MickB

I usually put one on top of the other when stacking😁

On 28/04/2024 at 15:58, sovereignsteve said:

Assuming the inheritance was kosher ie the probate was carried through correctly and any inheritance tax paid, surely the house, on transfer, was tax free?

The question is what value is attached to the house when she inherited it? I would have thought this would have been it's value at that time and thus any capital value increase between then and now would be taxable, not it's full value.

This seems fair to me but that doesn't necessarily mean it's true.

If she lived in the house since the inheritance and sold it now there wouldn't be any capital gains to pay.

Alternatively if the house had been sold as part of probate and the proceeds willed to your M-I-L, she wouldn't have had to pay any tax.

The house was willed to her. I did hear she owes around £5000, how much of that is a late payment charge I don't know.

13 minutes ago, kimchi said:

Late payment fine is £1000 I believe mate according to HMRC website (I presume plus interest given the timeframe).

If they accuse her of deliberate tax evasion they can try to hit her with a Civil Fine, but I think this would be easily defensible (how on earth was she meant to know)? But might need a good lawyer (IF it gets that far). I would look to see if she has any legal advice cover under her home insurance policy.

All imvho, I am no legal bod, good wishes

 

Good advice there about checking home insurance for legal advice cover. Thanks for this.

4 minutes ago, modofantasma said:

Depends on a few variables such as income, other gains or losses, whether there are any deductions for eg if she lived there for a period or rented it out and so on....

Not sure about the penalty.

Start here but speak to a good accountant. (Can put you in touch with one if needed but you may prefer a local one you can go and visit)

https://www.gov.uk/tax-sell-property/work-out-your-gain

Thanks for this. She's got an accountant looking into it now, although a bit late. Problem for her is that all the money has gone. I can guess where it went in regards to certain relatives and I don't think they'll be helping her out with her bill. 

I was curious as to roughly how much she would be expected to pay.

My mother in law inherited a house 4 years ago from her neighbour who passed away. She sold it a few months later for £350,000 and from what I gather never informed the taxman. 

She's now been told she owes capital gains tax and as the 60 days to inform the taxman has long passed I'm guessing there's a big penalty to pay.

Does anyone have an idea of what she's likely to have to pay? I can't find an exact figure anywhere.

1 hour ago, Wampum said:

Just bought my most expensive Bullion Sovereign ever at £459.12

I remember when I bought a Queen Vic jubilee head sovereign for £250 thinking that was expensive a few years back. You end up wishing for those days again.

17 minutes ago, James32 said:

Yeah, I'd stop looking tbh. I nicked it with the barbecue out the back and a very nice leather gimp suit.

You raided the house 3 doors down from me.

I've lost this 1/10 oz gold proof in my house. Spent ages looking for it and gave up in the end. It might turn up one day.

4 hours ago, treetop1280 said:

Now that I’m a big time gold buyer , I thought I’ll have bragging rights , TODAY I RECEIVED “  “ the king of coins , the big time , top of the line the almighty 1/20 kangaroo thing , check it out in its sponged case 👍, @treetop1280= Winner , move over ball bags there is a new player at the table???

That'll buff up nicely using your discs👍

3 hours ago, DavePa said:

Come and press them at my place. If it unlocks its yours. 

You two haven't been going to the same parties have you?

1 hour ago, Spark268 said:

are they selling silver at costco now? what was the price?

They've been selling kilo silver bars for a while now. I never looked at the price today but I'll have a look next time. Just noticed I did take a picture of the bars. £983.98 with vat.

£482.99 for a sovereign today!

At least this one ain't broke

Just now, stefffana said:

Platinum is too risky in my opinion. 

80-82oz of silver or 1oz gold and some beers with your leftovers.

Where's your sense of adventure?😄

3 minutes ago, DisplayName said:

I agree, don't get me wrong. But if the questions is - what PM to spend £2000 on now - would it be platinum?

For £60 more you can buy 2 oz of platinum qb coins or for £100 less one gold 1oz Britannia. It's always up to the individual. 

Just now, DisplayName said:

Premiums and vat though 🥲

Value of it all goes up in the end. Just pretend it's gold😁👍

2 minutes ago, Go65 said:

It is now! 

You could always go for platinum that's roughly now at February 2016 gold price 😁

Is there going to be a no fly zone imposed in the middle east? Only asking because I've got tickets for the Tyson Fury fight in Riyadh next month.

Just now, James32 said:

Put the caviar down...today is a soup day!!

Ya peasant

I'll take 3 please

1 hour ago, pricha said:

I never knew Costa sold gold . Everyone is getting in on the act now.  Sovereigns and coffee great combination.  

They've been selling gold and silver for around 3-4 years in the UK now. The way the prices are going I'd expect them to be selling half sovereigns soon.