Chriselle 158 Posted July 17, 2014 Share Posted July 17, 2014 Woooow.....! That's insane! You don't know whether to laugh or cry. Link to post Share on other sites
Tubby Beaver 209 Posted July 17, 2014 Share Posted July 17, 2014 What's the rules for the UK? Are they the same? So BM, if you manage to "buy" it from ur mum while she's alive, you wont need to pay any inheritance tax when she passes bcos you're already the owner.....is that the idea? Link to post Share on other sites
NoFakie 45 Posted July 17, 2014 Share Posted July 17, 2014 So she lives in it but they won't regard it as her primary residence? Link to post Share on other sites
pie-eater 207 Posted July 17, 2014 Share Posted July 17, 2014 Outrageous. Link to post Share on other sites
pie-eater 207 Posted July 17, 2014 Share Posted July 17, 2014 The number of people who don't do anything to prepare is scary too. Everyone, talk with your mum and dad about it. I'm sure they don't want big chunks of their stuff going to govt before sprogs. There are ways to completely legally minimise this daylight robbery. Link to post Share on other sites
Chriselle 158 Posted July 17, 2014 Share Posted July 17, 2014 My mother-in-law keeps telling us to renovate our house or buy the things we need before she dies because she knows the J ripper-offers are going to take a huge chunk on her departure. Link to post Share on other sites
Thundercat 60 Posted July 17, 2014 Share Posted July 17, 2014 What's the rules for the UK? Are they the same? So BM, if you manage to "buy" it from ur mum while she's alive, you wont need to pay any inheritance tax when she passes bcos you're already the owner.....is that the idea? Basically yes. The big contingency is whether or not the property is classified as a primary residence. In many cases, capital gains tax and inheritance tax are the same thing. If my mom sells me her place and it is considered her primary residence then she doesn't have to pay capitals gains tax and when she passed away I wouldn't have to pay inheritance tax because I'd already own it. So she lives in it but they won't regard it as her primary residence? The problem we have now is that in order for her to not pay any capital gains when she sells me the cabin it has to be considered the primary residence for every year she owned the property. She never designated that property as her primary residence before now so we are trying to figure out how many years we can go back to claim it. Link to post Share on other sites
fukdane 2 Posted July 17, 2014 Share Posted July 17, 2014 That sounds just crazy. Good luck with it. Link to post Share on other sites
Tubby Beaver 209 Posted July 17, 2014 Share Posted July 17, 2014 What annoys me, not that I actually know this happens but Im annoyed at the thought of it happening , do the super rich chinless wonders, such as the royals and other landed gentry, who all inherit large estates and wealth, do they pay this as well? I assume they must, but it seems such an expensive tax on little properties like BM's mum's cabin that the same tax on vast estates must be HUGE.....how can they afford it?! Link to post Share on other sites
yamayamayama 2 Posted July 17, 2014 Share Posted July 17, 2014 Being super rich might help Link to post Share on other sites
Tubby Beaver 209 Posted July 17, 2014 Share Posted July 17, 2014 But it's all relative right? If you have super estates the % would perhaps even out.....unless those bastards avoid paying what regular ppl pay Link to post Share on other sites
pie-eater 207 Posted July 17, 2014 Share Posted July 17, 2014 Very probably there's 'loopholes' - some (many) of which anyone would use if they could and had the chance to. The point is, I think, these 'loopholes' need to be plugged up. Link to post Share on other sites
pie-eater 207 Posted July 17, 2014 Share Posted July 17, 2014 And this scam jolly well needs to be sorted too! Link to post Share on other sites
Tubby Beaver 209 Posted July 18, 2014 Share Posted July 18, 2014 We know a man who wouldn't let this faffing fly...... #handsAroundTheWorldforAbekun Link to post Share on other sites
BagOfCrisps 24 Posted July 18, 2014 Share Posted July 18, 2014 there's no fanning around with mr abe Link to post Share on other sites
Biggen 3 Posted July 19, 2014 Share Posted July 19, 2014 To avoid the capital gain tax the wealthy people have the property is their Company name. The company owner dies but the Company does not so their is no exchange of the property title. The company do pay tax yearly on the appreciation but its is written of by the cost of maintaining the property. If the Company folds the ower will change the property title way before the poo hit the fan into the name of non-working family member, usually the youngest student in the family , avoiding the capital gains tax again. Link to post Share on other sites
Thundercat 60 Posted August 6, 2014 Share Posted August 6, 2014 Looks like we've got it all sorted out. When able, I'll post a photo of the view from my new cabin! Link to post Share on other sites
634-maru 4 Posted August 6, 2014 Share Posted August 6, 2014 Great news! Link to post Share on other sites
grungy-gonads 54 Posted August 8, 2014 Share Posted August 8, 2014 UK ers. Did you know: - you are married, wife is Japanese - you have UK passport but live and will live in Japan all your life. The UK passport is the point - you own stuff only in Japan - when you die, all your assets will be subject to UK inheritance tax laws, NOT Japan inheritance tax laws. Or so I have been told. Big question is - would Japan want to take a chunk too? (Surely not). Link to post Share on other sites
Metabo Oyaji 71 Posted August 8, 2014 Share Posted August 8, 2014 I should think Japan would get first cut, and the UK whatever is left-over, or better yet, nothing. But that would be logical, and therefore probably not true. Link to post Share on other sites
Thundercat 60 Posted August 8, 2014 Share Posted August 8, 2014 http://www.snowjapan.com/photo-galleries/thundercat/thundercat_159.jpg Link to post Share on other sites
Thundercat 60 Posted August 8, 2014 Share Posted August 8, 2014 Not sure how to imbed the photo from my iPad but there it is. The new summer view for me! Link to post Share on other sites
Thundercat 60 Posted August 8, 2014 Share Posted August 8, 2014 http://www.snowjapan.com/photo-galleries/thundercat/thundercat_160.jpg View from the dock. Link to post Share on other sites
oblivion 5 Posted August 8, 2014 Share Posted August 8, 2014 Very nice! Link to post Share on other sites
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