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When do I have to pay INHERITANCE TAX UK

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Bouncing Back

Bouncing Back

Күн бұрын

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@marklittler784
@marklittler784 2 жыл бұрын
Duke of Westminster aged 27 and his sister inherited £2 Billion inheritance tax free
@mikeroyce8926
@mikeroyce8926 3 жыл бұрын
Thank you Helena. You have covered in a very simple but helpful way something that is quite time consuming to uncover - how to calculate the Residence Nil Rate Band (the £175,000 extra threshold that may apply to some estates).
@billhicks6070
@billhicks6070 10 ай бұрын
Thank you Helena for this simple, clear and helpful video. Useful at a stressful time.
@BouncingBack
@BouncingBack 3 жыл бұрын
There are a number of ways to reduce or eliminate the amount of inheritance to be paid on our estate or the estate of our families. Here are top tips to help you plan to avoid or reduce paying inheritance tax, which is an average of £200k in the UK.
@petewitkowski5315
@petewitkowski5315 Жыл бұрын
To avoid inheritance tax just get in touch with the little man Charlie at the Palace. He is an expert on how not to pay inheritance tax.
@alangoudie2299
@alangoudie2299 4 ай бұрын
Thank you for a very helpful & easy to follow video. I have subscribed.
@marissakeynes2532
@marissakeynes2532 6 ай бұрын
It's disgusting how the Govt tells us how much we can gift out of our own money which has already been taxed.
@EdmundBaileyUK
@EdmundBaileyUK 3 жыл бұрын
Well done Helena!! Really useful info on an area that is and will impact on more and more people! Thanks 🙏
@BouncingBack
@BouncingBack 3 жыл бұрын
Thank you, glad you found it useful
@mikeroyce8926
@mikeroyce8926 3 жыл бұрын
I have a suggestion for you Helena. A while ago I spent ages looking for my late father's will. I could find a photocopy, but I couldn't find the original will. Then an accountant pointed out to me that the Probate Office keep the will, before granting probate. Have you tried asking the probate office if they could help you trace the "missing" will?
@BouncingBack
@BouncingBack 3 жыл бұрын
Thanks for the tip, my father-in-law died long before probate existed. We paid for a will search and nothing came back. Anyhow, after getting my MP involved, the probate office granted the probate the end of last week so all is sorted now - finally!
@Mike-ot6lb
@Mike-ot6lb 8 ай бұрын
Many thanks for this video. Need a video on how to fill in how to value someone's estate. Do you have one?
@stevethomson7936
@stevethomson7936 3 жыл бұрын
Just for info, the care home funding guidelines from the Scottish Government say that putting your property under trust would not avoid care home fees.
@MadderPrinciple
@MadderPrinciple 3 жыл бұрын
Excellent video, so helpful, as always!
@BouncingBack
@BouncingBack 3 жыл бұрын
Thank you!
@lawrie3448
@lawrie3448 6 ай бұрын
Trying to plan ahead - inherited my wifes family home and it was seperated between me,my wife and my son . We have listed it as tenants in common and both named our son as the beneficiary of the deceased section of the ownership . Is this taxable - bearing in mind that the survivor doesn’t own the part that the deceased has left ! We have done the same with our main home - does tenants in common alter the validity of our main home claim ?
@robbloom272
@robbloom272 3 жыл бұрын
Very useful information - thanks
@BouncingBack
@BouncingBack 3 жыл бұрын
Thanks
@runningman5871
@runningman5871 2 жыл бұрын
Amazingly clear vidwo, thanks. Cleared up a lot of my questions.
@malvanlondon8683
@malvanlondon8683 Жыл бұрын
Thanks for the very helpful video. Is the deceased's ISA savings - if given to their children - taxed at 40% ?
