I think once one goes over the nil rate the simplest answer is to spend it. The gifting bit isn't really that limited... I can shove a roll of cash in my kids hands and who is to say I didn't spend it myself? As long as they don't put it in a bank and just use it for buying stuff with cash (groceries etc) no worries
Not quite that simple but yes that is correct provided they own a main residence property at the time of second death with a value in excess of £350,000 and they leave that main residence to their children or grandchildren
What could happen in our economy if we simplified tax to the point where ordinary people could understand it? 🤔 There is so much talent tied up in tax planning: that capability turned to wealth creation rather than wealth preservation could be a very significant benefit to the nation.
Interesting comment - There is an office of Tax simplification which is supposed to make thing easier. However, with good experienced help and by putting in a few hours of effort it is possible to understand more that enough to make sensible decisions. Something we help clients with every day.
Patrick - sorry about the late response- If a property is rented to long term tenants -( More than 6 months) and that is the main asset of the company it will not be exempt as it will be regarded as an investment company. It can be resolved. Go to our website and contact us
Sorry about the late response - Most of our client have large property portfolios and also high value main residence. It is possible to avoid the tax but you will need to contact us. Visit our website www.bluebond.co.uk and use the contact us page
This is not advice -merely what COULD be done - Gift the property away but CGT may be payable and there would be loss of income to the current owner. 2. Take out life insurance. BEST ACTION -Get proper advice - YOu can book a free consultation with me from my website
@@Inheritancetaxadvice Hi, so can I make a deed of gift of the proceeds of the property to my son (grown up), without paying cgt on the proceeds to the government? the proceeds will be less than £325, 000. If I live for 7 yrs longer, then he doesn't have to pay inheritance tax?
@@sssfff - if your are asking about your main residence then no CGT to pay. THIS IS NOT PERSONAL ADVICE -If you are talking about a rental property than the best way to avoid the tax is a gift to a discretionary trust and clainm holdover relief - but this means you can not get the income - do not do this without expert advice because you will parobly make an error which may end up costing a lot more monet that the cost of the advice.
