they were still the donor's own. So I'm afraid it doesn't work.

Shall I next tell you about how to place the property in a discretionary trust in a bid to get around the rules?
Darn...
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Old 27-01-06, 02:26 PM   #46
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my parent's estate is worth about 175-200k all together, i am the sole child - i believe it is written into a will that i obtain all assets upon death of both parents..

will there be tax to pay!?
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Old 27-01-06, 02:32 PM   #47
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my parent's estate is worth about 175-200k all together, i am the sole child - i believe it is written into a will that i obtain all assets upon death of both parents..

will there be tax to pay!?
So.......Evil plot anyone?

*Commence Hooded Claw style cackle*
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Old 27-01-06, 02:36 PM   #48
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Originally Posted by Gnan
my parent's estate is worth about 175-200k all together, i am the sole child - i believe it is written into a will that i obtain all assets upon death of both parents..

will there be tax to pay!?
A mates parents just both died He's told me that the threshold for inheritance tax is 275k.
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Old 27-01-06, 02:36 PM   #49
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haha, better delete it just incase they both die simultaneously.. the evidence in that post would look rather unfavourable to say the least
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Old 27-01-06, 02:37 PM   #50
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Originally Posted by Gnan
my parent's estate is worth about 175-200k all together, i am the sole child - i believe it is written into a will that i obtain all assets upon death of both parents..

will there be tax to pay!?
A mates parents just just both died He's told me that the threshold for inheritance tax is 275k.
bloody hell i'm sorry mate, pass on my condolences
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