Quote:
Originally Posted by papa smurf
Ian Cameron left PM £300,000 when he died in 2010 while his mother gave him an extra £200,000 some months later
It meant he avoided paying Inland Revenue £70,000 inheritance tax that he would have paid on a £500,000 lump sum
All bequests over £325,000 are subject to a 40 per cent tax levy - PM source says he denies any wrongdoing
Read more: http://www.dailymail.co.uk/news/arti...#ixzz45PGJDsOs
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This just shows how desperate people are to find some wrongdoing .In this country there is no inheritance tax on estates passed to a spouse or civil partner ,in this case the portion of the estate left to Cameron(£300,000) had tax paid on it.The £200,000 gift from his mother may be subject to inheritance tax under the 7 year rule if she dies within 7 yrs of making the gift but that i'm not sure about because usually gifts are not classed as income and therefore not subject to tax