Inheritance Tax -
May 21st 2008, 12:09 pm
#1
Just Joined
Thread Starter
Joined: May 2008
Posts: 9
Inheritance Tax -
Hi
when i head abck to UK in a week or so , my Mum has arranged for me to visit her lawyers/accountants to set up a trust in my name so they can place their 2nd house into my name and 'give' it to me to avoid the inheritance tax - assuming both my parents live for another 7 years.
Is there anything I have to be aware of where I live in Oz in regard to declaring this or setting up the trust etc.
If I was to receive the income (rented out) what do I declare from a tax point - is it 'gifted' money or not??
Am confused about it all - any hints/tops would be appreciated
Thanks in advance
Tamstar
when i head abck to UK in a week or so , my Mum has arranged for me to visit her lawyers/accountants to set up a trust in my name so they can place their 2nd house into my name and 'give' it to me to avoid the inheritance tax - assuming both my parents live for another 7 years.
Is there anything I have to be aware of where I live in Oz in regard to declaring this or setting up the trust etc.
If I was to receive the income (rented out) what do I declare from a tax point - is it 'gifted' money or not??
Am confused about it all - any hints/tops would be appreciated
Thanks in advance
Tamstar
May 22nd 2008, 1:01 am
#2
Retired
Joined: Apr 2004
Posts: 34,649
Re: Inheritance Tax -
Hi
when i head abck to UK in a week or so , my Mum has arranged for me to visit her lawyers/accountants to set up a trust in my name so they can place their 2nd house into my name and 'give' it to me to avoid the inheritance tax - assuming both my parents live for another 7 years.
Is there anything I have to be aware of where I live in Oz in regard to declaring this or setting up the trust etc.
If I was to receive the income (rented out) what do I declare from a tax point - is it 'gifted' money or not??
Am confused about it all - any hints/tops would be appreciated
when i head abck to UK in a week or so , my Mum has arranged for me to visit her lawyers/accountants to set up a trust in my name so they can place their 2nd house into my name and 'give' it to me to avoid the inheritance tax - assuming both my parents live for another 7 years.
Is there anything I have to be aware of where I live in Oz in regard to declaring this or setting up the trust etc.
If I was to receive the income (rented out) what do I declare from a tax point - is it 'gifted' money or not??
Am confused about it all - any hints/tops would be appreciated
I think you should be getting advice from lawyers and accountants (make sure you find good ones) rather than an online forum! You'll need advice that covers both the U.K. and Australia.
Are you sure that the cost and risk of all this "tax planning" is going to be worth it, rather than just paying the tax and being done with it?
