Just checked with my accountant. His view is that gifts prior to death are dealt with first, in that they use up the tax free amount first, therefore you would not have to pay any tax on the gift and the estate would have £285k tax free as the remaining amount of the limit. You would only become personally liable if the gift exceeded £325k and then you would have to pay tax on the amount above £325k. Phew!
Thats great news for @meldrew66. It might be even better if his father can use a spouse's IHT NRB as well. Important to know about his mother as you said earlier.
yes and no, sorry I typed quickly as in a meeting.
Although it's good news from a personal IHT liability, it is bad news in that the taper relief @meldrew66 thinks he will potentially benefit he will never do so all the time the gift is below £325k. It will only ever use up part of the tax free allowance and never get any taper relief i'm afraid.........
Just checked with my accountant. His view is that gifts prior to death are dealt with first, in that they use up the tax free amount first, therefore you would not have to pay any tax on the gift and the estate would have £285k tax free as the remaining amount of the limit. You would only become personally liable if the gift exceeded £325k and then you would have to pay tax on the amount above £325k. Phew!
Thats great news for @meldrew66. It might be even better if his father can use a spouse's IHT NRB as well. Important to know about his mother as you said earlier.
yes and no, sorry I typed quickly as in a meeting.
Although it's good news from a personal IHT liability, it is bad news in that the taper relief @meldrew66 thinks he will potentially benefit he will never do so all the time the gift is below £325k. It will only ever use up part of the tax free allowance and never get any taper relief i'm afraid.........
Thanks Rob and Golfie. Really useful comments and clarification. Not sure I fully understand what you mean about not getting taper relief on the £215k gift monies.
To answer your question, mum and dad divorced 50 years ago so dad's assets really are his own. Dad's will leaves me everything apart from small cash gifts to some of his mates. His home is the tricky issue whereby he is leaving it tome on his will but with a clause that his current partner can live there for the rest of her life. She is only 58 so is highly likely to outlive me.
Christ knows what the practical and financial implications are from that scenario! Sounds like I become a landlord of a rent free tenant.
One other question: can I, as executor of the will, use the £170k in dad's joint account with his partner to pay the £162k potential IHT bill when the time comes? As you can imagine, I'd rather use 'her' balance rather than 'mine'. What do you think?
Sounds like my scenario is on the complicated scale somewhat and will be tricky to manage without legal advice.
Just checked with my accountant. His view is that gifts prior to death are dealt with first, in that they use up the tax free amount first, therefore you would not have to pay any tax on the gift and the estate would have £285k tax free as the remaining amount of the limit. You would only become personally liable if the gift exceeded £325k and then you would have to pay tax on the amount above £325k. Phew!
Thats great news for @meldrew66. It might be even better if his father can use a spouse's IHT NRB as well. Important to know about his mother as you said earlier.
yes and no, sorry I typed quickly as in a meeting.
Although it's good news from a personal IHT liability, it is bad news in that the taper relief @meldrew66 thinks he will potentially benefit he will never do so all the time the gift is below £325k. It will only ever use up part of the tax free allowance and never get any taper relief i'm afraid.........
Thanks Rob and Golfie. Really useful comments and clarification. Not sure I fully understand what you mean about not getting taper relief on the £215k gift monies.
To answer your question, mum and dad divorced 50 years ago so dad's assets really are his own. Dad's will leaves me everything apart from small cash gifts to some of his mates. His home is the tricky issue whereby he is leaving it tome on his will but with a clause that his current partner can live there for the rest of her life. She is only 58 so is highly likely to outlive me.
Christ knows what the practical and financial implications are from that scenario! Sounds like I become a landlord of a rent free tenant.
One other question: can I, as executor of the will, use the £170k in dad's joint account with his partner to pay the £162k potential IHT bill when the time comes? As you can imagine, I'd rather use 'her' balance rather than 'mine'. What do you think?
Sounds like my scenario is on the complicated scale somewhat and will be tricky to manage without legal advice.
If the money is in a joint account then technically they own it 50/50......I have heard stories of the surviving account holder having access to it all & other stories that on death the account is "frozen" to allow for probate. I would seriously advise you to get advice on this from a solicitor, although in the first instance it may be a good idea for your father to open an account on his sole name & to transfer the money over to that......assuming it is all his & he was just using his partner's name for tax reasons & to use up the full £85k "protection" allowance - which in this case could seriously backfire on him if she were to claim that half of it WAS hers.
