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Funny how life can change in a week

SHOCK

By SHOCK
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Raegus
Raegus

Gratz, I'm still waiting for my grandparents to croak.

SHOCK
SHOCK

So 2 days ago i got a call whilst at work from a solicitors, and the guy i spoke to said i need to come in to hear the reading of my late grandma's will. Wasn't expecting nothing to be honest - yeah m

curtis warren2
curtis warren2

FACK HOLLA AT ME, LETS PICK UP BRICKS AN HIT COUNTRY SIR

Guest petercrotch

Guest petercrotch

Posted
Posted

All the best . Hope errting works out for you .

and i also hope you find yourself a nice african bird and a nice caribbean bird and have them beautiful black babies and extend the blood line

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Lieutenant Newbie

Lieutenant

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If your g

Also, doesn't no inheritance tax work only if they declared it a gift to the specific family member they are giving it to at least 8 years prior to their death?

Thought it was 7 still.

The 125k cash is only tax exempt if his grandmother gifted the money to him as a lifetime gift i.e. 7 years before she died. And even then it's not tax exempt, it's a PET (Potentially Exempt Transaction), from what he's said this doesn't appear to be the case. The total value of the death estate is obviously more £325k (NRB for 2011 of the top of my head), the only way the whole value of the estate is tax exempt is if the NRB from the death of his grandfather has been transferred unto his nan, as is normally the case for spouses (Spousal exemption). If that isn't the case, All Chargeable life time transfers (Under the 7 year rule) and PETs (Under the 7 year rule) now become taxable on her death.

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On the other hand, good luck with it brah, sounds like you deserve it. Don't blow it, or invest in property like most mugs would have you believe. If you want to live a relatively normal life, go down the cash ISA route. Keep it simple, use the interest of bulk savings to supplement your 'normal' income.

Why do you say not to invest in property?

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RaiKkoNen Newbie

RaiKkoNen

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Posted

If your g

Also, doesn't no inheritance tax work only if they declared it a gift to the specific family member they are giving it to at least 8 years prior to their death?

Thought it was 7 still.

The 125k cash is only tax exempt if his grandmother gifted the money to him as a lifetime gift i.e. 7 years before she died. And even then it's not tax exempt, it's a PET (Potentially Exempt Transaction), from what he's said this doesn't appear to be the case. The total value of the death estate is obviously more £325k (NRB for 2011 of the top of my head), the only way the whole value of the estate is tax exempt is if the NRB from the death of his grandfather has been transferred unto his nan, as is normally the case for spouses (Spousal exemption). If that isn't the case, All Chargeable life time transfers (Under the 7 year rule) and PETs (Under the 7 year rule) now become taxable on her death.

---

On the other hand, good luck with it brah, sounds like you deserve it. Don't blow it, or invest in property like most mugs would have you believe. If you want to live a relatively normal life, go down the cash ISA route. Keep it simple, use the interest of bulk savings to supplement your 'normal' income.

Why do you say not to invest in property?

Prices are still staccato and will not be appreciating short term or long term. If you're looking at it in a purely technical fashion, it's actually a worthless investment as the chances of losing value on equity outweighs any potential ST/LT increase...Kinda like going all in in Poker when you've got a '7'2'. Odds just aren't in your favour really. (Obviously, all this is related to the UK market.)

Development could be a shout, but time consuming.

Haven't had a detailed look at any foreign property markets lately.

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SHOCK Newbie

SHOCK

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Gratz, I'm still waiting for my grandparents to croak.

lmao

who is SHOCK?

LOL i was DOGSH!T on RWD then i was POTATO, but when the mods done that changeover it F'ed up my profile so now im SHOCK

Did ur sis get anything?

Na she's young still. I'll look after her though

But yeah thanks i will be smart. i have to be anyway. They trusted me. Its not just my Grandma its my Grandad aswell but he passed in 2005, so all his pension, savings etc went straight to my gran. But yeah if your grandparents are still alive, call them, go visit them. When your old family is what keeps you going through all them aches and pains. I'm happy but not happy if you get me. Yeah im kinda caked but would give all that back to go catch some jokes with the grandparents and eat some REAL jamaican food, not that fake sh*t in brown eagle etc

If your out this weekend in London and your a house raver im gona be that bruddah in the middle of the dance floor cutting shapes with all them bottles.

Tuesday time to get to business

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