Gifts "exactly" what are they?

Newly_retired

Maybe the OP also needs to consider the effect of giving money away when on benefits?
This may be seen as "deprivation of capital" ie deliberately reducing your capital in order to be eligible for benefits.

John_Pierpoint

"Benefits" exactly what are they ?

Newly_retired

By benefits I meant means-tested welfare benefits eg Job Seekers Allowance, Employment Support Allowance, Pension Credit, Housing Benefit, Council Tax Benefit etc

holly_hobby

Long term care state assistance of course also being the most relevant for the older individual re deprevation of assets.

H

loadsamunney

Well , thank you all for such a comprehensive reply base. I am very grateful

grey_gym_sock

John_Pierpoint wrote: »

More likely the recipient of the £10 million, not wanting to risk being approached for a tax payment of £4 million, has become a tax exile, with a domicile in (say) N. Cyprus ?

quite likely, but it seems crazy to me. surely the point of having a lot of money is that you can (among other things) live wherever you want to, without worrying about whether it's expensive.

John_Pierpoint

That is a bit of a short term clogs to clogs in three generations outlook, isn't it?

There are worse places to be domiciled, or even work as you wife's factotum:



I hear that Chris Evans has been auctioning short break holidays here.
[Note the clearly delineated boundaries of something the size of an economic farm, were it on sustainable agricultural land.]

I wonder if pledges to Pudsey Bear can be "gift aided".
http://www.dailystar.co.uk/news/view/282720/DJ-Chris-Evans-raises-3-6m-for-Children-In-Need/

John_Pierpoint

Here is the Asian equivalent - do you recognise the tower?

grey_gym_sock

hah, shameless plagarism!

might be pleasant places to live ... the important point is not to live somewhere where you're unhappy apart from the satisfaction of knowing your estate will pay minimal tax.

nobody would go from "clogs to clogs" while spending as little as i do. but sometimes it's worth spending money, including paying tax.