Just checked with my accountant. His view is that gifts prior to death are dealt with first, in that they use up the tax free amount first, therefore you would not have to pay any tax on the gift and the estate would have £285k tax free as the remaining amount of the limit. You would only become personally liable if the gift exceeded £325k and then you would have to pay tax on the amount above £325k. Phew!
Thats great news for @meldrew66. It might be even better if his father can use a spouse's IHT NRB as well. Important to know about his mother as you said earlier.
yes and no, sorry I typed quickly as in a meeting.
Although it's good news from a personal IHT liability, it is bad news in that the taper relief @meldrew66 thinks he will potentially benefit he will never do so all the time the gift is below £325k. It will only ever use up part of the tax free allowance and never get any taper relief i'm afraid.........
Thanks Rob and Golfie. Really useful comments and clarification. Not sure I fully understand what you mean about not getting taper relief on the £215k gift monies.
To answer your question, mum and dad divorced 50 years ago so dad's assets really are his own. Dad's will leaves me everything apart from small cash gifts to some of his mates. His home is the tricky issue whereby he is leaving it tome on his will but with a clause that his current partner can live there for the rest of her life. She is only 58 so is highly likely to outlive me.
Christ knows what the practical and financial implications are from that scenario! Sounds like I become a landlord of a rent free tenant.
One other question: can I, as executor of the will, use the £170k in dad's joint account with his partner to pay the £162k potential IHT bill when the time comes? As you can imagine, I'd rather use 'her' balance rather than 'mine'. What do you think?
Sounds like my scenario is on the complicated scale somewhat and will be tricky to manage without legal advice.
Point 1;
Taper relief;
Your dad gifted you £215k. Upon death (sorry to sound so callous) any gifts prior are 'first in line' therefore your £215k will simply only ever use up part of the £325k tax free allowance, you'll never get taper relief, only upon 7 years and 1 day post gift will it no longer form part of the estate or if subsequent gifts are given that takes the total gifts over the £325k potentially some of that will then get Taper relief.
As an example had your father gifted you £425k then yes, £325k would use up the allowance and the further £100k above that could benefit from taper relief in years 3-7.
Point 2;
The House
This is where sometimes the best laid plans potentially become the worst. I understand why your father has effectively left you the house but his partner has the right to live their rent free etc, but is there a proper agreement drawn up? Who is responsible for maintenance, insurance etc?
Point 3;
Paying IHT
The estate will need to pay the IHT, be warned though sometimes HMRC have been known to ask for a deposit before they will release any funds. I had to lend my mum (and her siblings) a lot of money (6 figure) just so they could release my Grandads estate.
Point 4;
The Cash Accounts
Under UK Law joint accounts, are generally held by the joint account holders as ‘joint tenants’, so that on the death of one account holder the funds in the account pass to the surviving account holder by the principle of survivorship.
This happens automatically, regardless of the terms of the deceased person’s will or the rules of intestacy and there is usually no need to obtain a grant of probate in order to transfer the funds. The surviving account holder can simply provide the bank or building society with the deceased joint account holder’s death certificate and the account will be transferred into the survivor’s name.
All that said, this estate would need probate and HMRC do a lot more digging as to who is the real owner, but ultimately they are simply interested in getting the due tax, not who's pocketed the cash and disappeared. Worst case scenario, she takes the death certificate to the bank, pockets the £170k and disappears into the night, the estate is then potentially left with a tax bill on it when you go through probate.
Point 5;
See a solicitor now.
Unfortunately I think your father has either received bad advice or misunderstood the situation or theres stuff you haven't seen/don't know. I don't know how well he gets on with his Partner, but money can do funny things to people. As a matter of urgency If he's not intending to leave £170k to her, then he needs to remove her name from the account where it is held (I assume you don't have power of attorney right now so that may prove difficult?) and put back into his sole name to make sure that doesn't happen. Unless it's an account requiring both signatures she could withdraw the money tomorrow.
