I Have Received A Cheque Today From

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Kathy

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OK, I only have 1 solitary share, but they have actually sent me a cheque for 1p! :lol:

Has anyone else ever received a cheque for such a silly amount? :blink:
 
When I saw the title of the thread on the opening page I thought somebody must have paid u off to leave :o :P :blink:

What a waste of time though,the postage alone would cost more than what the cheque is worth.
 
I would have thought not sending it (having declared a dividend) would be breaking the law?
 
My wife had been working in Jersey. About 6 months after she left, she got a bill from her bank for 50p for bank charges. They had actually gone to the trouble of sending the bill to her old address in Ireland when they didn't get any satisfaction from sending it to her Jersey address.

A snotty letter was sent, including a Jersey pound note (I think, maybe it was a coin), which was returned with a letter of apology, saying the bill was sent in error as they had forgotten to close the account.
 
Originally posted by Arkwright@Oct 11 2005, 12:53 PM
When I saw the title of the thread on the opening page I thought somebody must have paid u off to leave :o :P :blink:

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:blink: :cry:
 
I don't understand all this capital gains tax Brian....BUT I have been warned that despite paying over £200k in IHT on my late friend's estate, if I sell her house for more than the probate valuation, I could be up for CGT as well. :blink:

A warning to all, spend all your money before you pop your clogs, if you are not intending leaving it all to a spouse as the current government will take 40 % over £263,00 (ish) which is extremely painful. Easy money for the government.
 
It's £275,000, Kathy and there are certain (legal) things that you can do to mitigate the amount

But I am intrigued, how come you got to be holding one share in Arena Leisure (current value around 29p)?
 
I never have understood this attitude towards tax - especially inheritance tax.

This is money you wouldn't otherwise have had - if you have to pay tax at 40% then you also actually received a largeish sum of money on which that 40% tax was levied!

If we don't pay tax, we don't have a structured and (hopefully) civilised society in which to exist.

OK, so the system ain't perfect and waste and bureaucracy exist in spades everywhere but quite frankly, I think the alternative is worse. It's up to all of us to ensure that our taxes are spent wisely, not that we don't pay any tax at all and yet still expect to have schools, NHS, refuse collection, roads etc etc etc.... If you don't get involved in lobbying at local/county level or don't bother to vote, then don't moan about the amount of taxes you pay.

Mind you, if you want to avoid 40% inheritance tax on your property, make sure it's a farm of 100+ acres (or a legitimate bloodstock stud) and that you are actively farming it and voila - no inheritance tax... B)

However, there is one aspect of CGT and property that I would like clarification on. When CGT is calculated, is it possible to remove the element of Stamp Duty that was levied when the house was purchased - if not, then is it legitimate to be taxed on tax already paid? Just wondered.....
 
I know it went up in the budget Brian. Is it £275,000 now?
I was given one beautifully framed share as a Birthday present this year! :)

Brian, my friend could have done alot of things to mitigate the IHT loss, although she died very suddenly and never got round to it... bless her. The Capital Taxes Office were great. They said I could pay £96,000 straight off and pay the balance in installments, but I would be charged interest. h:)

I reiterate.... spend it all before you pop your clogs but remember, there is no IHT liability if your inheritance goes to your beloved - as long as you are married!

I am sure you know all the angles on avoiding IHT Brian? B)
 
Originally posted by BrianH@Oct 11 2005, 03:50 PM
It's £275,000, Kathy and there are certain (legal) things that you can do to mitigate the amount
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Like giving it away before you depart this mortal coil, for starters! Ok, I realise that there are tax ramifications to this but I'm sure you can give away a lump sum & then up to a certain amount per year which is not taxable to get around it, with the proviso that if the benefactor dies within 7 (I think?) years then CGT is payable or something similar to that. I know you can also get around it by setting up trust funds and the likes -my Great Grandmother died around 5 years ago & her not-inconsiderable fortune had been transferred into a family trustfund some years before her death to avoid the CGT.
 
