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Uncle Joe
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14-09-2012, 05:09 PM
31

Re: Don't you just love Word-smiths!

Originally Posted by Janela ->
Clever Geoff..
Thank you (hic) Jan darlin' - am just (hic) Practising, and (hic) maintaining my (hic) alcohol levels. One way to NEVER suffer a hang-over - never (hic) sober up in the first (hic) place!!!
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spitfire
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14-09-2012, 10:16 PM
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Re: Don't you just love Word-smiths!

Hi Ya Unc, I've just had an olympic swig (Hic), where is my gold medal for a hundred litre champion?
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bakerman
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01-12-2017, 08:33 AM
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Re: Don't you just love Word-smiths!

There are many ways to avoid your beneficiary having to pay the inheritance taxes. Your home is your property, right ? you may dispose of it in any manner you see fit. You can sell your home to your child for any price you wish, So, for example you could sell your 350,000 pound home for, say 500 pounds on the condition that you get to live in it until your death. Your child, who already owns the home, would thus not be liable for any taxes. And would not pay any taxes until your child sold the home (if he/she ever sold it).
This , of course would require the services of a good estate attorney.
The richest and smartest people rarely pay such taxes, which is one of the reasons why they stay rich.
Even if the method I outlined is prohibited in the U.K. there are always ways around any law especially estate laws.
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Bruce
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02-12-2017, 01:07 AM
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Re: Don't you just love Word-smiths!

Originally Posted by Erinaceous ->
Take death taxes. No longer called what they are. Instead they have for some time been called “Inheritance Tax” as if when people inherit something that has already been taxed they should pay tax on it all over again.

Although taxing the dead doesn't cut in 'till the estate value hits £325,000, when it does the rate of tax is a staggering 40%.
Bloody hell! 40%

Every so often someone brings up the idea of death duties but then the cry goes up, "They want to tax the family home" so it is always dropped.

Since 1983 we do have Capital Gains tax but that is only applied to 50% of the capital gain and taxed at the marginal rate ie the rate you pay in income tax.

My house is exempt from capital gains tax because I bought it before 1983 but, of course, unless I buy another house/flat and live in that then it is of no advantage to me.
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02-12-2017, 01:12 AM
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Re: Don't you just love Word-smiths!

Originally Posted by bakerman ->
There are many ways to avoid your beneficiary having to pay the inheritance taxes. Your home is your property, right ? you may dispose of it in any manner you see fit. You can sell your home to your child for any price you wish, So, for example you could sell your 350,000 pound home for, say 500 pounds on the condition that you get to live in it until your death..
You can't do that here because the transaction has to be at arms length and state stamp duty is involved. While you could still sell it for $500 the stamp duty would be levied on it's full assessed value. Anyway there is no point because we don't have any inheritance tax so it would just cost you money you don't need to pay.
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