Additionally an agreement needs to be drawn up as to responsibilities on the house until his partner passes. My aunt has a house from her late husband that he left to his children but she has the right to live there for life. There's about a 15 page agreement on it, that might be over kill but it needs a formal agreement for both of your protections, for instance with my aunt, she can sell the house under certain circumstances (i.e. she needs a single storey property) but costs are hers to do so, she is also responsible for maintaining the house. If you think your fathers partner may outlive you, you need to cater for that as well so as to not burden your children or beneficiaries.... (probably need to do that anyway, no one knows what tomorrow brings).
Sorry if we've given you more trouble that you initial question started with, but best to be in full knowledge, but I really would see a solicitor as soon as you can to go through all this properly.
Just checked with my accountant. His view is that gifts prior to death are dealt with first, in that they use up the tax free amount first, therefore you would not have to pay any tax on the gift and the estate would have £285k tax free as the remaining amount of the limit. You would only become personally liable if the gift exceeded £325k and then you would have to pay tax on the amount above £325k. Phew!
Thats great news for @meldrew66. It might be even better if his father can use a spouse's IHT NRB as well. Important to know about his mother as you said earlier.
yes and no, sorry I typed quickly as in a meeting.
Although it's good news from a personal IHT liability, it is bad news in that the taper relief @meldrew66 thinks he will potentially benefit he will never do so all the time the gift is below £325k. It will only ever use up part of the tax free allowance and never get any taper relief i'm afraid.........
Thanks Rob and Golfie. Really useful comments and clarification. Not sure I fully understand what you mean about not getting taper relief on the £215k gift monies.
To answer your question, mum and dad divorced 50 years ago so dad's assets really are his own. Dad's will leaves me everything apart from small cash gifts to some of his mates. His home is the tricky issue whereby he is leaving it tome on his will but with a clause that his current partner can live there for the rest of her life. She is only 58 so is highly likely to outlive me.
Christ knows what the practical and financial implications are from that scenario! Sounds like I become a landlord of a rent free tenant.
One other question: can I, as executor of the will, use the £170k in dad's joint account with his partner to pay the £162k potential IHT bill when the time comes? As you can imagine, I'd rather use 'her' balance rather than 'mine'. What do you think?
Sounds like my scenario is on the complicated scale somewhat and will be tricky to manage without legal advice.
Point 1;
Taper relief;
Your dad gifted you £215k. Upon death (sorry to sound so callous) any gifts prior are 'first in line' therefore your £215k will simply only ever use up part of the £325k tax free allowance, you'll never get taper relief, only upon 7 years and 1 day post gift will it no longer form part of the estate or if subsequent gifts are given that takes the total gifts over the £325k potentially some of that will then get Taper relief.
As an example had your father gifted you £425k then yes, £325k would use up the allowance and the further £100k above that could benefit from taper relief in years 3-7.
Point 2;
The House
This is where sometimes the best laid plans potentially become the worst. I understand why your father has effectively left you the house but his partner has the right to live their rent free etc, but is there a proper agreement drawn up? Who is responsible for maintenance, insurance etc?
Point 3;
Paying IHT
The estate will need to pay the IHT, be warned though sometimes HMRC have been known to ask for a deposit before they will release any funds. I had to lend my mum (and her siblings) a lot of money (6 figure) just so they could release my Grandads estate.
Point 4;
The Cash Accounts
Under UK Law joint accounts, are generally held by the joint account holders as ‘joint tenants’, so that on the death of one account holder the funds in the account pass to the surviving account holder by the principle of survivorship.
This happens automatically, regardless of the terms of the deceased person’s will or the rules of intestacy and there is usually no need to obtain a grant of probate in order to transfer the funds. The surviving account holder can simply provide the bank or building society with the deceased joint account holder’s death certificate and the account will be transferred into the survivor’s name.
All that said, this estate would need probate and HMRC do a lot more digging as to who is the real owner, but ultimately they are simply interested in getting the due tax, not who's pocketed the cash and disappeared. Worst case scenario, she takes the death certificate to the bank, pockets the £170k and disappears into the night, the estate is then potentially left with a tax bill on it when you go through probate.
Point 5;
See a solicitor now.
