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But sorry girls, only for boys  

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?

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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.

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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.

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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.

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What annoys me, not that I actually know this happens but Im annoyed at the thought of it happening :grandpa: , 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?!

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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.

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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.

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  • 3 weeks later...

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).

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