Inheritance Tax

**Will** · 29-01-2007, 03:46 PM

As one of many people who isn't looking forward to the prospect of paying tax on something which has had tax paid for about two times previously. I was wondering if anyone here has found any useful tips for limiting the amount you have to pay, or avoiding it all together?

Our family have been wondering about this for a while, and it seems wrong that we should have to pay so much money (especially when we won't be able to afford it) on something we already own.

chillitt · 29-01-2007, 04:02 PM

i'm in the same boat,will. i object to paying for something my family has owned since 1820 something, so we have set up a trust, which places the property in all of our names so no one persons share is over the tax threshold. fairly straightforward to do, the family solictors did it for us, its a fairly cheap job, and it keeps what yours, yours. do check with the solicitor or a financial advisor, because the rules changed at the last budget.

**Will** · 30-01-2007, 01:00 PM

Thanks Chill,

That sounds worth looking into, I'll have to get onto it.

chillitt · 30-01-2007, 01:21 PM

hardest part for me was convincing my dad that planning ahead didn't mean we were wishing him dead...

He is getting a little doddery so we have done the power of attourney (sp?) thing too, which was a bit tricky... Parents are funny old things, dad will hardly talk about stuff like that, and when a friend of my mum died, she made me go in with her to the registrars and all that, not because i was driving her there, or because she wanted any support, but 'so you will know what to do when we go' !!! bless em all..

Leofric · 01-02-2007, 01:15 AM

Quote:

Originally Posted by Will

As one of many people who isn't looking forward to the prospect of paying tax on something which has had tax paid for about two times previously. I was wondering if anyone here has found any useful tips for limiting the amount you have to pay, or avoiding it all together?

Our family have been wondering about this for a while, and it seems wrong that we should have to pay so much money (especially when we won't be able to afford it) on something we already own.

I'm the exector of an estate worth over a million pounds, and we've got measures in place to deal with IHT. The first factor was my parents' wills, which "loan" one half to the other. When my Dad died (A couple of years ago, only 60.) his half of the estate was "loaned" to my Mum. Somehow, this means you get double the allowance. To add to this, my Mum has an insurance policy that'll pay out IHT on the remainder. It's horrendously complicated!

29-01-2007, 03:46 PM	#1 (permalink)
Will Administrator Join Date: Mar 2006 Location: Stratford Upon Avon Posts: 1,000	Inheritance Tax As one of many people who isn't looking forward to the prospect of paying tax on something which has had tax paid for about two times previously. I was wondering if anyone here has found any useful tips for limiting the amount you have to pay, or avoiding it all together? Our family have been wondering about this for a while, and it seems wrong that we should have to pay so much money (especially when we won't be able to afford it) on something we already own. __________________ --==Forum Admin Will==-- Your Friendly Forum Admin. - Contact me.

30-01-2007, 01:00 PM	#3 (permalink)
Will Administrator Join Date: Mar 2006 Location: Stratford Upon Avon Posts: 1,000	Thanks Chill, That sounds worth looking into, I'll have to get onto it. __________________ --==Forum Admin Will==-- Your Friendly Forum Admin. - Contact me.

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29-01-2007, 04:02 PM	#2 (permalink)
chillitt Running on empty Join Date: Mar 2006 Location: warwick Posts: 471	i'm in the same boat,will. i object to paying for something my family has owned since 1820 something, so we have set up a trust, which places the property in all of our names so no one persons share is over the tax threshold. fairly straightforward to do, the family solictors did it for us, its a fairly cheap job, and it keeps what yours, yours. do check with the solicitor or a financial advisor, because the rules changed at the last budget.

30-01-2007, 01:21 PM	#4 (permalink)
chillitt Running on empty Join Date: Mar 2006 Location: warwick Posts: 471	hardest part for me was convincing my dad that planning ahead didn't mean we were wishing him dead... He is getting a little doddery so we have done the power of attourney (sp?) thing too, which was a bit tricky... Parents are funny old things, dad will hardly talk about stuff like that, and when a friend of my mum died, she made me go in with her to the registrars and all that, not because i was driving her there, or because she wanted any support, but 'so you will know what to do when we go' !!! bless em all..