Unfortunately I think your father has either received bad advice or misunderstood the situation or theres stuff you haven't seen/don't know. I don't know how well he gets on with his Partner, but money can do funny things to people. As a matter of urgency If he's not intending to leave £170k to her, then he needs to remove her name from the account where it is held (I assume you don't have power of attorney right now so that may prove difficult?) and put back into his sole name to make sure that doesn't happen. Unless it's an account requiring both signatures she could withdraw the money tomorrow.
Additionally an agreement needs to be drawn up as to responsibilities on the house until his partner passes. My aunt has a house from her late husband that he left to his children but she has the right to live there for life. There's about a 15 page agreement on it, that might be over kill but it needs a formal agreement for both of your protections, for instance with my aunt, she can sell the house under certain circumstances (i.e. she needs a single storey property) but costs are hers to do so, she is also responsible for maintaining the house. If you think your fathers partner may outlive you, you need to cater for that as well so as to not burden your children or beneficiaries.... (probably need to do that anyway, no one knows what tomorrow brings).
Sorry if we've given you more trouble that you initial question started with, but best to be in full knowledge, but I really would see a solicitor as soon as you can to go through all this properly.
Wow, that is an incredibly clear and helpful post. Thank you so much.
Am I right to say that the money in dad’s joint account with his partner would be classified as a ‘gift’ in the event that the executor proved that he fully funded the £170k balance? Is it true to say that, in that scenario, his partner would be personally liable for the 40% IHT on that £170k balance, I.e. £68k?
What a bloody complicated mess eh?! I think you are right about seeing a solicitor now albeit that will require a difficult conversation with dad at a sensitive time for him, his partner and I in respect of the detail I will need such as the content of his will and detail of his actual total assets.
Just checked with my accountant. His view is that gifts prior to death are dealt with first, in that they use up the tax free amount first, therefore you would not have to pay any tax on the gift and the estate would have £285k tax free as the remaining amount of the limit. You would only become personally liable if the gift exceeded £325k and then you would have to pay tax on the amount above £325k. Phew!
Thats great news for @meldrew66. It might be even better if his father can use a spouse's IHT NRB as well. Important to know about his mother as you said earlier.
yes and no, sorry I typed quickly as in a meeting.
Although it's good news from a personal IHT liability, it is bad news in that the taper relief @meldrew66 thinks he will potentially benefit he will never do so all the time the gift is below £325k. It will only ever use up part of the tax free allowance and never get any taper relief i'm afraid.........
Thanks Rob and Golfie. Really useful comments and clarification. Not sure I fully understand what you mean about not getting taper relief on the £215k gift monies.
To answer your question, mum and dad divorced 50 years ago so dad's assets really are his own. Dad's will leaves me everything apart from small cash gifts to some of his mates. His home is the tricky issue whereby he is leaving it tome on his will but with a clause that his current partner can live there for the rest of her life. She is only 58 so is highly likely to outlive me.
Christ knows what the practical and financial implications are from that scenario! Sounds like I become a landlord of a rent free tenant.
One other question: can I, as executor of the will, use the £170k in dad's joint account with his partner to pay the £162k potential IHT bill when the time comes? As you can imagine, I'd rather use 'her' balance rather than 'mine'. What do you think?
Sounds like my scenario is on the complicated scale somewhat and will be tricky to manage without legal advice.
Point 1;
Taper relief;
Your dad gifted you £215k. Upon death (sorry to sound so callous) any gifts prior are 'first in line' therefore your £215k will simply only ever use up part of the £325k tax free allowance, you'll never get taper relief, only upon 7 years and 1 day post gift will it no longer form part of the estate or if subsequent gifts are given that takes the total gifts over the £325k potentially some of that will then get Taper relief.
As an example had your father gifted you £425k then yes, £325k would use up the allowance and the further £100k above that could benefit from taper relief in years 3-7.
Point 2;
The House
This is where sometimes the best laid plans potentially become the worst. I understand why your father has effectively left you the house but his partner has the right to live their rent free etc, but is there a proper agreement drawn up? Who is responsible for maintenance, insurance etc?
Point 3;
Paying IHT
The estate will need to pay the IHT, be warned though sometimes HMRC have been known to ask for a deposit before they will release any funds. I had to lend my mum (and her siblings) a lot of money (6 figure) just so they could release my Grandads estate.