@dipeshmistry8797
@dipeshmistry8797 3 жыл бұрын
Thanks for sharing
@BouncingBack
@BouncingBack 3 жыл бұрын
You're welcome
@serraios1989
@serraios1989 3 жыл бұрын
Very useful, thank you
@lerouretan1937
@lerouretan1937 2 жыл бұрын
Hello Helena, I am using the gift out of income for my father's probate, but find the regularity part very vague: how strict is HMRC on the regularity: for example will payments of say between £1000 and £2000 every three months, but not on specific date be acceptable as "regular". And the other question, is it okay if these payments were to different members of the family? Son and Grandchildren for example? Or must they be to only one designated person (at any one time)?
@marklittler784
@marklittler784 2 жыл бұрын
Probably better making written copies of wills sometimes even solicitors loose them, can register will too.
@Jeffybonbon
@Jeffybonbon 3 ай бұрын
I cam across something of intrest which i will share I am a landlord own a lot of investment properties in my own name the first one is debt if you remortgage the debt is offset against IHT so you can remortgage and just spend the money or gift it away 7 year rule the next thing i have found is with Land and property the estate wheich is inherited can pay the IHT over 10 years HMRC will charge intrest but it allowed the estate to remain in place and the rental income can pay the IHT
@musheopeaus4125
@musheopeaus4125 3 жыл бұрын
Excellent video . I had to trawl though so much pointless dross to find this gem
@BouncingBack
@BouncingBack 3 жыл бұрын
Really pleased it was useful - thank you
@Gutenmorgenside
@Gutenmorgenside Жыл бұрын
Well explained.
@petekelvin2736
@petekelvin2736 3 жыл бұрын
So hard to find nice content like this. I don't know who, but someone actually needs to hear this, you've got to stop saving all your money. Venture into investing some, if you really want financial stability
@petekelvin2736
@petekelvin2736 3 жыл бұрын
Invest globally in bitcoin, gold, silver, forex market, commodities. Just don't be left out and save yourself
@micheal9186
@micheal9186 3 жыл бұрын
Beautifully said, I tell my folks these words everyday. It's good to save money but most people don't understand the market moves and tend to be misled in facts like this and always depend on money in the bank.
@petekelvin2736
@petekelvin2736 3 жыл бұрын
@Collins Markson Hey, this is a computer age. Peeps who aren't even traders make money from the crypto and forex markets ,how many millionaires do you know who have become wealthy by investing in savings accounts?
@michealsmith2251
@michealsmith2251 3 жыл бұрын
Very helpful, this is what I needed to hear today
@petekelvin2736
@petekelvin2736 3 жыл бұрын
@Collins Markson My personal portfolio/investment manager; Mrs Rebecca Leigh Jones , after a whole week of research,she runs an investment platform where you don't have to undergo any stress in the trades, she manages my trading account which i opened with a capital of $3000 and now i have grown my portfolio up to over $6500, a huge success.
@stevanharrison
@stevanharrison Жыл бұрын
Yes spend it and enjoy while you can
@nixodian
@nixodian 2 жыл бұрын
7yr rule ,so if survive longer than 7 yrs the amount that you gifted is iht free, but cgt free? does it meaning gifting any amount? gifting to whoever?
@marklittler784
@marklittler784 2 жыл бұрын
Best of my knowledge a trading company gets passed to relatives inheritance tax free like a sweet shop if it's been trading at least two years a company is only few hundred to form. But check with accountant yourself.
@lenb9037
@lenb9037 Жыл бұрын
Nice to know if you leave all your estate to the political party who brought in inheritance tax to steal from you then no inheritance tax would be due.
@amandadodgson2444
@amandadodgson2444 2 жыл бұрын
Very informative..thanx..
@hankbarnes8674
@hankbarnes8674 3 жыл бұрын
Is life policy is also subject to inheritance tax? I assume it is.
@BouncingBack
@BouncingBack 3 жыл бұрын
If it forms part of your estate then yes. It is possible to set up life insurance within a Trust, that way it is kept separate from your estate and therefore exempt from inheritance tax.
