Tax

Discussion in 'General Chatter' started by Layla, Jul 16, 2007.

  1. Layla

    Layla Well-Known Member

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    im crap at this stuff

    Anyone have a rought idea how much tax you will get taken from 10 grand?

    x
     
  2. 2nd.Time.Daddy

    2nd.Time.Daddy Well-Known Member

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    off the top of my head about £30 a week
     
  3. Layla

    Layla Well-Known Member

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    wont i get taxed on it all in one go?

    it will be inheitance(sp?) money

    x
     
  4. Imi

    Imi .

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    You will get inheritance tax hunni

    xxx
     
  5. Jo

    Jo I'm an old bag!

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  6. Layla

    Layla Well-Known Member

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    any idea how much that is tho?

    x
     
  7. Layla

    Layla Well-Known Member

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    ah thanks Jo :)

    x
     
  8. 2nd.Time.Daddy

    2nd.Time.Daddy Well-Known Member

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    oh right thought u meant wages :rofl:

    you wont get taxed on £10,000
     
  9. Imi

    Imi .

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    Not everyone pays Inheritance Tax on death. It only applies if the taxable value of your estate (including your share of any jointly owned assets and assets held in some types of trusts) when you die is above £300,000 (2007-2008 tax year). It is only payable on the excess above this nil rate band.
    There are also a number of exemptions which allow you to pass on amounts (during your lifetime or in your will) without any Inheritance Tax being due, for example:
    • if your estate passes to your husband, wife or civil partner and you are both domiciled in the UK there is no Inheritance Tax to pay even if it's above the £300,000 nil rate band
    • most gifts made more than seven years before your death are exempt (but see the next section on trusts and companies)
    • certain other gifts, such as wedding gifts and gifts in anticipation of a civil partnership up to £5,000 (depending on the relationship between the giver and the recipient), gifts to charity, and £3,000 given away each year are also exempt
     
  10. RachieH

    RachieH Well-Known Member

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    Layla you don't pay any tax on inheritence less than £300,000.
     

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