@parttimepilgrim.bsky.social
Of course that doesn't mean there isn't a lot of exaggeration on the other side of the argument too - there certainly is.
November 19, 2024 at 12:35 PM
Of course that doesn't mean there isn't a lot of exaggeration on the other side of the argument too - there certainly is.
Remember, you can't benefit from your gift.
Now I could be wrong about "half the value" but even if half is too much then your income goes down by a third or a quarter or whatever fraction.
Giving costs or it isn't a gift.
Now I could be wrong about "half the value" but even if half is too much then your income goes down by a third or a quarter or whatever fraction.
Giving costs or it isn't a gift.
November 19, 2024 at 12:34 PM
Remember, you can't benefit from your gift.
Now I could be wrong about "half the value" but even if half is too much then your income goes down by a third or a quarter or whatever fraction.
Giving costs or it isn't a gift.
Now I could be wrong about "half the value" but even if half is too much then your income goes down by a third or a quarter or whatever fraction.
Giving costs or it isn't a gift.
I don't think so. Suppose you own a £5 million pound family farm. Up until the budget your pension plan was to keep the farm and do less work paying your children to run the business.
To avoid IHT let's say you need to give away half the value of the farm. That would half your income.
To avoid IHT let's say you need to give away half the value of the farm. That would half your income.
November 19, 2024 at 12:34 PM
I don't think so. Suppose you own a £5 million pound family farm. Up until the budget your pension plan was to keep the farm and do less work paying your children to run the business.
To avoid IHT let's say you need to give away half the value of the farm. That would half your income.
To avoid IHT let's say you need to give away half the value of the farm. That would half your income.
Yes there are things you can do especially if you are careful not to die until 2033 but it definitely isn't "Keep £1 m in value and give the rest away and you pay nothing." Which is what the original post suggested.
November 19, 2024 at 11:52 AM
Yes there are things you can do especially if you are careful not to die until 2033 but it definitely isn't "Keep £1 m in value and give the rest away and you pay nothing." Which is what the original post suggested.
My point is, if they don't get a benefit from the asset given, what do they live on until they die? It's not as simple as the original post suggests. The "gifting" can be used especially if you plan ahead and there is a taper if you die too early.
November 19, 2024 at 11:49 AM
My point is, if they don't get a benefit from the asset given, what do they live on until they die? It's not as simple as the original post suggests. The "gifting" can be used especially if you plan ahead and there is a taper if you die too early.
... of the tax. Stating that family farmers will have to pay 20% of the value of the farm is nonsense against the tax. (It's 20% of the excess value so much less).
November 19, 2024 at 9:24 AM
... of the tax. Stating that family farmers will have to pay 20% of the value of the farm is nonsense against the tax. (It's 20% of the excess value so much less).
It's not emotional blackmail to point out that avoiding inheritance tax by gifts is harder than it seems especially while you rely on the assets you are giving away for your income. There is a lot of nonsense spoken on both sides of the argument. "Gifting" is an example of nonsense in favour ...
November 19, 2024 at 9:24 AM
It's not emotional blackmail to point out that avoiding inheritance tax by gifts is harder than it seems especially while you rely on the assets you are giving away for your income. There is a lot of nonsense spoken on both sides of the argument. "Gifting" is an example of nonsense in favour ...
Got it. You don't like them so tax increases on them are a Good Thing. You should have led with that: it would have been more honest.
November 19, 2024 at 8:54 AM
Got it. You don't like them so tax increases on them are a Good Thing. You should have led with that: it would have been more honest.
And if I become sick? I mean I am old so that is quite likely.
Come on: admit it, avoiding inheritance tax by gifts is nothing like as easy as you and others are suggesting.
Come on: admit it, avoiding inheritance tax by gifts is nothing like as easy as you and others are suggesting.
November 19, 2024 at 8:48 AM
And if I become sick? I mean I am old so that is quite likely.
Come on: admit it, avoiding inheritance tax by gifts is nothing like as easy as you and others are suggesting.
Come on: admit it, avoiding inheritance tax by gifts is nothing like as easy as you and others are suggesting.
Now explain "gift with reservation": a key point which undermines your point.
November 19, 2024 at 8:39 AM
Now explain "gift with reservation": a key point which undermines your point.
Suppose I was a farmer, what do I do for income now? I need to live for 7 years. What exactly do I live on?
November 19, 2024 at 8:33 AM
Suppose I was a farmer, what do I do for income now? I need to live for 7 years. What exactly do I live on?