HMRC, Gift Aid, inheritance after intestacy...

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    HMRC, Gift Aid, inheritance after intestacy...

    My late brother died, intestate, no will (he’d cancelled all previous wills & was in process of thinking how he wanted new will): But we have copies of old wills and lists of charities he wished to donate to. I & my sister, joint executors and due to intestacy joint inheritors wish to reflect his wishes. The question is, after the inheritance comes down to me & my sister, knowing what we do of his previous wishes we plan to donate £10ks to various charities in his memory. We plan to do so in our names, me & my sister, substantial amounts.


    No IHT to pay due to usurious interest rates on his "Equity Release" dodgy mortgages ....

    For some years I've been declaring charity donations to HMRC in my annual self assessment, to reduce MY income tax bill.

    Q1 Is it/would it be legit to make donations, claim gift aid for these donations to charity in e.g. my name?? Clearly charity getting more seems worthwhile.

    Q2 .. and then for me to claim more than usual income tax relief later on self assessment, please? Don’t wish break HMRC rules on this.




    Regards & thanks in advance.
    I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

    #2
    It will be your own money you're donating so I don't see why there should be a problem.

    Comment


      #3
      If the money is donated directly by the estate, that wouldn't be appropriate.
      But if the money is passing to you and you are donating it, it's your gift, not the estates.
      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

      Comment


        #4
        The advice by gov.uk are given on this website:

        https://www.gov.uk/income-tax-relief...ons-tax-relief

        Comment

        Latest Activity

        Collapse

        • Will they raise taxes again?
          by JK0
          My accountant just finished my 2020/21 tax return, and my income is half of the previous year. I did not think it would be quite that bad. (Half my tenants moved out, and I had a job to replace them. Plus had to get fourteen EICR's!)

          I'm guessing you guys are in a similar boat. Never mind...
          27-11-2021, 20:20 PM
        • Reply to Will they raise taxes again?
          by Gordon999
          Corporation tax for large companies ( over £250K profit ) will be raised from 19% to 25% rate commencing from April 2023.
          30-11-2021, 21:35 PM
        • Reply to Corporation Tax
          by Gordon999
          There seems to be 2 problems ( I am not an accountant ) :

          (1.) The company has to pay £30,000 tax due to revaluation of property asset increased higher by £150,000 ( estimated). Does it have the cash in its bank account to pay ?

          ( 2) husband owns one third interest of property...
          30-11-2021, 14:09 PM
        • Reply to Will they raise taxes again?
          by theartfullodger
          Taxes bound to go up, huge amounts to pay for Covid & BR*X*it. Death & taxes, death & taxes.

          Holding off working out my position, wishing to remain cheerful for Christmas.

          Best wishes to all...
          28-11-2021, 10:45 AM
        • Reply to Will they raise taxes again?
          by Neelix
          ^^ please don’t take this the wrong way but £10 k down on what turnover or number of properties?

          i’ve done a lot of EICRs and remedial work over the last 18 months and a lot of it was because properties hadn’t been inspected and some were just dangerous....
          28-11-2021, 10:29 AM
        • Reply to Will they raise taxes again?
          by jpkeates
          I'm about £10k down and it's mostly electrical work.

          I can't see this government putting up taxes anymore before the next election, although there's nothing to say that they won't figure out how to tax landlords more specifically - there's few votes lost there.

          My candidate...
          28-11-2021, 10:07 AM
        • Reply to Will they raise taxes again?
          by Neelix
          That's a lots of unsatisfactory EICR's and remedial work - so not annual costs!...
          28-11-2021, 09:00 AM
        • Reply to Will they raise taxes again?
          by Neelix
          Wow.

          So that must be lots of unsatisfactory reports and lots of remedial work.

          so not annual Costa...
          28-11-2021, 08:31 AM
        • Reply to Will they raise taxes again?
          by jpucng62
          Clearly you were a bit behind on your electrical work!...
          28-11-2021, 06:58 AM
        • Reply to Will they raise taxes again?
          by JK0
          The EICR's cost around £12k in total....
          27-11-2021, 22:48 PM
        Working...
        X