@tarakkhandakar
@tarakkhandakar 3 жыл бұрын
Hi quick question, my dad owned a home worth 800k, my dad didn't use his 325k threshold allowance. Now my mother owns the home. If she sells and gifts the children cash of 700k. do we only pay inheritance tax on anything over 650k? (the 50k) if she passes away within 7 years?
@roymichaeldeanable
@roymichaeldeanable 2 жыл бұрын
The Probate Office isn't the problem...the problem lies closer at hand
@tommydaye
@tommydaye 6 ай бұрын
If I want to give my Sister and her family £10,000 each will they be libel to pay tX on this ,
@davidtrunks4758
@davidtrunks4758 Жыл бұрын
Misleading video - It's entitled "when do I have to pay inheritance tax UK" but after watching the whole 15 minutes it does not answer this question whatsoever. It only tells you how to avoid some of the tax. For example is it due BEFORE I sell the property?
@ritathomson9764
@ritathomson9764 Жыл бұрын
So if you inherit 50,000 in the bank and a house worth 75,000 you don’t have to pay inheritance tax is that correct ?
@sriramulutharakaram6802
@sriramulutharakaram6802 14 күн бұрын
What if I took all my moneys and left the country for good?
@peterwilliams6188
@peterwilliams6188 Ай бұрын
Am I allowed to give someone a Christmas present?
@floswason8776
@floswason8776 Жыл бұрын
Sounds like she’s in Britain we are one month away from 2 years waiting for brothers will to get disposes You pay 40% of money over 325 pounds I’ve checked NYS you pay tax on anything over $1.6 million federal tax comes after you get anything over $40,000,000
@joehayes819
@joehayes819 2 жыл бұрын
Hi, I’m just wondering my grandad has left me and my brother 25% and my mum 50% of his property valued at 280k (probate) now because I will be receiving 25% and I own another property under 125k will I be subject to any tax? My brother and mother the other recipients do not own a property as of yet? Thanks
@willbee6785
@willbee6785 3 ай бұрын
👍
@brianshefford2317
@brianshefford2317 Жыл бұрын
Inheritance tax is a money spinner for hmrc they won't be in a hurry to cut it anytime soon it's all about the money as always
@richardmurphy4520
@richardmurphy4520 8 ай бұрын
Fair share !? 40% !!!
@twig3288
@twig3288 7 ай бұрын
Did you say the government wants its FAIR share? Define fair
@jakestablettableto9453
@jakestablettableto9453 7 ай бұрын
Channel owner hearted a bot comment promoting scams, wouldn't listen to a word
@leskerr9446
@leskerr9446 2 ай бұрын
Please do not refer to inheritance tax as "the government's FAIR share"
@chrisrustage6757
@chrisrustage6757 4 ай бұрын
Well presented--but absolutely nothing new. Why repeat the same advice given several hundred times every day online and in the press? The truth is this--there is NO magic 'silver bullet'. Cash in , buy or create a ltd company trading business--and after 2 years trading, THAT is as near as you can get to keeping your hard earned cash. Trusts? Go on--go down that line and faint at the fees and up front tax payable on your properties and savings! If you are over 60--it's simply uneconomical. So Helena--the best advice you give is the obvious one--Make a will--then spend now and create memories--and forget the rest! Peace and a long life to you all.😇
@peterwilliams6188
@peterwilliams6188 Ай бұрын
Why is it always a taxman. Tax women are more dangerous
@donmckechnie9858
@donmckechnie9858 Жыл бұрын
The gov doesn’t tax you to death. Wha wha! The gov builds roads, schools, pays police, etc! People that avoid a reasonable inheritance tax is a deadbeat. We cannot continue to concentrate wealth.
@ianreed7605
@ianreed7605 Жыл бұрын
Somewhat narrow minded. Some people are careful with money and consequently have substantial amounts to leave. Some people spank all their money and are left with very little to give. Inheritance tax penalises you for being careful, prepared and smart. It’s zilch to do with concentrating wealth.
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