Inheritence tax
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lou lou belle
- Posts: 235
- Joined: Tue Jul 21, 2009 8:33 am
Inheritence tax
My brother has inherited my great uncles house, and was taken aback by how much inheritence tax he had to pay. How does it work in the states and Canada?
Inheritence tax
lou lou belle;1242338 wrote: My brother has inherited my great uncles house, and was taken aback by how much inheritence tax he had to pay. How does it work in the states and Canada?
when my husbands grandfather passed in Scotland...there was no tax he had to pay and of course when he received it here.....no tax as there is no tax to those who receive.
when my husbands grandfather passed in Scotland...there was no tax he had to pay and of course when he received it here.....no tax as there is no tax to those who receive.
Life is just to short for drama.
Inheritence tax
Odie;1242381 wrote: when my husbands grandfather passed in Scotland...there was no tax he had to pay and of course when he received it here.....no tax as there is no tax to those who receive.
ya got to pay 40 percent on any amount over 260k in the uk
ya got to pay 40 percent on any amount over 260k in the uk
"To be foolish and to recognize that one is foolish, is better than to be foolish and imagine that one is wise."
Inheritence tax
el guapo;1242382 wrote: ya got to pay 40 percent on any amount over 260k in the uk
actually the threshold is £325,000 as of april 2009. it doesn't apply between spouses and each have the same allowance, in theory a couple can pass on £650,000 tax free to their relatives and there are plenty of ways to mitigate it if so desired. Presumably the great uncle made a will (otherwise lou lou belle would have been entitled to an equal share)
actually the threshold is £325,000 as of april 2009. it doesn't apply between spouses and each have the same allowance, in theory a couple can pass on £650,000 tax free to their relatives and there are plenty of ways to mitigate it if so desired. Presumably the great uncle made a will (otherwise lou lou belle would have been entitled to an equal share)
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lou lou belle
- Posts: 235
- Joined: Tue Jul 21, 2009 8:33 am
Inheritence tax
I know he was taken aback by how much he paid, although he did,nt say how much. What was fantastic was he had been divorced for a year from his wife.
She left him for a guy she met on the internet. She was truly awful to my brother and the only reason he stayed was because he loved his children etc..
My sister wrote a message about his inheritance on face book, and i kid you not she rang him that night and was saying that she was unhappy and had made a big mistake with this guy. What a cheek, luckily my brother has moved on and is now looking at how he is going to invest the money. I am so happy for him. :-6
She left him for a guy she met on the internet. She was truly awful to my brother and the only reason he stayed was because he loved his children etc..
My sister wrote a message about his inheritance on face book, and i kid you not she rang him that night and was saying that she was unhappy and had made a big mistake with this guy. What a cheek, luckily my brother has moved on and is now looking at how he is going to invest the money. I am so happy for him. :-6
Inheritence tax
el guapo;1242382 wrote: ya got to pay 40 percent on any amount over 260k in the uk
I wish it was over that amount!
I wish it was over that amount!
Life is just to short for drama.
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Oscar Namechange
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Inheritence tax
el guapo;1242382 wrote: ya got to pay 40 percent on any amount over 260k in the uk Your right Jesse. My Inheritence from my parents house 12 years ago was under that so we escaped. Yet when we very recently cashed our pension policies, we had to pay 40% on the lot. I did manage to claw some back but it hurt big time.
I do think that If your sensible enough to have work pensions or invest wisely for a rainy day, then 40% is too much. Especially when some of the money I invested came from my parents in the first place and I was not eligible to be taxed on under Inheritence tax laws. We cashed them in before Gordon raided the Pension funds again. :rolleyes:
I do think that If your sensible enough to have work pensions or invest wisely for a rainy day, then 40% is too much. Especially when some of the money I invested came from my parents in the first place and I was not eligible to be taxed on under Inheritence tax laws. We cashed them in before Gordon raided the Pension funds again. :rolleyes:
At the going down of the sun and in the morning, we will remember them. R.L. Binyon
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lou lou belle
- Posts: 235
- Joined: Tue Jul 21, 2009 8:33 am
Inheritence tax
gmc;1242386 wrote: actually the threshold is £325,000 as of april 2009. it doesn't apply between spouses and each have the same allowance, in theory a couple can pass on £650,000 tax free to their relatives and there are plenty of ways to mitigate it if so desired. Presumably the great uncle made a will (otherwise lou lou belle would have been entitled to an equal share)
He did GMC, he gave the house to my brother, I received a proportion of his savings along with my sister. I also had a few heir looms that I will treasure.
It was a strange feeling going through his personal possessions with my brother. I felt very uneasy, but did learn quite a lot about him by going through this process.
He did GMC, he gave the house to my brother, I received a proportion of his savings along with my sister. I also had a few heir looms that I will treasure.
It was a strange feeling going through his personal possessions with my brother. I felt very uneasy, but did learn quite a lot about him by going through this process.