In todays news...

[Yorick]

I might as well ask...
What is the UK inheritance tax situation? There's only two beneficiaries when my mom pops her clogs: Me in the US & my sister in the UK.

No tax to pay at the US end.

40% on any assets over £325k. I dunno how the US thing will work,though.

Luckily in UK, married couples get that each and it's carried over.
Pen's parents were canny.

[Yambo]

Turkish inheritance law is fairly straightforward as far as my situation is concerned.

Blood is thicker than the writing on a marriage contract so my children and now my grandchildren have a direct claim on my house. Only my house though. I can dispose of anything else in my Will, no problem but my son and my (deceased son's) grandchildren can come to Turkey after my death and make a claim on my house. It's the only thing I can't dispose of in my Will.

If I am married but the house is solely in my name then my wife will be entitled to one quarter of it without having to claim. The claim is very simple: come to Turkey, present yourself to the local court, explain and prove that you are a direct relative of mine and the house, or a share of it will be yours.

[JackyJoll]

Since Scotland avoided getting conquered by William the Conqueror…

And yet, the Scottish Wars of Independence (Bannockburn and all that) pitched one set of Norman lords against another set of Norman lords.

[Potter]

As far as I know, you can give your whole estate away (money, everything) perfectly legally, before you die, and as long as you don't die within six years then there will be nothing to pay when you die.

I didn't realise this and I thought that there was a limit on how much you could gift or give away, but apparently not.
So if you trust the people you want to give your money away to, then you can give it to them now or sign your property over to them now.

If whatever you sign over generates an income then it will affect their tax position, but aside from complications such as this, I think the basic principle is valid.

[JackyJoll]

As far as I know, you can give your whole estate away (money, everything) perfectly legally, before you die, and as long as you don't die within six years then there will be nothing to pay when you die.

I didn't realise this and I thought that there was a limit on how much you could gift or give away, but apparently not.
So if you trust the people you want to give your money away to, then you can give it to them now or sign your property over to them now.

If whatever you sign over generates an income then it will affect their tax position, but aside from complications such as this, I think the basic principle is valid.

People have done that and then seen how the younger generation can lose interest in you, once you give your stuff away.

[wheelnut]

As far as I know, you can give your whole estate away (money, everything) perfectly legally, before you die, and as long as you don't die within six years then there will be nothing to pay when you die.

I didn't realise this and I thought that there was a limit on how much you could gift or give away, but apparently not.
So if you trust the people you want to give your money away to, then you can give it to them now or sign your property over to them now.

If whatever you sign over generates an income then it will affect their tax position, but aside from complications such as this, I think the basic principle is valid.

I think it’s seven years, and there are a few caveats* but it’s essentially right.

*eg, if you gift a property and continue to live in it you have to pay rent.

[Potter]

People have done that and then seen how the younger generation can lose interest in you, once you give your stuff away.

Yeah, human beings can be horrible creatures, I'm sure we've all heard stories of fights after the death of parents where their kids actually come to blows over the inheritance. I don't require anything when it happens, which is good because I can see how it could turn awkward with some of the characters in my family, so I'll step back and let it pass me by.
I've never felt entitled to anything, so I'm not invested emotionally in any inheritance.

I trust my kids completely, although anything could happen I suppose, even mental health issues - when we were buying this house my wife was finding it difficult to get to the solicitors to present hard copies of ID for the process, so she suggested to put it in my name only, but I said no, what if I had a life changing event that changed my personality or something, and then in my altered state I forced her out - unlikely but it could happen.

[Hoonercat]

I had no idea inheritance tax in the UK was 40%
It's zero here when leaving property to children, and between 0.4 and 0.8% for other family members.

[Mr. Dazzle]

I think it’s seven years, and there are a few caveats* but it’s essentially right.

*eg, if you gift a property and continue to live in it you have to pay rent.

Also depends if you're seen to have deliberately deprived yourself of assets to avoid care costs doesn't it.

