Tax Havens

God help us!

Devorgilla - or anyone who may know
There is a sliding scale for the gift - first three years 80% taxed, then 60% down to 0% if you get past the seven years, all paid in the UK.

If those gifts come below the inheritance tax threshold is the tax still payable as it is a gift, or is it discounted because it is below the IH threshold?

Obviously, I realise that for the wealthy like the Benns and Camerons et al they are way above the IH threshold, but for the 'ordinary people' who are not above that threshold what rules apply re gifts to children?

It's only above the IHT threshold, but it's also to do with how you give it away.
No point in me swapping homes with my kids, because their's are bigger and worth more, but we are all within the threshold.
If you give a house to your children, you have to pay them rent, otherwise it's cheating.

But the real concern for me is the realisation that there is a powerful group of people in the world sitting in all nations who are not subject to that nations sovereignty and its tax laws, the powerful including the political elite aid and abet this sovereignty avoidance - if there is such a thing- whilst the poor suffer and the middle class pay.
I think this is a worrying and serious problem for democracy.

I agree with whitewave and I think that pointing the finger at any one politician or our PM is taking our eye off the total picture which is extremely disturbing.

It is the honest people in the middle trying to support the poor and those less fortunate by dutifully paying their taxes who are carrying the burden.

I don't know why it's cheating, if you own it, paid for with your own money after tax, unless someone is doing it to avoid paying for care in their old age.

ab not everyone is as honest as you are re wills and inheritance.

I don't think it's cheating, Jalima. HMRC do.

Fortunately, they are not taking their eyes off the ball.
The investigative journalists who started this are still investigating.

This is only the start. There are lots more companies involved.
All accounyants and law firms have until Monday to give information to UN commissioners. Otherwise, like Mossack, their offices will be shut down and they will be forced to hand over files.

Personally, I think they should inspect everyone who goes to the Davos meetings.

I don't think discussing Cameron is taking an eye off the rest. I have not compared Cameron with Kadafi .

It is the Tory supporters here who bringing up politics, this thread is not about politics it is about tax havens. The PM of Iceland stashed money away and the people of thst country got shot of him. Does anyone think they spent time discussing the PM of the UK? I doubt it.

Some are evening condemning the last labour givernment for not acting on these tax havens, sorry but a pathetic attempt to excuse Cameron. It's no different in defending a shop lifter by refusing to say they were in the wrong and condemning the store for displaying thr goods. Cameron chose to be involved in a tax haven, he released five statements trying to avoid telling the truth. Today he has come out with the old - lessons will be learned yarn

He never does learn them, though, does he, Annie?

dj,
You could give your house to your grandchildren, if you were worried about IHT and your children already have houses. Alternatively, you can give your house to your children to be held in trust for your grandchildren. You're right that you would have to pay them rent (although who's to know if they give it back to you ;-)?) If I were on speaking terms with my ex-MIL, I'd ask her how it's done. She also has funds offshore, held in trust for her son, which is how he squirmed out of paying maintenance for our children.

Ironically, what Caroline Benn did wouldn't make any difference if she were to die today. What happened was that she gave her share of the London flat to her children, so that her IHT allowance could be used. These days that's transferable to the spouse anyway, so when Tony died he would have had TWO allowances.

I would imagine the flat and house were worth far more than the IHT threshold, so IHT would have been paid anyway.

Quite honestly, inheritance tax would be the one tax I'd be glad to pay, as I'd be dead when it's due and wouldn't be able to spend the money anyway. I'd actually be happy to have that much money to leave.

Why shouldn't people pay for their care? Sorry, but this makes me quite cross. The people who will lose are the heirs. What about the people who give up their jobs and their time to look after elderly relatives at the end of their lives? Why shouldn't they get more than people whose relatives go into care? Who else is going to pay for it?

I do know Caroline Benn was a very strong woman , if she made her will as she did to ease tax or because she wanted to leave her children something herself, I don't know . She surely inherited money from her American family and perhaps wanted to pass this personally to her children, I don't know , no one does

No Jen he never learns. Stand by for him pouring out his grief for his father .

And before I am jumped on by his supporters I say this because of the email he sent to all members of the Tory party telling of his grief over the death of his son - the child hadn't even been buried

And that is reprehensible in your opinion exactly why, Annie?

There you go, annieb - from today's speech to supporters...

'Cameron told the forum he was “very angry about what people were saying about my dad”.

“I love my dad. I miss him every day,” he said. “He was a wonderful father and I’m very proud of everything he did.'

www.theguardian.com/politics/2016/apr/09/david-cameron-to-launch-local-election-campaign-as-panama-papers-row-rumbles-on

When someone dies, do you automatically think of telling people you haven't met?

FHS, can't the man even be fond of his father?!!!or is that now going to be sneered at?! Why would he not grieve over his son?! What business is it of yours how he chose to inform other people of his little boys death. My much loved step fathers death was announced in a national newspaper as was my mothers, well before either funeral. Was that a bad thing? Are you trying to say that his grief on both occasions was insincere, and part of some sinister right wing plot? I can't believe anyone could be so awful as to think that, shocking!

Of course Cameron is allowed to grieve for his father - just I do mine still, after 7 years.

But it is wrong to use outpourings of grief to hide behind what hiw happening with Panama, etc, off-shore accounts. As if grieving makes it all OK - no harm done. Sorry.

Because Ana, I found it sickening , you may choose to think telling thousands of your grief so soon following a bereavement acceptable, I do not

Quite usual to place notice of a death in a newspaper Quite the norm. The child's death had been announced to the press, quite the norm. To send a round robin is not quite the norm. Obviously it is for a few, not for me.

He has a problem separating his private persona from the public one.

Did anyone read that email? Why would anyone want to tell people they don't know how they were grieving? Ok a thank after the funeral for the kind responses, but sharing grief with thousands ?

Oh dear, he is on about transparency now , but late Dave

He was a PR man Jen

Will those defending putting money in off shore trusts share their reasons for defending it?