Which is exactly why our kid is going to get a sizeable cash " gifting" within the next ten years…or maybe pay off a lot of his mortgage.
Sooner the better to be safe, you never know what will happen in the future…
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Precisely. Especially in the current situation. We are both 69 this year.
So saying, we are well below the £350,000 in property & cash threshold, and it seems he would be allowed to inherit tax free. For now.
He would pay tax on the gross rent less overheads, as it’s Unearned Income.
My dealer nearly had a fit when I offered to pay for my cars by cash, he said they weren’t accepting it because of money laundering legislation.
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The money laundering was advertised by the Government as “anti terrorism”, but it is actually to stop tax avoidance. Again if a car dealer will take cash, anything over £10k and they will inform HMRC by law. Very few will now do it as they cannot be bothered with the paperwork…
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What makes you think that despite being able to afford your own care, you 'd rather give the money away and have the taxpayer fund you? .
I don’t think we need to worry about inheritance tax thresholds, the government needs to pay of the covid19 dept so they’ll probably be reduced drastically.
Which means surely those currently under the threshholds to not worry…may need to start worrying if they come into the claw back levels.
The Treasury will claw back at least some of the Covid bill via direct and indirect taxes…over decades. I’d expect my as yet unborn grandchildren to be helping pay for it.
The trick Chancellors over the next few decades will be preventing captains of industry Doing a Dyson.
To be honest it’s no worse than blowing any funds you’ve got on yourselves during life rather than saving for care is it. Don’t forget than anyone who has paid or does pay tax is supporting those already in care.
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Being a Luddite, I always believed cash was King! never used to pay for stuff (unless Amazon type transactions ) with anything but cash. Then, since COVID, and coinciding with being issued contactless debit cards from my bank, everything is cashless for me. We engaged the services of a new window cleaner recently, his business card has all the details for BACS transfer, which is how we pay him. Today, I don’t have a penny in my wallet but can pay my way everywhere! Even have google pay on my phone! Our dog groomer asks us to pay by BACS and so it goes on. I absolutely never thought I would do things this way. I also ‘round up’ transactions at places like Screwfix, paying on line and donating the difference to charity 
The world is changing (for me at least). 
Barrie
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Just after the Covid outbreak last year I drew out a small “wad” to pay my way. It’s still in the envelope the teller put it in for me, I’ve not spent more than £25.00 of the £50.00 that I already had in cash since then.
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I recently forgot to get a carrier bag from the supermarket so had to get one on a separate transaction. 5 pence by card!!
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One of the advantages of cash is that it is worth at least 20% off an invoice sometimes more if income tax is taken into account. This is one reason the government wants to move to a cashless society.
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I wonder 
does that count as “tax avoidance” for you, which is legal 
, and “tax evasion” for the tradesman, which is a criminal offence 
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Maybe you should continue hiding under your bed with any money you might have beneath there too.
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I’m sayin’ nuffink… 
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Wise…
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I reckon the establishment want a cashless society,and the covid pandemic is excelarating things ,as we are all aware cash is now deemed dirty,
Just imagine a cashless society and negative interest rates as much as -4%.
That’s only one aspect ,something to think about
Buy gold.
I have been a self employed plumber for over 35 years now & have lost count of the number of folk asking for a discount for cash. My reply Is always the same…it’s more for cash because I have to count it!!
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