Property is also a bit different isn't it, it doesn't have to always be part of the £325k

Most people are thoroughly into middle age when their parents die though, what with everyone living longer these days. Based on past performance of my grandparents I expect I'll be knocking on the door of retirement myself before my parents go (touch wood).

If I'm actually worried about how much inheritance I get at that point something has gone wrong in my life.

[Cousin Jack]

As far as I know, you can give your whole estate away (money, everything) perfectly legally, before you die, and as long as you don't die within six years then there will be nothing to pay when you die.

I didn't realise this and I thought that there was a limit on how much you could gift or give away, but apparently not.
So if you trust the people you want to give your money away to, then you can give it to them now or sign your property over to them now.

If whatever you sign over generates an income then it will affect their tax position, but aside from complications such as this, I think the basic principle is valid.

Be VERY careful and take advice before giving away property!
My MiL tried that, and ended up with a gift that counted for CGT but not for IHT. So the house remained in her estate for IHT, but the gift was valid for CGT and so when it was finally sold the recipients were liable for CGT from the date of the gift.

[Potter]

I don't even know enough about it to have a sensible conversation, so before I did anything I'd have to do a fair old bit of due diligence.

[Cousin Jack]

Basically, if you give away your house to your kids, HMRC will want you to move out, or alternatively pay a full market rent to the new owners. If you don't (and HMRC will want good evidence) the 'gift' is void, as though it never happened, and your house is still part of your estate. However, this is HMRC, so they say the gift IS valid for CGT, so if/when your kids sell it, they get taxed on the capital gain since the date you gifted it, not the date when they actually got it via your will. So HMRC win on both counts! No reduction in IHT and a big lump of extra CGT.

My MiL fell foul of this after listening too a doddery old retired solicitor friend who had failed to keep up with changes in tax law. I was the executor so I had to try and unravel the mess before HMRC would grant probate. My information is also some years old now so my real advice is to TAKE PROFESSIONAL ADVICE before you do anything complicated like this. If she had done this after going to a proper solicitor we could have sued his ass off, but the retired old codger had no practicing certificate nor any professional indemnity insurance.

[Bike Breaker]

I'm not commenting on the rights and wrongs of what the couple has done by building a high fence to protect their autistic daughter who has 'a tendency to climb'. However, does anyone else see a fundamental flaw in the design of the fence?

https://www.bbc.com/news/uk-england-not ... e-67438457

[Count Steer]

I'm not commenting on the rights and wrongs of what the couple has done by building a high fence to protect their autistic daughter who has 'a tendency to climb'. However, does anyone else see a fundamental flaw in the design of the fence?

https://www.bbc.com/news/uk-england-not ... e-67438457

It looks quite climbable, but I think the real reason they've put it up is to hide all that plastic grass.

[Pirahna]

If they want to stop the child getting over the fence then razor wire would be a deterrent. Whatever happened to brick walls with broken glass cemented on top?

[Mr. Dazzle]

10ft deep trench would be effective and would allow the planning friendly fence

[Count Steer]

The photo in the article looks like an Edwinstowe parody of 'American Gothic'.

(I particularly like this version )

[JackyJoll]

10ft deep trench would be effective and would allow the planning friendly fence

Should it have snakes at the bottom, or piranha-infested water?

[Mussels]

I'm not commenting on the rights and wrongs of what the couple has done by building a high fence to protect their autistic daughter who has 'a tendency to climb'. However, does anyone else see a fundamental flaw in the design of the fence?

https://www.bbc.com/news/uk-england-not ... e-67438457

When I was ten I regularly vaulted six foot fences to get into a building site, those horizontal batons won't make much difference.
They want some privacy in what the council probably call a front garden, I have similar rules here where nothing over 3 feet is allowed. They should have put a hedge in instead, easier to get away with.

[irie]

If they want to stop the child getting over the fence then razor wire would be a deterrent. Whatever happened to brick walls with broken glass cemented on top?

Probably against their human rights. These days you'd have to install multiple warning signs and have to pay damages if scum tried to climb walls and hurt themselves while trying to get into your property.