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Thread: Any Accoutants/Financial Advisors

  1. #1
    Regular Member MLC's Avatar
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    Default Any Accoutants/Financial Advisors

    I need a bit of advice. My wife (and me ) is in the fortunate position of inheriting £10,000 from her gran who died recently.

    Now, in the will, everything was left to her dad, to distribute as he saw fit. He's passed the £10'000 onto my wife.

    Is this classed as inheritance or is it a gift? More importantly, is it subject to tax.

    (And no, she won't let me spend it on mods!)

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    Regular Member Jamie's Avatar
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    Default

    Paul... we had a similar thing when my Great Uncle died (my Nan got it all but shared it out around the family). As far as I remember it is a gift and is not subject to tax, I might be wrong but I'm sure thats how it works.

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    Regular Member Ian's Avatar
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    Default

    My mrs (Mrs Ian) is studying for her Financial Planning Certificate as we speak. Having just checked her notes, so long as the total given to your missus is less than £285k in total lifetime (this figure goes up every year) and the gift can be classed as a lifetime gift (ie early inheritance) then nil tax is due (ie tax free). If he does die within seven years of the gift and leaves her more then the inheritance tax limit (in total) then it will be pro ratered added onto the total inheritance.

    HTH

  4. #4
    Regular Member MLC's Avatar
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    Default

    Cheers Guys. That's reassuring

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    Full Member andy.l's Avatar
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    Any Accoutants/Financial Advisors

    hi all

    i could do wiv some advice as i ave just done my tax return online and i
    nearly fell off my chair, said to myself f**k is that how much
    owe surely not looks like i`m earning too much

  6. #6
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    i`m too scared to do it online lol

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    Regular Member Ozz's Avatar
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    Default

    MLC, you now need to dump that 10 grand into 'Apple' shares. they are about to be split again for the 3rd time in 2 years which not only will give you twice as many shares (if you get in before the split) but it won't be long before they reach a price again where the market thinks they are to expensive & will need to be split again. I have been a part of all the previous splits & I must admit I never thought I would have wound up with so many Apple shares & at US$63 it's a beautiful thing.

    On the other hand, you could do whatever you want
    Last edited by Ozz; 18th April 2006 at 08:15.

  8. #8
    Regular Member pogo's Avatar
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    if you feel like sharing your wee windfall mate ill have some congratulations its nice to get a wee lift now and again , enjoy.

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