The Retirement Thread

176 watchers

TROSaracen 13 Sep 8:17am, 13 Sep 2024 28,325 posts	0 TROSaracen When you say ‘inherit second property’ I presume you mean if your remaining parent dies leaving you a house worth £400k they bought for £5k in 1962 you effectively inherit £395k of CGT when you sell it (even though that CGT was built up when it was a solely owned/lived in property outside of CGT). So you pay IHT on the £400k and CGT on the £395k profit. Brutal.
jda 13 Sep 8:19am, 13 Sep 2024 17,788 posts	0 jda My heart bleeds for those who inherit two properties worth the best part of a million pounds. How will they cope? I must look out my tiny violin. Oh here it is 🎻
EvilPixie 13 Sep 8:20am, 13 Sep 2024 57,590 posts	0 EvilPixie That’s what I saw Another reason why people are selling up One firm said they’d had a 70% increase in enquiries to sell up and move abroad
Mandymoo 13 Sep 8:20am, 13 Sep 2024 19,789 posts	0 Mandymoo We are currently in France too, and it's bloody freezing
EvilPixie 13 Sep 8:23am, 13 Sep 2024 57,592 posts	0 EvilPixie Also means 3 sorry 4 lots of tax Taxed when earned Taxed on purchase Tax on sale Tax on inheritance Jda some people are now paying tax purely because of where they live and house prices raising so much
Mandymoo 13 Sep 8:25am, 13 Sep 2024 19,792 posts	0 Mandymoo When my step mum died in January, she had sorted everything in her will for a trust fund to be set up so that half the house went into mine and my brother's name, this hasn't yet been sorted. Am getting concerned as to what the budget may bring and if will effect this. (Sorry don't really know too much about it all)
jda 13 Sep 8:30am, 13 Sep 2024 17,790 posts	0 jda Paying tax on unearned windfalls, yes. I'd prefer that to taxing people who are working for a living and not rubbing their hands waiting on a handout from their parents.
jda 13 Sep 8:31am, 13 Sep 2024 17,791 posts	0 jda It's almost like people think inherited unearned privilege is a good thing so long as they are getting their slice.
Lip Gloss 13 Sep 8:32am, 13 Sep 2024 77,537 posts	0 Lip Gloss Dad’s house has sold for more than 500k but luckily it will be split 7 ways so that means we are safe from the tax
Bazoaxe 13 Sep 8:39am, 13 Sep 2024 27,383 posts	0 Bazoaxe Whilst I agree with jda on inheritance tax, it doesnt seem right if both CGT and Inheritance tax are due on the same pot of money. I hadnt realised that was the case.

About This Thread

Maintained by Sigh

A place for baggy spaciousness: "The quality of time, soft attention and ease that we could enjoy 'doing nothing' "
(thanks to TheScribbler for the term (p1516)!)
( see also: neilthewriter.co.uk
and
darkangelswriters.com )

Retirees Hall of Fame

Jigs

(25.09.24)
Synge (30.08.24)
Silvershadow (02.08.24)
Hibeedeb (02.08.24)
Winniefree (08.07.24, 2nd attempt)
EvilPixie (24.06.24)
Snail (21.06.24)
GregP (14.06.24) (after part retirement 31.03.23)
Fizz :-)

(13.06.24)
Jaks (15.05.24) (third time of retiring)
HellsBells (31.03.24) (orig. May 2018)
TROSaracen (07.02.24)(semi retired since mid 2019)
Hanneke (01.02.24)
Jenni-far-far (28.12.23)
FergusG (22.12.23)
Mrs Jigs (Luverlylegs) (11.12.23)
eL Bee! (30.11.23)
Lip Gloss (22.11.23)
jda (28.08.23)
RFJ (23.08.23)
Sigh (28.07.23)
Schnecke (end of school term 07.23)
Sharkie (05.07.23)
Ally-C (08.06.23)
Rebel (12.05.23)
CogNoscensme AHA (07.04.23)
Windsor Wool (05.04.23)
Bob! (30.03.23)
Velociraptor (21.03.23)
Garfield (provisional, 27.02.23) (see p.699)
ThorntonRunner (20.12.22)
MaltDrinker (30.07.21)
DoricQuine (15.06.21)
Mandymoo (21.05.21)
Eynsham Red (06.05.21)
GimmeMedals (31.08.20)
Steve NordRunner (01.08.19)
um (May 2017)
macca 53 (31.10.17)
XB (07.07.16)
Flatlander (November 2011)
Helegant
Ness
SarahWoo
Rosehip
alpenrose
Johnny Blaze
annadav
K5 Gus
Curly45
LazyDaisy
Dave..M
jabberknit
Shades
Northern Exile
Nick Cook

[other names to follow, on request]

In the Waiting Lounge, with one eye on the door

Roobarb (20.12.2024)
dobbers (target: Dec 2024)

Marmite (01.01.25)
3M (05.01.25)
McGoohan (15.01.25)
westmoors (31.03.25 confirmed)
Dillthedog (target: 30 April 2025)
Bazoaxe (June 2025)
B Rubble (June 2025)
geordiegirl (target: July 2025)
GeneHunt59 (target: July 2025)
RRR-CAZ (September 2025)
MadWelshWoman (target: November 2025)
Bigleggy (target: December 2025)
HappyG (target: end of 2025 at the earliest)

Runningbauble21 (target: June 2026)
cathrobinson (target: 2026 onwards)
OverTheHillToo (target: approx. 2026)

Diogenes (17.03.27)

Hills of Death (HOD) (April 2026-April 2030)
Gromit (July 2030)
CK2 (2030)

[other names to follow, on request]

Just browsing at the moment

Daz Love
Totriornottotri
DIY Diva

[other names to follow, on request]

Retirement Failures

Currently empty :-)

[other names to follow, on request]

Useful Links

FE accepts no responsibility for external links. Or anything, really.

Related Threads

Any pension experts out there? Oct 2024
Writing a will. Nov 2022
Energy Bills Nov 2024
Saving Money Tips Aug 2023
Any benefit geeks can help me? Mar 2023
Selling things Feb 2023
Anyone here freelance or self-employed? Jan 2024
Accounting Question Oct 2017
How do I declare extra income to the HMRC when I've always been on PAYE? Oct 2016
Home book keeping for the compleat Fetchie Mar 2024

age
finances
lifeadmin
support
work

The Retirement Thread

About This Thread

Useful Links

Related Threads

Tag A User

Free training & racing tools for runners, cyclists, swimmers & walkers.