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Re: paying a solicitor for inheritance tax

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On 05/05/2019 18:57, invalid@invalid.invalid wrote:
> 
> At some point in the next few years, I will have to pay UK inheritance
> tax on a UK residential property, probably in the neighbourhood of
> 50,000 pounds.

> I would like to pay the solicitors the GBP 50,000 now, before the
> person dies. I have no use for the money (seriously) and it would
> simplify matters (for me) when the person dies if the lawyers had the
> money in their account.

Just the arrangement itself is going to need specialist advice. What you 
seem to want is for them to operate as trust for you.  It may well be 
treated as a discretionary trust, although with current interest rates, 
it would probably only attract standard rate tax, although it would cost 
money to administer it.

If it just amounts to a bare trust, I don't see what advantage it gives 
to you over keeping it the bank.

You need to be absolutely sure that you won't need it in the meantime, 
otherwise there could be a question of deprivation of capital for means 
tested state benefits.

I'm guessing you have been given the property as a gift with reservation 
of interest, which is why it is not a PET, but the gifter hasn't got he 
funds to cover the tax and you don't want to sell it to cover the tax bill.

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paying a solicitor for inheritance tax invalid@invalid.invalid - 2019-05-05 18:57 +0100
  Re: paying a solicitor for inheritance tax David Woolley <david@ex.djwhome.demon.invalid> - 2019-05-06 11:10 +0100

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