Inheritance Tax
Recently my parents bought a new house and my father bought up a very good point about inheritance tax.
Did you know that if you inherit something the goverment will take 40% of it for themselves!? I ask a few of my friends and most of them didn’t know this.
The biggest thing a person could possible inherit will most likely be a house. Sounds exciting and you could end up with a lot of cash from the sale of the houes, but it isnt so exciting when you realise the goverment will take 40% of that for themselves.
A way to get around this is to plan on having the house pre-bought in your name, for example. If your parents are planning ahead and wanting to give you their house it would be a wise move to have that house registered in your name, ensuring that when the time comes the goverment cannot take 40%.
This sounds horrible to plan but it is essential if you and your parents want to ensure family savings and assets are passed down the family in the entirety rather than the goverment taking their share!
On a final note I have come across a petition which is second in the most signed petitions list for 10 Downing Street.
Take 2 minutes out and sign if you feel strongly about what I have mentioned above.