Point 4;
The Cash Accounts
Under UK Law joint accounts, are generally held by the joint account holders as ‘joint tenants’, so that on the death of one account holder the funds in the account pass to the surviving account holder by the principle of survivorship.
This happens automatically, regardless of the terms of the deceased person’s will or the rules of intestacy and there is usually no need to obtain a grant of probate in order to transfer the funds. The surviving account holder can simply provide the bank or building society with the deceased joint account holder’s death certificate and the account will be transferred into the survivor’s name.
All that said, this estate would need probate and HMRC do a lot more digging as to who is the real owner, but ultimately they are simply interested in getting the due tax, not who's pocketed the cash and disappeared. Worst case scenario, she takes the death certificate to the bank, pockets the £170k and disappears into the night, the estate is then potentially left with a tax bill on it when you go through probate.
Point 5;
See a solicitor now.
Unfortunately I think your father has either received bad advice or misunderstood the situation or theres stuff you haven't seen/don't know. I don't know how well he gets on with his Partner, but money can do funny things to people. As a matter of urgency If he's not intending to leave £170k to her, then he needs to remove her name from the account where it is held (I assume you don't have power of attorney right now so that may prove difficult?) and put back into his sole name to make sure that doesn't happen. Unless it's an account requiring both signatures she could withdraw the money tomorrow.
Additionally an agreement needs to be drawn up as to responsibilities on the house until his partner passes. My aunt has a house from her late husband that he left to his children but she has the right to live there for life. There's about a 15 page agreement on it, that might be over kill but it needs a formal agreement for both of your protections, for instance with my aunt, she can sell the house under certain circumstances (i.e. she needs a single storey property) but costs are hers to do so, she is also responsible for maintaining the house. If you think your fathers partner may outlive you, you need to cater for that as well so as to not burden your children or beneficiaries.... (probably need to do that anyway, no one knows what tomorrow brings).
Sorry if we've given you more trouble that you initial question started with, but best to be in full knowledge, but I really would see a solicitor as soon as you can to go through all this properly.
Wow, that is an incredibly clear and helpful post. Thank you so much.
Am I right to say that the money in dad’s joint account with his partner would be classified as a ‘gift’ in the event that the executor proved that he fully funded the £170k balance? Is it true to say that, in that scenario, his partner would be personally liable for the 40% IHT on that £170k balance, I.e. £68k?
What a bloody complicated mess eh?! I think you are right about seeing a solicitor now albeit that will require a difficult conversation with dad at a sensitive time for him, his partner and I in respect of the detail I will need such as the content of his will and detail of his actual total assets.
Not sure re the gift as currently it's in joint names. But what ever applies there would equally apply to you.
Sorry I assumed you knew the detail of the Will etc. In that case yes, i'd speak to him about it if you can, as executor it would help to know what you are up against and then a solicitor.
Looks like the reduced Premium Bond prize pot is beginning to bite. Only 2x£25 for Mrs CH, £25 for junior and the mandatory ‘ bugger all’ for me despite an increased holding
Looks like the reduced Premium Bond prize pot is beginning to bite. Only 2x£25 for Mrs CH, £25 for junior and the mandatory ‘ bugger all’ for me despite an increased holding
Looks like the reduced Premium Bond prize pot is beginning to bite. Only 2x£25 for Mrs CH, £25 for junior and the mandatory ‘ bugger all’ for me despite an increased holding
still better than you'd get invested elsewhere.
Agreed. I invested in these after seeing some of your posts Large - ages ago. Glad I did it. I've only had one month with no prize and I've had them at least 2 years now.
Looks like the reduced Premium Bond prize pot is beginning to bite. Only 2x£25 for Mrs CH, £25 for junior and the mandatory ‘ bugger all’ for me despite an increased holding
still better than you'd get invested elsewhere.
Agreed. I invested in these after seeing some of your posts Large - ages ago. Glad I did it. I've only had one month with no prize and I've had them at least 2 years now.
This month 2 x £25
And tax free as well don't forget. With interest rates so low it's a bit of a no brainer if you can afford to invest a decent sized amount. My eldest has a load of fixed rates coming out through this year and some back end of last year, (can you believe some over 3%!) and she's just putting it into PB's as just not worth putting it anywhere else right now.
