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Morning all. Appreciate nobody is qualified to give financial advice etc but am hoping someone can confirm/deny this one for me. If I were to gift a tube of sovereigns to my daughter this year, she could take them from me, tax free, provided I lived for at least another 7 years (on the understanding that if I die in the next 7 years she will owe a degree of IHT on the gift)? I would just need to make sure I kept a record of the gift. Appreciate peoples input on this one and if there are any glaring omissions in this or I’m being too simplistic, please just tell me. Thanks all and have a great day 👍🏼

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All true if you do it by the book and only if the total value of your estate is over the inheritance tax threshold, but boating accidents with respect to gold bullion are very common on this forum for some reason...😬

https://www.gov.uk/inheritance-tax

Edited by flyingveepixie
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41 minutes ago, JamesH said:

Morning all. Appreciate nobody is qualified to give financial advice etc but am hoping someone can confirm/deny this one for me. If I were to gift a tube of sovereigns to my daughter this year, she could take them from me, tax free, provided I lived for at least another 7 years (on the understanding that if I die in the next 7 years she will owe a degree of IHT on the gift)? I would just need to make sure I kept a record of the gift. Appreciate peoples input on this one and if there are any glaring omissions in this or I’m being too simplistic, please just tell me. Thanks all and have a great day 👍🏼

you can gift up to £3000 per year as an allowance and it can be rolled over once

It does not matter how slowly you go so long as you do not stop.

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One of the reasons gold is great is that the bloody government don't know exactly who's got it so can't get their mitts on it unless you voluntarily give it them (which is like giving another whip to your torturer to beat you with). Give her the tube and like above say you lost in a boating accident. Simples.

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12 minutes ago, Gordy said:

you can gift up to £3000 per year as an allowance and it can be rolled over once

Absolutely, thanks. Am just looking beyond that and if I wanted to move a larger value item (like the Sovs) and keep it legit

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11 minutes ago, Dom said:

One of the reasons gold is great is that the bloody government don't know exactly who's got it so can't get their mitts on it unless you voluntarily give it them (which is like giving another whip to your torturer to beat you with). Give her the tube and like above say you lost in a boating accident. Simples.

Totally agree but again, when my daughter then wants to cash them in (and when that time comes it’ll likely be tubes and not just a tube) I don’t want her to have a problem providing details on where it all came from (yes, I’m a rule follower 🤣) should any organisation start asking

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17 minutes ago, JamesH said:

Absolutely, thanks. Am just looking beyond that and if I wanted to move a larger value item (like the Sovs) and keep it legit

I'm not 100% sure but I think you can taper the amount of IHT owed on certain gifts if death comes before the seven years are up.  Maybe best to check with a solicitor or financial advisor for complete clarification.

Edited by flyingveepixie
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14 minutes ago, JamesH said:

Totally agree but again, when my daughter then wants to cash them in (and when that time comes it’ll likely be tubes and not just a tube) I don’t want her to have a problem providing details on where it all came from (yes, I’m a rule follower 🤣) should any organisation start asking

Get her membership on here. If anyone asks, she name-drops JamesH and everyone is happy :D

Simples!

 

Either that, or invest in a new boat:

perseverance9_kc_900.jpg.ab5d7d35f9b2ef6a4e64b71cc0fea1b8.jpg

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8 minutes ago, Darr3nG said:

Get her membership on here. If anyone asks, she name-drops JamesH and everyone is happy :D

Simples!

 

Either that, or invest in a new boat:

perseverance9_kc_900.jpg.ab5d7d35f9b2ef6a4e64b71cc0fea1b8.jpg

This makes sense. Thanks 

18 minutes ago, Gordy said:

Type gifting rules into Google and open up the .gov site, it's all there in detail for you, quite informative 

Thanks Gordy. I had googled prior and that’s what led me to believe my line of thought was correct. It just appeared too simple hence my wanting the check. Thank you 👍🏼

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Are you asking about the tube of sovs you gave to your daughter 7 years ago or is this another tube?

"To get to where I need to be, I start by walking away from where I am."

From the moment you are born, the number of people in the world who are older than you only ever gets smaller.

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1 hour ago, Thelonerangershorse said:

Are you asking about the tube of sovs you gave to your daughter 7 years ago or is this another tube?

This would be in addition to the stuff I gifted them 7 years ago before I thought about checking the rules 👍🏼

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1 hour ago, Iacabu said:

The only way the Government will find out that you have gifted the gold, is if you write a post on an open forum stating such gift. So I wouldn't do th.... Oh, wait

As I say, I’m a rule follower so not trying to hide anything. Just want to make sure they don’t end up in a tricky situation, that’s all 👍🏼

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6 minutes ago, JamesH said:

As I say, I’m a rule follower so not trying to hide anything. Just want to make sure they don’t end up in a tricky situation, that’s all 👍🏼

Your not hiding anything, you are following the rules by stacking CGT coins, you are passing on to your daughter as a beautiful and generous gift. Hopefully you live a long life and she grows up in a responsible way, little bits of information about the world and your stacking journey/finances will inevitably stick in her subconscious ( she will over hear things and whilst likely not interested now) it will come flooding back someday. 

