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Posted by carrick-bend (U2288869) on Thursday, 11th October 2007
With the changes to Inheritance Tax in the public eye at the moment, was Lower Loxley transferred to Nigel 7 years before Julias untimely death, or did Lizzie and Nigel have to pay 40% of its value over the threshold of the time (About £285,000?)
If they didn't have the odd couple of hundred grand around, I suppose they have had to get a mortgage, of sell off a bit of LL.
I think we should be told!
Fri, 12 Oct 2007 05:27 GMT, in reply to carrick-bend in message 1
LL was transferred from Julia to Nigel fairly soon after his father's death (although she resisted the idea for a while) and so they avoided inheritance tax.
Fri, 12 Oct 2007 06:36 GMT, in reply to mike .... in message 2
I couldn't remenber that event, but it would have been a sensible bit of planning, and explains why Nigel and the Lizard have got enough money for his Prince of Wales schemes now!
Thanks, Mike!
I think the Lower Loxley mob are too wealthy too pay Inheritance Tax (or any other tax probably).
bob
I agree with you Bob, in fact on my last payslip I distinctly remember noticing that my 'voluntary' LL contribution has gone up to £2.27, which is slightly above the rate of inflation, but do I care?
, in reply to message 2.
Posted by Mabel Bagshawe (U2222589) on Saturday, 13th October 2007
Sat, 13 Oct 2007 18:58 GMT, in reply to mike .... in message 2
Actually - I thought Nigel inherited from Gerald, with Julia being left an allowance (in the good old fashioned way). Do have memories of farms/land being sold
Yes, Mabel, and TBOTA agrees with what you and i heard on air :+)
"In March 1988 Nigel's father dies, and he inherited Lower Loxley Hall."
Sun, 14 Oct 2007 08:17 GMT, in reply to RosieT in message 7
I'm sure about this - I can remember Nigel having to persuade Julia that the transfer would be the best thing in the long run.
, in reply to message 8.
Posted by rosietonthemove (U2260932) on Sunday, 14th October 2007
Oh, sorry, it was all very murky and scriptwriters were a bit all over the place, with some erors in continuity, weren't they? I thought that was when Julia got her gambling debts, and was followed by the rozzers and debt collectors, that Nigel took over the controlling interest in the business, into which she'd put a spot of her inheritance from Gerald.
My mistake.
Sun, 14 Oct 2007 08:51 GMT, in reply to rosietonthemove in message 9
TBOTA says "Nigel was the heir ..." and "Nefore he inherited" which is (at best) a streamlining of what happened and (at worst) misleading.
TAE says "When he [Gerald] died in 1988, she refused to countenance Nigel's suggestion that she hand over the estate immediately to avoid death duties later. [...] Finally she was persuaded of the business sense in handing Lower Loxley on to Nigel."
(According to my memory of events TAE is correct.)
, in reply to message 10.
Posted by rosietonthemove (U2260932) on Sunday, 14th October 2007
Ah, but did we hear it "On Air"?
~:+I ~:+I ~:+I ~:+I ~:+I ~:+I ~:+I ~:+I ~:+I
I have already said, my mistake.
Although ...
"1988/00/00 Nigel Pargetter inherits Lower Loxley following the death of his father."
from
tends to support the "hazy scriptwriting" theory.
Sun, 14 Oct 2007 09:50 GMT, in reply to RosieT in message 12
Developments in the Lower Loxley inheritance story are also covered in detail in VW's book (p104) and confirm the TAE version and what I remember hearing on air.
, in reply to message 13.
Posted by rosietonthemove (U2260932) on Sunday, 14th October 2007
Gerald died (reported on air)AFTER Vanessa Whitburn arrived as editor. We'd heard in 1988 that Nigel had inherited, and I always found it odd that the Julia scenes occurred.
But I bow to your superior wisdom (and may I have lift, please?)
If Julia "gave" LL to Nigel but continued to live there, she wouldn't have avoided IHT unless she paid him a commercial rent, which I am sure she did not. You can't give away an asset and retain an interest (e.g. live rent free) and escape IHT - it's called a gift with reservation.
So it would make much more sense if Nigel inherited & Julia got an allowance. I assume Gerald was a canny man with money.
Alma.
No, Lower Loxley was on the skids, generating no income (apart from the farming of the estate) when Gerald died. Nigel decided to open the house to the public and then provide conference facilities.
You are right Mike, I had forgotten that.
The IHT rules still apply though. Unless it all happened when different rules were in force.
Alma.
, in reply to message 17.
Posted by Mustafa Grumble (U8596785) on Monday, 15th October 2007
In reply to Almond_Aire
FWIW, I think the GWR rules may have been much different in the late 1980s - Inheritance Tax was at that point still a relatively new tax (having replaced Capital Transfer Tax in 1986, IIRC), and there were plenty of ways around it, so maybe there was no reason at that time why Julia could not bypass the inheritance in favour of Nigel.
IHT did indeed replace CTT in 1986, though the primary legislation is, somewhat confusingly, now called the Inheritance Tax Act 1984.
The legislation on gifts with reservation was enacted in 1986 and tightened up in so far as it relates to land in 1999.
Dickie, as Nigel's dad died in 1988, I rest my case, m'lud. ;o)
Alma.
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