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oldmisery

David Blunket

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has this man of great honour but poor vision evaded tax? he transferred 15k to his family. however personal allowance for a tax free gift is 3k.am i mistaken?

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has this man of great honour but poor vision evaded tax? he transferred 15k to his family. however personal allowance for a tax free gift is 3k.am i mistaken?

Er, from my understanding, no.

You can give £3k (I think) with no liability for tax.

Anything above that COULD be liable to inheritance tax as a potentially exempt transfer. If he lives for 7 years after the gift then the transfer becomes an exempt transfer.

The dear old Queen Mum transferred all her earthly goods to her loved ones and lived just over 7 years after thr transfer and died leaving a huge overdraft wth her bank. Clever old bird eh?

DB also did all his stuff through Trusts etc which have very different tax rules.

Maybe somebody who knows more could comment?

NDL

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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