Inheritance and gift tax.
Discussion
Quick tax scenario.
A house has had equity release and the owner then dies within 7 years. Do the benefactors of the equity release get stung for gift tax against the equity release as gift tax kicks in at £3k, or can that value be part of the estates final value for death duty and only attract the 40% tax rate above £500k?
A house has had equity release and the owner then dies within 7 years. Do the benefactors of the equity release get stung for gift tax against the equity release as gift tax kicks in at £3k, or can that value be part of the estates final value for death duty and only attract the 40% tax rate above £500k?
I don't know, but Jane would:
https://www.johnsonastills.com/site/people/profile...
Given the sums involved in equity release, I suspect most of the advice on here will be to seek professional opinion, and quite rightly so, anyway. Jane and her firm have been doing video conversations so it probably wouldn't matter even if you're nowhere near Leicestershire.
https://www.johnsonastills.com/site/people/profile...
Given the sums involved in equity release, I suspect most of the advice on here will be to seek professional opinion, and quite rightly so, anyway. Jane and her firm have been doing video conversations so it probably wouldn't matter even if you're nowhere near Leicestershire.
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