Looks like the reduced Premium Bond prize pot is beginning to bite. Only 2x£25 for Mrs CH, £25 for junior and the mandatory ‘ bugger all’ for me despite an increased holding
still better than you'd get invested elsewhere.
Agreed, just moaning about my continual lack of success compared to the rest of the family. It’s the hope that kills
There may well be a bounce but difficult to see this as anything other than directional for US markets ....
Zynex up 6.3% though. Another few squillion for TS
Still well down on what it was three months ago. And US markets crashing? I don't call 1.5% a crash. Totally steady after that initial drop.
that was probably a correction after the dump after the pump that all medical companies got mid last year during the pandemic, think by the looks of the chart Zynex is back to where it should be in price.
Looks like the reduced Premium Bond prize pot is beginning to bite. Only 2x£25 for Mrs CH, £25 for junior and the mandatory ‘ bugger all’ for me despite an increased holding
still better than you'd get invested elsewhere.
Depends on what you call "invested", because you do know that PB's are not investments. They are merely Cash deposits.
As an "investment" they give very poor returns. As a cash deposit they probably do better than most, but are still a bit of a gamble. The one thing you can say is that your original capital is safe as houses.....or as safe as the Govenment should I say.
There may well be a bounce but difficult to see this as anything other than directional for US markets ....
Zynex up 6.3% though. Another few squillion for TS
Still well down on what it was three months ago. And US markets crashing? I don't call 1.5% a crash. Totally steady after that initial drop.
that was probably a correction after the dump after the pump that all medical companies got mid last year during the pandemic, think by the looks of the chart Zynex is back to where it should be in price.
Fair challenge, Bangkok, though the S&P was down 2.7% at the time of writing, in a few hours.
There's as view that the top is in and a drop that strong is directional. We'll see. Personally, I think there's plenty of scope for more upwards mania but the election result tomorrow will play a part.
As for Zynex, they missed their numbers on two successive quarters which never does a growth stock a lot of favours. They blamed lower activity on Covid and continued to hire sales people strongly, which has hit earnings - double whammy to the share price but hopefully will recover well this year.
I bought in at 13.50 - partly I like the idea of a company that is trying to solve the opiode crisis, partly as a Covid recovery and partly to track TS' fortunes as it may be useful ....they're also a well-run, safe company with strong metrics (ROE = 60.4%, ROCE = 59.4% and CROCI = 32.0% !). Hopefully he'll run our club as well as that!
Note that he sold 1.25m shares @USD 20 on 14/7 for USD 27.5m to fund the purchase. He has 13.8m left @ USD 13.5.
First premium bonds win for me and at 25 quid a 3.5k investment has done better than higher investments elsewhere for more money. Nothing exciting just savings
FTSE going mental atm. Now at 6820 up 3.2% @Rob7Lee might be getting some changes to peoples guesses at where it will be at 31/12. I've not given in mine yet - might be above 7000 though...😉
Comments
Although it's good news from a personal IHT liability, it is bad news in that the taper relief @meldrew66 thinks he will potentially benefit he will never do so all the time the gift is below £325k. It will only ever use up part of the tax free allowance and never get any taper relief i'm afraid.........
To answer your question, mum and dad divorced 50 years ago so dad's assets really are his own. Dad's will leaves me everything apart from small cash gifts to some of his mates. His home is the tricky issue whereby he is leaving it tome on his will but with a clause that his current partner can live there for the rest of her life. She is only 58 so is highly likely to outlive me.
Christ knows what the practical and financial implications are from that scenario! Sounds like I become a landlord of a rent free tenant.
One other question: can I, as executor of the will, use the £170k in dad's joint account with his partner to pay the £162k potential IHT bill when the time comes? As you can imagine, I'd rather use 'her' balance rather than 'mine'. What do you think?
Sounds like my scenario is on the complicated scale somewhat and will be tricky to manage without legal advice.
Taper relief;
Your dad gifted you £215k. Upon death (sorry to sound so callous) any gifts prior are 'first in line' therefore your £215k will simply only ever use up part of the £325k tax free allowance, you'll never get taper relief, only upon 7 years and 1 day post gift will it no longer form part of the estate or if subsequent gifts are given that takes the total gifts over the £325k potentially some of that will then get Taper relief.
