Inheritance Tax and Privision for my animals

dogwatcher

I live in a hovel in a tranquil location together with rescued animals.
It is an ideal thrapeutic location for the two legged variety as well. I dont want to move away but have considered moving abroad in desperation as life is getting intolerable.

To my astonishment I find a dangerous situation looming due to the property being far in excess of the IH tax threshold. As I live in what is in realty, is poverty badly needed maintenence cant be afforded. How can I protect my animals from the robber baron and ensure a home for the life of the animals here where it is safe.
Do the animals have to pay IHT

I need to build some new facilities but that is going to add even more to the value Given I struggle on a day to day basis to make ends meet its all getting me down

A pensioner :confused victim of new labour! Has anyone any ideas which could help set my mind at rest please

Ian_W

Hi dogwatcher & welcome,
I'm no expert on IHT and hopefully one will be along shortly.

I believe the IHT threshold is £275k rising to £300K next year, and the tax is only payable on the value of the estate above that figure. That leaves a fair amount you can leave to the animals so that their future welfare can be provided for. Sure the value of your home may push you over the threshold but with the first £275k tax free and 60% of the rest available for your resued animals it should be enough to keep them in Bonios and Pedigree for quite a few years after your demise.

Keep up the good work with the rescued animals, a noble calling, and don't let the b@stards grind you down!!

Debt_Free_Chick

I think the most important thing is to have someone (a person or organisation) who will commit to caring for the animals. Animals can't take care of themselves, even with all the money in the World - someone will still need to feed and care for them, so you need to get agreement from someone to do just that.

HGLTsuperstar

IHT is the concern of those you live behind, putting it bluntly you're out of it! So shed a bit more light on your situation: do you have a will. who do you plan to leave your property and/or animals in an ideal world (i.e. forget about taxes etc for the moment, what do you want yourself) then maybe we can offer some more specific advice.
P.S. I think what you are doing with your animals and your little haven sounds wonderful

cheerfulcat

Hi, dogwatcher,

Any money left to charity is IHT exempt; you might consider getting in touch with one of the animal charities and asking them to look after your furry friends in exchange for a legacy; you could leave them the lot, and spite the Chancellor :-) ( btw they may well offer a will-writing service if your estate is going to be large enough to attract IHT ).

HTH

Cheerfulcat