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80 year olds still taxed?

paul_mcl
Posts: 4 Newbie
My dad, god bless 'im, seems to be paying a lot of tax.
As he is of the generation that 'puts up with it' I'm trying to find out stuff, before we go to a tax consultant or IFA.
He has several pensions, including state, and downsized his house so has, say, at least £50k in the bank.
Clearly I want him to spend his money to enjoy himself. As far as I know my mum didn't have enough 'stamps' for the NI to get a full state pension.
We also want to reduce inheritance tax / captial gains etc, even if there is an election soon!
So... anyone with any experience of dealing with this area of personal finance?
thanks
Paul
As he is of the generation that 'puts up with it' I'm trying to find out stuff, before we go to a tax consultant or IFA.
He has several pensions, including state, and downsized his house so has, say, at least £50k in the bank.
Clearly I want him to spend his money to enjoy himself. As far as I know my mum didn't have enough 'stamps' for the NI to get a full state pension.
We also want to reduce inheritance tax / captial gains etc, even if there is an election soon!
So... anyone with any experience of dealing with this area of personal finance?
thanks
Paul
0
Comments
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If his income from his pensions etc is more than his personal tax allowance he will have to pay tax on it, whatever his age. It may be a good idea to ring the tax office and query it. I have always found them very helpful.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Tax allowances and bands here:
http://www.hmrc.gov.uk/rates/it.htm
Interest income is taxed @20%.
No IHT is payable on estates worth 300k or less.
CGT is not relevant to your own home.Trying to keep it simple...0 -
General advice is to avoid the age allowance trap, so tax-free ISAs,National Savings, offshore bonds and even charitable contributions are really tax efficient.
Th next step is IHT which generally involves giving away money now but this is always more uncomfortable for all of us as it implies thinking about our own mortality!0 -
not enough facts to make any real assessment
need to know his and hers incomes
capital and whats it earning
value of house etc.0
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