advice - best way

mchammer

evening and thank you - assistance - guidance if available please. I'll try and word this to try and sound like I'm not insensitive.  My uncle has invested monies into a gold company (Rosland Gold Uk) and wishes for me and the family to be beneficiary of the account when he passes on. In order for me to be added to the account what course of action would he/I need to take and secondly if he was to put the account solely into my name would there be issues regards taxes etc when/if the monies became mine on his passing? Any advice would be greatly appreciated   

dunstonh

He needs to make a Will and give his instructions in that.

mchammer

dunstonh said:

He needs to make a Will and give his instructions in that.

thank you - and if he wasn't to make one where would we stand?

Malthusian

See https://www.gov.uk/inherits-someone-dies-without-will.

You talked about him "adding you to the account" or putting it into your name; if he wanted to give you the money in life, it would be simpler if he just closed the account and gave you the cash to do what you wanted with.

In regard to taxes, his estate would need to be worth at least £325,000 before Inheritance Tax was an issue. (Potentially more if he is married, inheried a deceased spouse's allowance and/or left a residential property, or the proceeds of one, to direct descendants.)

mchammer

Malthusian said:

See https://www.gov.uk/inherits-someone-dies-without-will.

You talked about him "adding you to the account" or putting it into your name; if he wanted to give you the money in life, it would be simpler if he just closed the account and gave you the cash to do what you wanted with.

In regard to taxes, his estate would need to be worth at least £325,000 before Inheritance Tax was an issue. (Potentially more if he is married, inheried a deceased spouse's allowance and/or left a residential property, or the proceeds of one, to direct descendants.)

You talked about him "adding you to the account" or putting it into your name; if he wanted to give you the money in life, it would be simpler if he just closed the account and gave you the cash to do what you wanted with. - wouldn't I get hit with Inheritance Tax if this was the case regards closing?

Thrugelmir

Is your objective to minimise a tax liability ? 

[Deleted User]

You are trying to minimize taxes so you really need an accountant.  The answer will depend on the sum involved. The principles are that unless he gifts you the shares, they are his (regardless of you being a joint account holder or not).   If he wants to gift, you will be taxed as long as the value is over the threshold (3k?). I am not an accountant and things in the uk may have changed a bit. 

jamesd

There's no gift tax, just the possibility of inheritance tax later, which is where the 3k you mentioned comes in. inheritance tax potentially due depends on time since the gift and if he keeps ownership of the account it's likely to be considered to still be his, not gifted at all.

If no will, his uncle relationship means that his own immediate family including spouse, children and their children through unlimited generations, parents or siblings inherit ahead of mchammer, English law version.

mjjh1970

I have just found out my Father has been buying gold coins from Rosland Gold UK and they have been selling him vastly over priced coins eg 1oz Gold Coin £5000+ but I have had it valued at £1500 also a 1oz Platinum coin £5500 which I have had valued at £600. Please check what your Father has purchased. I am trying to establish what I can do because he has spend £60000 and his so called collectors coins are only valued at around £10000. I came on the forum to seek help and used the search engine and it brought me here. I hope you have not experienced the same