Quote:
Originally Posted by Paul
So you would be "forced" to sell a £550k house, to pay £20k.
Meaning you would then be left with £530k in your bank account ?
Hmmm, Yeah, I can see how terrible that would be.
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No because by the time the HMRC etc have added all the fines, penalties and fees etc that they would add, because "selling the house would be the last resort" the value left could be nothing, they could take all of it.
---------- Post added at 09:17 ---------- Previous post was at 09:15 ----------
Quote:
Originally Posted by RichardCoulter
Exactly. Giving £20,000 back to society in return for a £550,000 gift is a problem i'd be happy to face everyday!
---------- Post added at 06:13 ---------- Previous post was at 06:12 ----------
They aren't exempt, but they receive a higher allowance as noted by Dingbat.
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I am sorry but if society didn't help to pay for it, society don't have a claim to it and if the child of a parent helped to pay for it, why should they also have to pay inheritance tax on something they helped to pay for?
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