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Re: Declaring income
Originally Posted by Chiclanagir
(Post 10125445)
Only if the estate is over 325,000 GBP.
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Re: Declaring income
Originally Posted by KevinF
(Post 10124986)
One thing Brits. can very rarely avoid is having their children pay Inheritance Tax to HMRC. If you are British and your Father was also British then the chances are that your Estate is 'captured' for ever and a day by the swingeing 40% tax bill. However there are several methods of legitimately avoiding or mitigating this tax !
Yes, it can be very difficult to lose your English domicile but it isn't impossible. In my own personal case I am pretty confident that I could claim to have changed domicile but even then, as Chiclanagirl and Rafiki have pointed out, the starting point for UK IHT is very high compared to Spain and anyway, you can deduct any Spanish IHT paid from the UK IHT. I just hope your post is not going to turn into an advert for "several methods of legitimately avoiding or mitigating this tax". |
Re: Declaring income
Originally Posted by KevinF
(Post 10124986)
One thing Brits. can very rarely avoid is having their children pay Inheritance Tax to HMRC. If you are British and your Father was also British then the chances are that your Estate is 'captured' for ever and a day by the swingeing 40% tax bill. However there are several methods of legitimately avoiding or mitigating this tax !
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Re: Declaring income
My goodness ! I can see that tax is a real issue and of course it always is.
But what so very many Brit. expats. overlook is the question of IHT. At a swingeing 40% on everything over £650,000 ( for a married couple who have left their estates to each other ) this is the "big" one ! The number of adult children who have been utterly dismayed that their Ma & Pa had overlooked planning for this eventual tax is legion ! Comments welcome.... I cant recall how to add a signature but I have added my co-ords as an attachment. Bestest, Kevin J |
Re: Declaring income
FAO Fred James !
My goodness you have obviously been reading "me" somewhere else online ! |
Re: Declaring income
Originally Posted by KevinF
(Post 10125850)
My goodness ! I can see that tax is a real issue and of course it always is.
But what so very many Brit. expats. overlook is the question of IHT. At a swingeing 40% on everything over £650,000 ( for a married couple who have left their estates to each other ) this is the "big" one ! The number of adult children who have been utterly dismayed that their Ma & Pa had overlooked planning for this eventual tax is legion ! Comments welcome.... I cant recall how to add a signature but I have added my co-ords as an attachment. Bestest, Kevin J |
Re: Declaring income
Originally Posted by KevinF
(Post 10125850)
My goodness ! I can see that tax is a real issue and of course it always is.
But what so very many Brit. expats. overlook is the question of IHT. At a swingeing 40% on everything over £650,000 ( for a married couple who have left their estates to each other ) this is the "big" one ! The number of adult children who have been utterly dismayed that their Ma & Pa had overlooked planning for this eventual tax is legion ! Comments welcome.... I cant recall how to add a signature but I have added my co-ords as an attachment. Bestest, Kevin J |
Re: Declaring income
Originally Posted by Chiclanagir
(Post 10125863)
If I had an estate worth 650k inheritance tax wouldn´t be worrying me. I would be out spending it.
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Re: Declaring income
Originally Posted by KevinF
(Post 10125850)
My goodness ! I can see that tax is a real issue and of course it always is.
But what so very many Brit. expats. overlook is the question of IHT. At a swingeing 40% on everything over £650,000 ( for a married couple who have left their estates to each other ) this is the "big" one ! The number of adult children who have been utterly dismayed that their Ma & Pa had overlooked planning for this eventual tax is legion ! Comments welcome.... I cant recall how to add a signature but I have added my co-ords as an attachment. Bestest, Kevin J |
Re: Declaring income
Originally Posted by KevinF
(Post 10125850)
My goodness ! I can see that tax is a real issue and of course it always is.
But what so very many Brit. expats. overlook is the question of IHT. At a swingeing 40% on everything over £650,000 ( for a married couple who have left their estates to each other ) this is the "big" one ! |
Re: Declaring income
Originally Posted by KevinF
(Post 10125855)
FAO Fred James !
My goodness you have obviously been reading "me" somewhere else online ! |
Re: Declaring income
Originally Posted by JLFS
(Post 10125882)
What a bummer innit?
They each have had a very good financial start from us on their twenty fifth birthdays.... now they can make their own way! :nod: :D As for declaring.....I'm starting to wish I hadn't, trying to sort out the bungles HMRC have made over the last couple of years is about to make my Spanish tax return something of a fairy story. |
Re: Declaring income
Get a life and stop badmouthing your friend - someone should tell this poor soul what a grass you are, with a friend like you, who needs an enemy!
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Re: Declaring income
Originally Posted by irishactress
(Post 10134294)
Get a life and stop badmouthing your friend - someone should tell this poor soul what a grass you are, with a friend like you, who needs an enemy!
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Re: Declaring income
Originally Posted by megmet
(Post 10126444)
Well I'm spending the kids inheritance NOW!
They each have had a very good financial start from us on their twenty fifth birthdays.... now they can make their own way! :nod: :D As for declaring.....I'm starting to wish I hadn't, trying to sort out the bungles HMRC have made over the last couple of years is about to make my Spanish tax return something of a fairy story. AFAIK there is no disclosure or checking between GB & SP, unless you have lots of noughts on the end, when International Terrorism looms. but I am sure you aren't one of those ;) |
Re: Declaring income
Originally Posted by irishactress
(Post 10134294)
Get a life and stop badmouthing your friend - someone should tell this poor soul what a grass you are, with a friend like you, who needs an enemy!
the future looks bright the future looks irish (actress) (apologies to Orange) :rofl: |
Re: Declaring income
Originally Posted by Stillwater
(Post 10117100)
No, she is right: an upright socialist type never does anything wrong!
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Re: Declaring income
Originally Posted by nogard
(Post 10134522)
Well said and bang on. Champagne socialist!
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Re: Declaring income
Can we get back on topic please.
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