Thread | Brutkey

@GeofCox@climatejustice.social He must have about 100 acres, doing the rough maths on estimated valuation and price per acre. He doesn't seem aware of any thresholds that will save him. At the moment his dad owns the lot, although he lives in the farmhouse, his mum and dad live in one of the cottages and workers live in the other two. So on paper he owns nothing, but will inherit it, at which point he's expecting - perhaps wrongly? - a tax bill around the £500k mark.

JuneSim63 💚

@junesim63@mstdn.social

@greg_harvey@tooting.ch @GeofCox@climatejustice.social
Sorry for butting in, but has he not gifted property to his heirs before this in a Potentially Exempt Transfer (PET)? Does his dad have a competent adviser?
https://www.gov.uk/guidance/work-out-inheritance-tax-due-on-gifts

GeofCox
@GeofCox@climatejustice.social

@junesim63@mstdn.social @greg_harvey@tooting.ch

Everything depends on the detail - especially on how much of the value is for the houses and their land (and which is designated as 'primary'), as opposed to the farmland - but I have to say my first reaction is the same as June's - if the parents are in their 90s why on earth haven't they sought competent advice ?
I feel almost certain from what you've said of the situation that they will probably not end up paying any tax at all.

Greg Harvey 🌍

@greg_harvey@tooting.ch

@GeofCox@climatejustice.social @junesim63@mstdn.social I will find out! Pity this didn't happen last week when I was actually with him!

Thanks both.