brin
I am trying to stay calm.
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Post by brin on Mar 17, 2016 0:12:08 GMT
sorry folks, i did not mean to take the thread to a different subject.  |
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pom
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Post by pom on Mar 17, 2016 8:31:55 GMT
Here here, 50 odd years old, worked solid for 40 years, and then i decided it was time to sort myself a pension out.. i am a lucky one, i've always been a saver so i have now got a bit to play with... better late then never i suppose  My late mother (living in her house in London) was a saver ... did what the government said ... saved for her old age from her already taxed income, not to be a burden, made no claims for benefits, then she died. The government said, "look at all those savings, we'll have 40% of that!!!"
Bastards.
They will get nothing in inheritance theft tax from me. Every penny over the threshold will be left to charity in my will.   Hate to tell you this but when I was reading up on it, donating to charity only results in a discount on IHT
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pom
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Post by pom on Mar 17, 2016 8:46:40 GMT
oldgrumpy my feelings exactly, i have never had a penny of any benefits all my life (sorry, family allowance aside) and i have saved and contributed to a pension, at my age now ,i realize my pension is hardly worth the paper its written on, i have never been a 40% tax payer so as you can imagine, my pension pot is a normal working mans pension pot, ill be lucky to get 10k a year, i have just had to pay my (blood sucking) lawyer to sort the legals to set up a trust fund to make sure my wife and kids get what we have saved, instead of the tax man. i woud not mind if it was a fortune, but by anyones imagination.. it isnt. Hmmm if it's not a fortune then I hope your vamp hasn't been sneaking in unnecessary feeds...having had to get to grips with being trustee for a trust that thankfully then needed winding up almost as soon as it started I had to learn quite a lot about them, and there's not really that many circumstances where "normal" people need them (we had a vulnerable adult to deal with)
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Post by dodgeydave on Mar 17, 2016 8:59:37 GMT
Self-deprecation, honesty and humour. I like it! My biggest blooper? Not starting p2p earlier. It's cost me a lot of money...  Feels like there should be a new thread on bloopers. I have lost some money on a P2P site so its not all gain .
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adrianc
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Post by adrianc on Mar 17, 2016 9:02:59 GMT
I have lost some money on a P2P site so its not all gain . Whoever told you otherwise was lying.
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Post by dodgeydave on Mar 17, 2016 9:03:40 GMT
I think some people are not aware
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brin
I am trying to stay calm.
Posts: 379
Likes: 69
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Post by brin on Mar 17, 2016 9:04:35 GMT
oldgrumpy my feelings exactly, i have never had a penny of any benefits all my life (sorry, family allowance aside) and i have saved and contributed to a pension, at my age now ,i realize my pension is hardly worth the paper its written on, i have never been a 40% tax payer so as you can imagine, my pension pot is a normal working mans pension pot, ill be lucky to get 10k a year, i have just had to pay my (blood sucking) lawyer to sort the legals to set up a trust fund to make sure my wife and kids get what we have saved, instead of the tax man. i woud not mind if it was a fortune, but by anyones imagination.. it isnt. Hmmm if it's not a fortune then I hope your vamp hasn't been sneaking in unnecessary feeds...having had to get to grips with being trustee for a trust that thankfully then needed winding up almost as soon as it started I had to learn quite a lot about them, and there's not really that many circumstances where "normal" people need them (we had a vulnerable adult to deal with) hello pom mainly to do with property, we have lived here over 30yrs.
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Post by highlandtiger on Mar 17, 2016 9:08:20 GMT
My biggest blooper? Not starting p2p earlier. It's cost me a lot of money... Actually in a way I'm glad I didn't start P2P early. By the time I discovered it, all the big mistakes, company failures and loss making dodgy loans, had been gone through, and most, (but not all) the wrinkles in the P2P world have been ironed out. Gawd knows what I would have lost if I was around at the birth of P2P.
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brin
I am trying to stay calm.
Posts: 379
Likes: 69
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Post by brin on Mar 17, 2016 9:11:42 GMT
I have lost some money on a P2P site so its not all gain . Whoever told you otherwise was lying. thats correct adrianc, i was told about how i would make a fortune in shares in 1999, a lot of those shares have now gone along with the company and my savings.
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pom
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Post by pom on Mar 17, 2016 9:19:54 GMT
Hmmm if it's not a fortune then I hope your vamp hasn't been sneaking in unnecessary feeds...having had to get to grips with being trustee for a trust that thankfully then needed winding up almost as soon as it started I had to learn quite a lot about them, and there's not really that many circumstances where "normal" people need them (we had a vulnerable adult to deal with) hello pom mainly to do with property, we have lived here over 30yrs. Is "here" London by any chance? If so that makes more sense
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brin
I am trying to stay calm.
Posts: 379
Likes: 69
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Post by brin on Mar 17, 2016 9:34:42 GMT
hello pom mainly to do with property, we have lived here over 30yrs. Is "here" London by any chance? If so that makes more sense hello pom no not london, its a long story dating back to 1984 of 16hr days , 7 days a week on our barn converted home, which has left us asset rich and cash poor(ish)
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metoo
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Post by metoo on Mar 17, 2016 14:08:08 GMT
They will get nothing in inheritance theft tax from me. Every penny over the threshold will be left to charity in my will. Hate to tell you this but when I was reading up on it, donating to charity only results in a discount on IHT I'm not qualified to give tax advice. However, according to gov.uk: So I believe oldgrumpy is right. A book I have (dated 2009) says gifts made to charity in your will (and various other exemptions) don't count towards the final value of your estate when calculating whether IHT is payable. gov.uk explains how an estate that does pay inheritance tax will pay it at a 36% rate instead of 40% rate if 10% of the net estate (the taxable bit) is left to charity. That's where a discount applies.
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oldgrumpy
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Post by oldgrumpy on Mar 17, 2016 14:45:14 GMT
I'll have to look into this again. My late brother paid hardly any inheritance tax in 2008 when he bequeathed nearly everything beyond the threshold to set up an (educational) charitable trust at Cambridge University. I'm due to make a new will very soon so the wording will probably be crucial.
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pom
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Post by pom on Mar 17, 2016 14:52:26 GMT
Hate to tell you this but when I was reading up on it, donating to charity only results in a discount on IHT I'm not qualified to give tax advice. However, according to gov.uk: So I believe oldgrumpy is right. A book I have (dated 2009) says gifts made to charity in your will (and various other exemptions) don't count towards the final value of your estate when calculating whether IHT is payable. gov.uk explains how an estate that does pay inheritance tax will pay it at a 36% rate instead of 40% rate if 10% of the net estate (the taxable bit) is left to charity. That's where a discount applies. Oops - clearly I didn't read enough....sorry oldgrumpyStill just goes to show, need to check everything
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Post by Deleted on Apr 14, 2016 6:47:25 GMT
Sorry timmy, only over there for a funeral,
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