Originally posted by Songsheet@Oct 11 2005, 01:55 PM
I never have understood this attitude towards tax - especially inheritance tax.

This is money you wouldn't otherwise have had - if you have to pay tax at 40% then you also actually received a largeish sum of money on which that 40% tax was levied!
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Inheritance Tax is different (to me) Songsheet. My friend worked hard all her life, and paid all her taxes throughout. Why the hell should the government then take 40% of money she had left in her Will? OK, perhaps with the right financial advice, alot of this could have been avoided, but it's too late once they have gone. :(

The situation reference IHT is a lot worse now that so many more people fall in category of having an estate worth in excess of £275,000 which is mostly down to the property market and the amount of equity individuals now hold in their properties.

To my mind, the government gets more than enough from me through my personal taxation and everything they get through my company. It sticks in my claw I have to give them another £200,000 - just because my friend had invested wisely in her old age.
 
I get a cheque from Lucent Corp for 1 US Cent every year. It comes with a very high spec printed annual report, posted from New Jersey.

I also have $11.57 in a bank in San Diego which I have not been to since 1995. Every quarter for the last 10 years I get a rather nicely printed statement. You may be pleased to hear that the 11.57 was only worth 11.23 ten years ago.
 
For ages, after moving from Staffordshire to here, I got a bill from my previous electricity supplier showing me a £1 credit. I phoned up a couple of times to ask them to stop sending it, but they insisted they had to, as it was 'my money' they had! :blink:
 
IHT isn't tax that is being levied on the dead person, though Kathy - it's rather tax being levied on those benefiting from receiving the estate they left.

Maybe a better way of looking at it is it's another form of tax on unearned income.
 
Am I correct in thinking that you can give £3,000 a year to someone without that being taxed, provided it's as a gift, and not in return for goods or services? Mum keeps wanting to bung money at me, saying what good is it to her etc., etc., but I'm fairly sure there's some sort of ceiling on that, isn't there?
 
Yes, I beleive it is £3K but you can go back, I think, three years to mop up any un-used gifts - so you could be given £9K without incurring any tax liability.

Where's El Tel when you want him!!
 
That'll do for starters, Jools! El-Tel is over on Final Furlong, currently starting topics asking which horses are named after Tube stations... yes, thanks, we've already got Burnt Oak!
 
I still think it is an awful tax Songsheet. OK, it is an amount I was not expecting so it is great for me but so many people inherit from their parents that then have to rush to sell a house they have been left at possibly a cheaper price just to pay the IHT to the government - you get a few months to pay before they start charging you interest, and I think that is absolutely scandalous.

I am going to make sure I spend every damn penny before I pop my clogs so the government get only my debts to deal with. h:)
 
Is it £3k? For some reason, I've got £8k ringing bells - mind you that will have been from around 4/5 years ago.

I'm sure Desperate Dan could shed some light for us - or Brian!
 
You can give up to £3k a year to as many people as you like and there will be no inheritance tax payable should you not survive that tax year. Equally you may leave bequests of £3k to as many people as you like anf no inheritance tax will be payable.

You can give away as many assets, including cash, as you wish and if you survive for seven years after the date of the gift then no inheritance tax is payable. Should you die at any time during that seven year period then a sliding scale comes into operation and the tax is calculated based on how long there was between the date of the gift and the date of death. A home in which you continue to live is subject to many restrictions though.
 
No :blink: You don't expect a solictor to give me advice that benefits me do you? :o

I came across a Deed of Variation a couple of years ago Brian where I had to take a solicitor to task. A friend of mine was encouraged to enter into one (under totally false pretences) so that someone from the family who had been disinherited from the Will subsequently benefitted. I had to deal with the Office of Supervision of Solicitors on her behalf and what a complete shower they were. h:) I very nearly got the solicitor in question struck off (he was very near retirement age anyway) and got compensation for the lady in question.

I am not sure how I would benefit in my case though, and my solicitor..well, the less said the better.
 
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