As an example had your father gifted you £425k then yes, £325k would use up the allowance and the further £100k above that could benefit from taper relief in years 3-7.
Point 2;
The House
This is where sometimes the best laid plans potentially become the worst. I understand why your father has effectively left you the house but his partner has the right to live their rent free etc, but is there a proper agreement drawn up? Who is responsible for maintenance, insurance etc?
Point 3;
Paying IHT
The estate will need to pay the IHT, be warned though sometimes HMRC have been known to ask for a deposit before they will release any funds. I had to lend my mum (and her siblings) a lot of money (6 figure) just so they could release my Grandads estate.
Point 4;
The Cash Accounts
Under UK Law joint accounts, are generally held by the joint account holders as ‘joint tenants’, so that on the death of one account holder the funds in the account pass to the surviving account holder by the principle of survivorship.
This happens automatically, regardless of the terms of the deceased person’s will or the rules of intestacy and there is usually no need to obtain a grant of probate in order to transfer the funds. The surviving account holder can simply provide the bank or building society with the deceased joint account holder’s death certificate and the account will be transferred into the survivor’s name.
All that said, this estate would need probate and HMRC do a lot more digging as to who is the real owner, but ultimately they are simply interested in getting the due tax, not who's pocketed the cash and disappeared. Worst case scenario, she takes the death certificate to the bank, pockets the £170k and disappears into the night, the estate is then potentially left with a tax bill on it when you go through probate.
Point 5;
See a solicitor now.
Unfortunately I think your father has either received bad advice or misunderstood the situation or theres stuff you haven't seen/don't know. I don't know how well he gets on with his Partner, but money can do funny things to people. As a matter of urgency If he's not intending to leave £170k to her, then he needs to remove her name from the account where it is held (I assume you don't have power of attorney right now so that may prove difficult?) and put back into his sole name to make sure that doesn't happen. Unless it's an account requiring both signatures she could withdraw the money tomorrow.
Additionally an agreement needs to be drawn up as to responsibilities on the house until his partner passes. My aunt has a house from her late husband that he left to his children but she has the right to live there for life. There's about a 15 page agreement on it, that might be over kill but it needs a formal agreement for both of your protections, for instance with my aunt, she can sell the house under certain circumstances (i.e. she needs a single storey property) but costs are hers to do so, she is also responsible for maintaining the house. If you think your fathers partner may outlive you, you need to cater for that as well so as to not burden your children or beneficiaries.... (probably need to do that anyway, no one knows what tomorrow brings).
Sorry if we've given you more trouble that you initial question started with, but best to be in full knowledge, but I really would see a solicitor as soon as you can to go through all this properly.
Still well down on what it was three months ago. And US markets crashing? I don't call 1.5% a crash. Totally steady after that initial drop.
Am I right to say that the money in dad’s joint account with his partner would be classified as a ‘gift’ in the event that the executor proved that he fully funded the £170k balance? Is it true to say that, in that scenario, his partner would be personally liable for the 40% IHT on that £170k balance, I.e. £68k?
Sorry I assumed you knew the detail of the Will etc. In that case yes, i'd speak to him about it if you can, as executor it would help to know what you are up against and then a solicitor.
still better than you'd get invested elsewhere.
...with alas, no "profit".
As an "investment" they give very poor returns. As a cash deposit they probably do better than most, but are still a bit of a gamble. The one thing you can say is that your original capital is safe as houses.....or as safe as the Govenment should I say.
There's as view that the top is in and a drop that strong is directional. We'll see. Personally, I think there's plenty of scope for more upwards mania but the election result tomorrow will play a part.
As for Zynex, they missed their numbers on two successive quarters which never does a growth stock a lot of favours. They blamed lower activity on Covid and continued to hire sales people strongly, which has hit earnings - double whammy to the share price but hopefully will recover well this year.
I bought in at 13.50 - partly I like the idea of a company that is trying to solve the opiode crisis, partly as a Covid recovery and partly to track TS' fortunes as it may be useful ....they're also a well-run, safe company with strong metrics (ROE = 60.4%, ROCE = 59.4% and CROCI = 32.0% !). Hopefully he'll run our club as well as that!
Note that he sold 1.25m shares @USD 20 on 14/7 for USD 27.5m to fund the purchase. He has 13.8m left @ USD 13.5.