Inheritance

Ana

I know those are the official figures but do parents keep a record every time they take their children / grandchildren out for lunch for example.
By doing this you are not giving them any money. You are just paying a bill so they have more of their own money.

Frank

I agree, Frank, that's another way of doing it. Apparently you can even give them a set amount each month, as long as it doesn't affect your own standard of living detrimentally.

Yes. I was just going to mention that bit Ana. Son suggested I do it for him. #notflippinlikely!

Quite!

I do it for DGD! Suppose I'll do the same for the one due in oct/nov. (hope she stops at that! In her 20's she was talking about 7! Can't afford that!)

Yes. Nice idea for grandchildren.

Anna

I am not really sure the definition of ''doesn't affect your own standard of living detrimentally''.

If I was not paying out for the grandchildren etc I could probably run a Volvo or BMW which I have ran in the past.

I now find a Honda Jazz plenty good enough and I usually change it just before the MOT.

I did have to get an MOT on the one before the last one because it took about 3 months from the time I placed the order till delivery but I had the cash waiting.

Frank

This is just from memory but I think that £3000 is allowed to be given per person before that affects tax.

£3000 per year per person giving. Not per person receiving. There are all sorts of rules.

Frank, I think that by "detrimental to your standard of living" they mean you should not leave yourself unable to afford essentials. A better car would probably not be classed as essential. If it were, we could all claim that silk sheets and caviar every day and twice on Sundays is essential.

We put away for theDGCs every month.DH Likes to think it will help. Personally I think they will be able to buy a bag of peanuts at eighteen .

Not much point hanging on to it at the moment as it is losing money due to inflation being higher than you can get in interest! The government seems to have decided it doesn't want anyone to have savings as it is government actions which have brought down interest rates. This is short termism as it gives youngsters no incentive to save at all.

Frank they don't want you giving it away and then claiming benefits.

Coming back to this after a day, I notice that bentley49 has not returned to defend his fatuous statement, so probably a wind up! I'm just wondering why he plucked the arbitrary figure of £200,000 from the recesses of his magnanimous brain!

It's probably the sum he either has or expects to inherit!

Perhaps he inherited a house in a nice area of Birmingham?

Ariadne

It would be interesting to know what part of the country Bently49 is from.
I don't think you would get any house for £200,000 where I live but there are areas where you would easily get a semi detached house for that money.
I have not seen anything in his posts to suggest he lives in the Birmingham area. Have you?.

Frank

Well! In some ways I agree with Bently49

I do not think that huge inherited wealth is always the best use of the money though I do think that IT covers it up to a point...

but , for example, those who do inherit billions of £ from family businesses..heirs/heiresses of the mega wealthy who spend their lives doing the 'season' and going on jolly japes, filling pages of Tatler, Country Life, Hello and OK etc and not doing a 'proper job' shuld wwe expect them to earn an honest crust???

We are often quick to condemn the non-workers at the benefit end of the spectrum but less so at the wealthy end..... is there not a moral issue here..should everyone contribute to society by working..or is it OK just to pay tax??? (or avoid it)

nanaej I take your point but what figure would you suggest? Don't think you could do any of that on £200k!

nanaej

I can see what you are saying but people who win the National Lottery may decide to never work again but I don't see how you can force them to work if they are self supporting and not claiming anything from the tax payers.
If I had no children or grandchildren to consider I could have probably given up work at 50 using my early pension, inheritance from my parents and also my in laws.
As it happened my in laws money went to my daughters which I think was fair.

Frank