SHARE THIS PAGE
  • LinkedinLinkedin
  • Google+Google+

Hoping to win the Lottery?

15/02/2012

national-lottery-logo

Many people dream of winning the lottery and becoming overnight millionaires, giving up work, buying a big house and flashy new cars, boats, holidays….the list goes on.  But have you ever thought how much the Government might claw back in tax if the lottery winner were to die within a few years of such a win?

The current threshhold for Inheritance Tax is static at £325,000 which means anything over this amount in the estate at the date of death will be subject to tax at 40% unless it is left to a surviving spouse or civil partner or to charity.  On a win of £45,000,000 as has recently been won in the Euromillions, the tax payable could be an eye-watering sum.  A nice problem to have, you might think but one that we definitely recommend is considered along with the spending spree! 

We can advise on ways to leave funds in trust in a tax efficient way and introduce you to trusted local Independent Financial Advisers and together we can help you minimise your exposure to tax whether you have millions in the Bank or much more modest sums!

Share this article…

How can we help? Request a callback...

  

Potential Problems with Privatisation

Potential problems with privatisation By Emma Davies and Jessica Wheway, from insidetime issue May 2014 Emma Davies and Jessica Wheway......

Read more...

Cohabitees’ breaking up survival guide

Cohabitees’ breaking up survival guide   Couples that have been living together don’t own everything equally in the way married......

Read more...

 

Prison Law

“…I would like to praise you in your response in all correspondence as it always been fast and efficient, this is a high…

Property

‘Many thanks for all your help  – I really have appreciated it- especially sorting out all the housing association stuff – you really…