Originally posted by lara400
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Any settlement figures yet?
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Originally posted by webberg View PostIf you can get that assurance in writing from HMRC then I reckon you could sell copies at £10 a go here.Comment
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Originally posted by Worried 72 View PostI've been advised that on the settlement form to tick the box to pay IHT as this is the best way to get 'finality' from this after getting the loans released from AML but i honestly have no clue if this is the best way to go - looking for some advice asap.
Imagine telling HMRC you're having the loan released, then receive an IHT bill so high - you then can't afford to have the loan releasedComment
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Originally posted by here4beer View PostI'd be interested to hear if this is true. I'd rather NOT indulge my future plans, as they are only plans. Merely tell the HMRC once/if I have the completed the loan release process.
Imagine telling HMRC you're having the loan released, then receive an IHT bill so high - you then can't afford to have the loan releasedComment
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Originally posted by kryten22uk View PostIt makes no difference. If a charge is due on the release of a loan, then it will arise regardless of whether you forewarned them (by ticking the box). So if anything, you might be better knowing a ballpark IHT bill before you choose to release the loan.
What might HMRC do in this situation, with regards to IHT?Comment
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Originally posted by kryten22uk View PostIt makes no difference. If a charge is due on the release of a loan, then it will arise regardless of whether you forewarned them (by ticking the box). So if anything, you might be better knowing a ballpark IHT bill before you choose to release the loan.
I'm fairly sure they won't have enough info on my trust to charge IHT anyway.Comment
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Originally posted by kryten22uk View PostIt makes no difference. If a charge is due on the release of a loan, then it will arise regardless of whether you forewarned them (by ticking the box). So if anything, you might be better knowing a ballpark IHT bill before you choose to release the loan.Comment
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Originally posted by NeedTheSunshine View PostThe IHT depends on how your trust was set up. Some will attract IHT and others not. The whole IHT question was discussed quite a bit on here in 2014/15 when CLSO1 was about. So I'm fairly sure HMRC know which schemes do/don't attract IHT.
I was simply saying that one's ultimate liability for IHT has nothing to do with whether you "tick the box" or not.Comment
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Originally posted by NeedTheSunshine View PostThe IHT depends on how your trust was set up. Some will attract IHT and others not. The whole IHT question was discussed quite a bit on here in 2014/15 when CLSO1 was about. So I'm fairly sure HMRC know which schemes do/don't attract IHT.Comment
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Originally posted by kryten22uk View PostNot sure what that has to do with my post?
I was simply saying that one's ultimate liability for IHT has nothing to do with whether you "tick the box" or not.
"Inheritance Tax may be due on the assets held within a trust when:
they’re transferred out of a trust (exit charges)
a 10-year anniversary occurs"
Some of us have already been down the path of settlement with HMRC. And we know what dragons lie there.
As you were.Comment
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