Rossal 12:31 Fri Nov 13
Avoiding inheritance tax
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So my Nan is getting on, her house is worth 450/500k and it will eventually go to just my mum. My grandad passed away years ago.
Obviously want to avoid as much inheritance tax as poss when its her time to go, anyone know the best way to do this?
thanks in advance for words of wisdom
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Replies - Newest Posts First ( Show In Chronological Order)
Rossal
10:17 Mon Nov 16
Re: Avoiding inheritance tax
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Thanks all
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tanman
10:10 Mon Nov 16
Re: Avoiding inheritance tax
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The thresholds have been raised recently so I think with a house of that value you wont need to worry about it anyway.
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oioi
12:00 Sun Nov 15
Re: Avoiding inheritance tax
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Syd Puddefoot 9:15 Sat Nov 14
Thanks for that. I'll sort that out later.
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mashed in maryland
11:07 Sun Nov 15
Re: Avoiding inheritance tax
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I've nothing to add to help Rossal so apologies, just wanted to say that inheritance tax is fucking evil and I hope you find a solution and keep every penny and the government get nothing.
Good luck
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1964
11:33 Sat Nov 14
Re: Avoiding inheritance tax
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It’s all bollox
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joyo
11:14 Sat Nov 14
Re: Avoiding inheritance tax
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I wouldn't image the bench would attract to much inheritance tax
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Hammer and Pickle
10:52 Sat Nov 14
Re: Avoiding inheritance tax
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So did you actually claim Polish women are going to Germany to ponce when they need an abortion you absolute moron?
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Mr Kenzo
10:47 Sat Nov 14
Re: Avoiding inheritance tax
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Ah bless you still smarting from a few home truths? Pathetic Wanker
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Mr Kenzo
10:20 Sat Nov 14
Re: Avoiding inheritance tax
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Whomail garrrlic bread if you want to invest the proceeds :)
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Syd Puddefoot
9:15 Sat Nov 14
Re: Avoiding inheritance tax
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Queens Fish Bar 1:15 Fri Nov 13
Yes you can do it online, just sorted one out for me and Mrs P, basically on the advice of Martin Lewis which is maybe where you missus got the idea from? Seemed like a good idea in the present climate. 82.00 quid each but lasts forever, or as long as you do. Just the financial aspect for me, not health. A certain amount of trust is involved of course.
https://www.gov.uk/power-of-attorney/make-lasting-power
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Rio or Anton or Les
10:26 Sat Nov 14
Re: Avoiding inheritance tax
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My pension advisor said to me recently that Inheritance Tax is a voluntary tax.
Meaning make plans via a trust to keep it away from the taxman.
Seek professional advice.
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,
9:18 Fri Nov 13
Re: Avoiding inheritance tax
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Seeing as 96% of settled estates to not have enough value to be subject to inheritance tax it is unlikely to upset the man on theClapham omnibus.
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Westside
9:14 Fri Nov 13
Re: Avoiding inheritance tax
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The thing about inheritance tax is it effectively taxes assets which have had tax already paid on them.
Really.
The OP post is his grans house. I suspect the value of the house is far greater than when it was purchased. That increase in value won't have been taxed, at all.
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Full Claret Jacket
8:11 Fri Nov 13
Re: Avoiding inheritance tax
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The thing about inheritance tax is it effectively taxes assets which have had tax already paid on them. Work all you life, pay income tax, vat, stamp duty etc. and then when you pass on and want to give it to your family they want to take more.
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Westside
5:48 Fri Nov 13
Re: Avoiding inheritance tax
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Thing about avoiding tax is most people have little opportunity to do so.
Everybody in a job, has the opportunity to be in a pension scheme. A great method of tax avoidance.
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Woodford Green
5:48 Fri Nov 13
Re: Avoiding inheritance tax
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As long as your Grandad didn't use any of his IHT allowance for any assets passed on to others (other than his wife) your nan can combine his allowance with hers and that will be well in excess of 500k
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BRANDED
5:10 Fri Nov 13
Re: Avoiding inheritance tax
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Thing about avoiding tax is most people have little opportunity to do so. Many people just don't even make the effort to find out. Then there are those who take every effort to work out how to do it and do it at every opportunity.
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roltrader
5:04 Fri Nov 13
Re: Avoiding inheritance tax
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..tell her to sell the house and put it all into I3 Energy, job done ?
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Block
4:06 Fri Nov 13
Re: Avoiding inheritance tax
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Funny how people hate those who avoid tax, but seem to be happy doing it when it comes inheritance tax.
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Westside
3:54 Fri Nov 13
Re: Avoiding inheritance tax
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A much more generous deal than I remember.
Relatively new. Came in to effect 2017/18 tax year.
With that relief, inheritance tax, does become the tax of millionaires.
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