I Have Received A Cheque Today From

  • Thread starter Thread starter Kathy
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My friend's house is only just around the corner from you Brian. You could be my financial advisor one evening in return for a pint of real ale and some porky scratchings! B)
 
Almost certainly Merlin - what isn't taxable nowadays. You even get taxed after you die. h:) I will of course declare it on my Tax Return. :)
 
Originally posted by Kathy@Oct 11 2005, 05:49 PM
I am not sure how I would benefit in my case though
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It appears that the estate was valued at around £775,000 - you could have arranged many bequests of £3,000, all exempt from Inheritance Tax
 
A true story honest .......a woman who lives opposite me had £5000 given to her from her obviously RICH mother she phoned up the tax office to ask if she has got to pay tax on it??? how naive some people are :o :rolleyes:
 
Has anyone noticed that MBNA now deliver their "Get a Great Loan that you can't possibly afford" literature in brown envelopes very similar to those that the tax office send out without the MBNA logo on the outside obviously. Will these banks stop at nothing to try and get people to borrow money from them?
 
Inheritance tax is a perfectly proper tax on unearned income . If you transfer property before death it is called as I remember it a potentially exempt transfer .

£275,000 before tax is payable is a large sum and of course there is a spouse exemption and as Julie points out agricultural property relief . Is there still business relief and rollover relief ?

I am afraid my heart doesn't bleed for Kathy :lol:
 
Originally posted by Ardross@Oct 11 2005, 08:30 PM
Inheritance tax is a perfectly proper tax on unearned income .
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Somebody earned it once... and will have been taxed on it.
 
Not necessarily .

In any event , it is a tax on wealth. I feel much more sorry for people paying tax on low incomes.
 
There are so many ways to avoid IHT - both legal and illegal- that it is called Idiots' Tax by many lawyers and accountants who work in the field.
 
I am sure there is TS. The key is to start thinking about it earlier rather than later. I will make sure the tax man has nowt more from me on my death and there are plenty of places that can advise you about how to avoid it. The internet is also a great source of informatoin.

Unfortunately, for many, it is not until someone has passed away that they ever come face to face with these issues and then they do what many do, and pass it over to a solicitor to deal with. This is OK to a point BUT be warned solicitors very often have an agenda too. It is worthwhile reading up on probate and what is required and if you can, do a lot of work yourself rather than pay a solicitor £150 per hour to do very basic work. Much of the winding up of an estate is pretty straight forward, although it can be quite time consuming depending on the state of the finances of the deceased at the time of death.

It has really opened my eyes and whilst many loved ones just want time to grieve
and make arrangements for burial of their loved ones, the vultures are already circuling overhead waiting to pounce.
 
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