Welcome to BabyandBump's General Chatter Forum - This forum is for anything you might want to talk about but can't find a forum for! What did you get up to today? Got much planned on the weekend? Get chatting! This thread is called 'Tax' and is in our Lounge Area section. | 
Jul 16th, 2007, 10:12 AM
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#1 | | Mum (Mom) BnB Addict
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| Tax
im crap at this stuff
Anyone have a rought idea how much tax you will get taken from 10 grand?
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Jul 16th, 2007, 11:26 AM
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#2 |
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| off the top of my head about £30 a week | | | | Status: Offline
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Jul 16th, 2007, 12:19 PM
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#3 | | Mum (Mom) BnB Addict
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| wont i get taxed on it all in one go?
it will be inheitance(sp?) money
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Jul 16th, 2007, 12:21 PM
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#4 | | Mum (Mom) Inactive
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| You will get inheritance tax hunni
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Jul 16th, 2007, 12:21 PM
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#5 | | Mum of 2 little angels/devils BabyandBump Team
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I'm Currently Feeling:  | I don't think you will have to pay anything really Layla http://www.direct.gov.uk/en/MoneyTax...sts/DG_4016736 |
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Jul 16th, 2007, 12:21 PM
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#6 | | Mum (Mom) BnB Addict
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| any idea how much that is tho?
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Jul 16th, 2007, 12:22 PM
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#7 | | Mum (Mom) BnB Addict
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| ah thanks Jo 
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Jul 16th, 2007, 12:22 PM
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#8 |
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| oh right thought u meant wages 
you wont get taxed on £10,000 | | | | Status: Offline
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Jul 16th, 2007, 12:23 PM
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#9 | | Mum (Mom) Inactive
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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
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Jul 16th, 2007, 12:41 PM
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#10 | | Chat Happy BnB Member
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| Layla you don't pay any tax on inheritence less than £300,000. |
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