If/when the time comes to move them on, enough time will have elapsed (7 year) but more importantly you will still be around to advise on disposal. 

Failing all that, big  Mike down the Gainsborough pub will be able to help 😆 

I like to buy the pre-dip dip

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1 minute ago, James32 said:

Failing all that, big  Mike down the Gainsborough pub will be able to help 😆 

Thanks James, appreciate that. As I say, I think I’m doing it right and not trying to hide anything. Just thought maybe it was too easy and I was missing something

As for ‘big Mike down the Gainsborough’ he can steer well clear of my girls 🤣

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1 hour ago, JamesH said:

As I say, I’m a rule follower so not trying to hide anything. Just want to make sure they don’t end up in a tricky situation, that’s all 👍🏼

I respect that completely. Obviously my comment was made in jest, but I can't say I would declare it myself...

Unless the person reading this works for the HRMC, in which case, I don't own any precious metals nor have ever gifted any. In fact I don't even know why I'm here 

www.fyldecoins.co.uk

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1 minute ago, Iacabu said:

I respect that completely. Obviously my comment was made in jest, but I can't say I would declare it myself...

Unless the person reading this works for the HRMC, in which case, I don't own any precious metals nor have ever gifted any. In fact I don't even know why I'm here 

Big Mike down the pub has been arrested 😳 coincidence surely?

I like to buy the pre-dip dip

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Who knows what that bloke in the pub gifted to his daughter?
Who knows he had some sovereigns? - who knew? He was involved in a tragic boating accident - who knew?
The sovereigns were sold - no CGT - nothing to declare anyway. The sovereign is legal tender. It's £1.
It's gold - it's God's money - how dare these infidels think to demand a tribute.

Disclaimer: Everything I post is for entertainment purposes only - it is not to be taken seriously. There is no intent to incite violence or hate of any kind, nor do I have any intent to incite any other crime or non-crime in any country in the world. It is not my intent to slander, harass or defame anyone dead or alive. 

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If upon your sad demise daughter rocks up to a bullion dealer with umpteen tubes of Sovs sadly the dealer will want to know where they came from for purposes of informing tax man. Better to avoid IHT legally than daughter evading it with Big Mike who will probably try and have his way with her!

"It might make sense just to get some in case it catches on"  - Satoshi Nakamoto 2009

"Its going to Zero" - Peter Schiff 2013

"$1,000,000,000 by 2050"  - Fidelity 2024

 

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On 11/01/2023 at 08:16, sixgun said:

It's gold - it's God's money - how dare these infidels think to demand a tribute.

Exactly. It's a gift from God and He don't pay no dues.

In my opinion, it's not a good idea to leave your metals to your kids. You probably ask, why Roy?

Or as Nugget once bleated:

'You feel it is okay to belittle efforts I am making to ensure my children don't have the start to life that we did?  I find it offensive and rude.'

😭

Where do I begin? Let's say you have a life expectancy of 80-85. Your kids will be around 60 when you pass and probably wealthier than you ever were. They have their health, you paid for it.

You needed that money, perhaps you might have seen 90 if you'd spent it on yourself. 

When you die, your kids are not kids anymore. Seriously.

People say, 'I want to give them a better life than I had...what the f?' 

If they haven't had a better life than you had, then you've failed already.

 

I believe that, as a parent, there are only a few duties that are required of that position:

Shelter

Food

Warmth

Clean clothing

Safety

Love

Education

 

I'd say these are your dues, your parental requisites, and nothing more. There is too much hand-holding and too many 'participation' awards these days. We should value excellence and encourage improvement.

If you haven't made a difference, an impact, in your child's life by the time you die, then I am sorry about that. You can't buy it now, it's too late.

 

 

 

Technically, alcohol is a solution..

'It [socialism] poses a growing threat, however unintentional, to the freedom of this country, for there is no freedom where the State totally controls the economy. Personal freedom and economic freedom are indivisible. You can’t have one without the other. You can’t lose one without losing the other.'

"There is no such thing as public money, there is only taxpayers' money"

Let not England forget her precedence of teaching nations how to live, and It's  Britannia, with one t and two n's.

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6 hours ago, Roy said:

I'd say these are your dues, your parental requisites, and nothing more. There is too much hand-holding and too many 'participation' awards these days. We should value excellence and encourage improvement.

If you haven't made a difference, an impact, in your child's life by the time you die, then I am sorry about that. You can't buy it now, it's too late

Respect your opinion. My initial query was because it’s not my desire to leave my metals to my children when I die, but move it on to them at an earlier point in their lives where it will do some good and help them out. My daughter is training to be a nurse. A wonderful profession and she will no doubt help many more hundreds/thousands of people than I ever will, but it’ll also not likely make it easy to move on to the property ladder any time soon either. If I can help with that then you can be damn sure I will. If I’m in a fortunate position to earn well enough and all that serves is to make me richer, what’s the point?

If you see this as buying affection or a guilt free conscience then that’s on you

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