Thread: UK Inheritance Tax (split)

If you are lucky enough to have a pile keep it in England and don't tell anyone about it.

^ That reminds me... How is your inheritance coming along, old chap?

Originally Posted by mad_dog

£75,000 in property £75,000 in cash. My dear old nan hasn't died yet but she has gone non compos mentis and we are trying to work our way round paying 40% inheritance tax. I'll be voting Tory at the next election.

Is it not over 300,000 to pay inheritance tax?

My folks have setup a trust fund so that they only pay tax once if one of them dies first.

Originally Posted by mrsquirrel

Is it not over 300,000 to pay inheritance tax?

David Cameron (Tory Leader) has recently(this week) promised to increase this limit to 1 Million Pounds if the Conservatives are elected at the next election. Promises...promises.

Originally Posted by mad_dog

I'll be voting Tory at the next election.

As would anyone with more than half a brain.

Originally Posted by Marmite the Dog

Originally Posted by mad_dog

I'll be voting Tory at the next election.

As would anyone with more than half a brain.

After seeing Gordon Brown ushering Margaret Thatcher into Downing Street I fear there is now no-one left to vote for in the UK. He has finally succeeded in bankrupting more people than she did, and hers was a 100 year old record.

Originally Posted by mad_dog

£75,000 in property £75,000 in cash. My dear old nan hasn't died yet but she has gone non compos mentis and we are trying to work our way round paying 40% inheritance tax. I'll be voting Tory at the next election.

I don't know, all this getting round paying the tax seems to be working in our favour at the moment. Saves waiting for the buggers to die.

I think they have to get rid of it 7 years before they die or you are still liable to pay tax, although some payments don't count, such as paying for education and things like that.

HM Revenue & Customs: HMRC Inheritance Tax: Customer Guide

Originally Posted by NickA

My dear old nan hasn't died yet but she has gone non compos mentis and we are trying to work our way round paying 40% inheritance tax

As from Tuesday 9th October inheritance tax at 40% kicks in after 600,000 pounds for a maried couple...male/female or same sex registered union. Also capital gains is simplified.... you pay 18% on all profit (after any allowances) It used to be complicated with a sliding scale of payments depending on how long you had held on to your assets) Now you can make a quick buck in a few days and only pay 18%. ie buy a property and sell immediately and pay a straight 18%.