Inheritance Tax Avoidance
Started by Memnoch, 14th November 2017 08:33 in Talk & Chat

  1. #1 | 2057486
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    Default Inheritance Tax Avoidance

    Up to 40% of your estate may be stolen from your inheritors when you die. This can include any gifts you have made in the seven years prior to your death. The answer therefore is to make those gifts now because it ramps down, so the longer you live the less will be stolen. If you are still alive seven years after making the gift, the recipient keeps all of it.

    Your house: Transfer title to your house to whomever you want to inherit. This of course means your inheritor now owns your house, so you'll need their co-operation if you subsequently want to move, but one assumes you're not going to leave your bequest to someone you don't trust so it shouldn't be an issue.

    Your money: If you have a nest-egg set aside for your inheritors, i.e. money you're not planning to spend anyway, gift it to them now. Even if you don't want them to have control of it yet, you can still - as far as IHT is concerned - remove it from that threat by setting up a trust to be controlled by someone you know you can rely on to distribute it according to your wishes.
    If, on the other hand, you decide to just give them the cash, advise them to work out the maximum amount of inheritance tax they could be liable for and squirrel it away where it can't be touched or maybe earn a little interest. If you're still alive seven years later they can do what they want with it.


    Of course, if you approve of inheritance tax you can ignore all this inconvenience and instead just explain to your kids why you want to provide for the government rather than for your flesh & blood.
    "Europe's nations should be guided towards the Super-state without their people understanding what is happening. This can be accomplished by successive steps, each disguised as having an economic purpose, but which will eventually and irreversibly lead to federation". EEC founder Jean Monnet
    Liked by: Calidore


  2. #2 | 2057487
    Smiter of the high and mighty.
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    Default Re: Inheritance Tax Avoidance

    Stand by for cries of selfish from jealous lefties
    Liked by: sphinx


  3. #3 | 2057488
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    Default Re: Inheritance Tax Avoidance

    Indeed, and matters will not improve while Hammond is Chancellor, he sees us as milch cows...literally. Of all my brood there is one that shall inherit all of my assets, he is the Son all men dream of being blessed with.
    All my assets are liquid in that I own no property.... (women are to blame for that) I have a car worth in excess of £2000 albeit a...now pilloried diesel...and a goodly sum of cash. I intend he shall inherit the lot.
    I am toying with the idea of making my bank account a joint one with him on the sheet....he is so trustworthy that is a possibility.
    It boils down to......How to keep Hammond away from my fucking money.
    The European Union is Nazism under a new banner.
    Perrin is right about Cameron, on everything else he is wrong.
    Liked by: Calidore, Roco


  4. #4 | 2057743
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    Default Re: Inheritance Tax Avoidance

    Bumped to annoy nasty, jealous people who are angry about their parents not leaving them anything and seek to redress the balance by penalising their kids.
    "Europe's nations should be guided towards the Super-state without their people understanding what is happening. This can be accomplished by successive steps, each disguised as having an economic purpose, but which will eventually and irreversibly lead to federation". EEC founder Jean Monnet

  5. #5 | 2057747
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    Default Re: Inheritance Tax Avoidance

    Memnoch
    Bumped to annoy nasty, jealous people whose parents didn't leave them anything and don't want their kids to get anything.
    The Ecclestone bird being the exception, she's shifting it well before time.........but he's like the Mitchell bloke.....very little.
    The European Union is Nazism under a new banner.
    Perrin is right about Cameron, on everything else he is wrong.

  6. #6 | 2057774
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    Default Re: Inheritance Tax Avoidance

    Memnoch
    Bumped to annoy nasty, jealous people who are angry about their parents not leaving them anything and seek to redress the balance by penalising their kids.
    I don't think inheritance tax is a particularly fair or effective way of raising money, and even less so now that house prices are so high that it hits a lot more people than it used to. However, that pales into insignificance against the fact that old people are now forced to hand their family home over to nursing homes in order to get essential care in their old age, and are then unable to leave their kids anything. That's what I call penalising the kids.

  7. #7 | 2057864
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    Default Re: Inheritance Tax Avoidance

    Chris Mitchell
    I don't think inheritance tax is a particularly fair or effective way of raising money, and even less so now that house prices are so high that it hits a lot more people than it used to. However, that pales into insignificance against the fact that old people are now forced to hand their family home over to nursing homes in order to get essential care in their old age, and are then unable to leave their kids anything. That's what I call penalising the kids.
    What does that have to do with inheritance tax? Mishandling of the health service is an entirely separate issue and has no bearing on the fact that inheritance tax exists for no reason other than pure spite.
    "Europe's nations should be guided towards the Super-state without their people understanding what is happening. This can be accomplished by successive steps, each disguised as having an economic purpose, but which will eventually and irreversibly lead to federation". EEC founder Jean Monnet

  8. #8 | 2057874
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    Default Re: Inheritance Tax Avoidance

    Chris Mitchell
    However, that pales into insignificance against the fact that old people are now forced to hand their family home over to nursing homes in order to get essential care in their old age,
    Well that did serve to slash the Tory majority to wafer thin, so thin in fact they had to fork out £Millions to the fucking Irish in oder to govern.
    The European Union is Nazism under a new banner.
    Perrin is right about Cameron, on everything else he is wrong.

  9. #9 | 2057971
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    Default Re: Inheritance Tax Avoidance

    what do you mean the fucking Irish? These parasites were sent there by the British crown to subjugate and exploit the emerald isle. This money gift just goes to show how little they have left in the one time colony.
    Through the glass, dim and foggy, the blunt muzzle of some beast looked at me, its yellow eyes insistently repeating one and the same thought, incomprehensible to me. We looked each other in the eye for a long time - through those shafts connecting the surface world to that other beneath the surface.

    "I am in blood Stepp'd in so far, that, should I wade no more, Returning were as tedious as go o'er"

    You better look before you leap, still waters run deep,
    And there won't always be someone there to pull you out,
    And you know what I'm talkin' about.

  10. #10 | 2057983
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    Default Re: Inheritance Tax Avoidance

    Chris Mitchell
    I don't think inheritance tax is a particularly fair or effective way of raising money, and even less so now that house prices are so high that it hits a lot more people than it used to. However, that pales into insignificance against the fact that old people are now forced to hand their family home over to nursing homes in order to get essential care in their old age, and are then unable to leave their kids anything. That's what I call penalising the kids.
    That's what happens when private companies take over parts of our NHS. How's business BTW?

 


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