Jade Goody - Maybe no tax to pay ?
Posted: Fri Apr 10, 2009 12:37 pm
Not sure if you are aware but there is the 7 year "gift" tax law. If you gift, pass, give money to someone, normally in your family above ?3700 in one tax year you have to live for 7 years for no tax to be payable. The scale slides down over the years from 40% to zero.
A spokesman from HM revenue & customs has said they will look with great compassion regarding Jades estate. The estimated income just for the last 6 months is around 1.5 million quid......which at 40% would be ?600K tax to pay !!
The money can have been paid directly into a trust for the kids, BUT, you can't avoid the tax,.......it will be interesting to see what the taxman does ???
A spokesman from HM revenue & customs has said they will look with great compassion regarding Jades estate. The estimated income just for the last 6 months is around 1.5 million quid......which at 40% would be ?600K tax to pay !!
The money can have been paid directly into a trust for the kids, BUT, you can't avoid the tax,.......it will be interesting to see what the taxman does ???