honved Posted July 16, 2011 Report Share Posted July 16, 2011 I was discussing the Weir's win with a business contact yesterday and of course we got onto the "if you own what would you do with it" chat. This guy then told me that he had a plan in place already to minimise the tax impact on any giveaways that he would make to his family since if he just gifted them cash from his pile it would be subject to income tax and/or inheritance tax (dependent on when he dies). His plan was to fabricate a syndicate agreement based on percentages and the produce that when HMRC come calling. Something like me 80%, my brothers 5% each, my mother in law 5%, my pals 2.5% each... Don't have a clue if it's true, but it would be a ball acher to win tons of cash and have HMRC take tons off your relatives and friends. Quote Link to comment Share on other sites More sharing options...
B.C.G. JAG Posted July 16, 2011 Report Share Posted July 16, 2011 Of course, you could keep it all... Quote Link to comment Share on other sites More sharing options...
wee jim Posted July 16, 2011 Report Share Posted July 16, 2011 It is reported in the Herald that the very nice Mr Weir is a Partick Thistle supporter. Does anyone recognise the very nice Mr Weir, possibly from the pie stall queue? Anyway don’t you think it would be entirely appropriate for the Club or even the JT to send the very nice Mr Weir our heartfelt congratulations on his good fortune to win such a large amount on the Lotto. And with absolutely no strings attached invite him and his very nice wife (though perhaps not with his teetotal wife, wouldn’t want her to dissuade Colin from making any rash commitments) along to match day hospitality for a glass or two of celebratory bubbly. Quote Link to comment Share on other sites More sharing options...
twinny Posted July 16, 2011 Report Share Posted July 16, 2011 Could you not keep the money but buy things for people, i.e. pay for a house but have it in your offspring/friend's name, or would that then be subject to the same taxes? Quote Link to comment Share on other sites More sharing options...
Exiled AusJag Posted July 16, 2011 Report Share Posted July 16, 2011 Could you not keep the money but buy things for people, i.e. pay for a house but have it in your offspring/friend's name, or would that then be subject to the same taxes? In the UK if you gift anything within 7 years of expiring that would be subject to inheritance tax, then it's still subject to that unfair tax. It was done away with in Oz years ago. I don't understand why the british government takes money from you when you die, which should rightfully belong to family members. Seems to take away the incentive to build up a decent nest egg. Quote Link to comment Share on other sites More sharing options...
thornwoodjag Posted July 16, 2011 Report Share Posted July 16, 2011 Can u buy things and then give them away. i.e.cars and houses? Quote Link to comment Share on other sites More sharing options...
keithrock Posted July 17, 2011 Report Share Posted July 17, 2011 Could he not just move to some dodgy tax haven, like the Cayman Islands or summit? Quote Link to comment Share on other sites More sharing options...
twinny Posted July 17, 2011 Report Share Posted July 17, 2011 In the UK if you gift anything within 7 years of expiring that would be subject to inheritance tax, then it's still subject to that unfair tax. It was done away with in Oz years ago. I don't understand why the british government takes money from you when you die, which should rightfully belong to family members. Seems to take away the incentive to build up a decent nest egg. It's not unfair at all. I don't expect anything from my parents when they die, I'll do my hardest to earn my way. Abolishing inheritance tax will only help the rich get richer, and anyway, if you're smart there are plenty of ways to get round it. I have a friend who believes inheritance tax should be 100% (I don't completely agree with but do agree with the sentiment). Why should the fact your parents were rich mean you don't need to do contribute yourself? Quote Link to comment Share on other sites More sharing options...
keithrock Posted July 18, 2011 Report Share Posted July 18, 2011 It's not unfair at all. I don't expect anything from my parents when they die, I'll do my hardest to earn my way. Abolishing inheritance tax will only help the rich get richer, and anyway, if you're smart there are plenty of ways to get round it. I have a friend who believes inheritance tax should be 100% (I don't completely agree with but do agree with the sentiment). Why should the fact your parents were rich mean you don't need to do contribute yourself? If your friend feels that way, I'm sure the Government would happily take all of his inheritance. I on the other hand would like to provide my family with a secure future, something that the Government couldn't do with all the money in the world. Quote Link to comment Share on other sites More sharing options...
twinny Posted July 18, 2011 Report Share Posted July 18, 2011 If your friend feels that way, I'm sure the Government would happily take all of his inheritance. I on the other hand would like to provide my family with a secure future, something that the Government couldn't do with all the money in the world. He's only 26, I suspect his views may change as he gets older. He is a very odd one though. On a side note, I feel there is a very good chance he (my friend) will become part of that Government one day, he currently works in an MP's office and one of the people he used to share the job with has recently become an MSP. To be honest, the country should allow people to be able to secure their own future, so I would agree in principle with the 100% inheritance tax if the government could do a better job of keeping people in work and helping those out of work find more. But as you say, they're not to be trusted. Quote Link to comment Share on other sites More sharing options...
KJJag Posted July 19, 2011 Report Share Posted July 19, 2011 I know someone who won 2.5 million a couple of years ago, they paid off family mortgages, gave friends some money and the cost to them for this is they now pay over £2k per month insurance to cover inheritance tax etc if they die. And no he doesn't support the Jags so no chance of getting any of his money Quote Link to comment Share on other sites More sharing options...
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