Nice to see Prince Charles pays his tax.

[Corran]

If the House means that much to the family your Mum can hand it over before her death can't she? I though if it was a year or two before her death it is exempt? I have a friend whose Dad gave him his farm in this manner and now pays him £10 a month rent just to avoid Death Tax. If your Mum gave an equal share to all her Children it will keep the property in the family.

think it been made something crazy like 7yrs to avoid this happening now if i remember correctly

 

[Vae]

think it been made something crazy like 7yrs to avoid this happening now if i remember correctly

Yes it's 7 years to avoid all inheritance tax but the tax due is pro-rata'd based on how many years prior to death the property had been gifted. It's important to realise that it must be a true gift. The person gifting the property has no right to stay in the property and must pay rent if they do for it to be considered a true gift. I would be surprised if rent of £10 per month was considered sufficient to be considered commercial terms and this to be considered to be a true gift without reservation and thus that transfer may not be relevent for inheritance tax.

 

[Scouse]

His total income was over 20 mill - he paid about 20% tax - more than some of the super rich but not much compared to what ordinary tax payers pay - I wonder what schemes his accountant uses?

In addition to having inherited the Dutchy of Cornwall and other huge swathes of land and a whacking great fortune - all by "divine right" of course.

If he was a "good man" he'd have paid the country's debt off...


Edit: Yeah, I know ryn's quote was not strictly relevant to my post, but I liked it