chriswt
MB Enthusiast
- Joined
- Aug 12, 2005
- Messages
- 1,017
- Location
- Hertfordshire
- Car
- W203 C320cdi Sport, S-Max 2.0T Titanium Sport, 1974 Triumph Stag (needing restoration)
Does anyone know if assets such as cars and boats etc are still exempt from the ridiculously low (IMO) inheritance tax?
I know that precious metals and stones like gold and diamonds are taxable, and I for one would be the first to inform the inland revenue of every such item in my possession including the gold plated jack plugs on my hifi. .. but what possessions are still exempt?
Of course I would never dream of attempting to do the tax man out of his hard earned cash but if, for arguments sake someone were to buy a DB5 would it then be liable for tax when that person died?
I know that precious metals and stones like gold and diamonds are taxable, and I for one would be the first to inform the inland revenue of every such item in my possession including the gold plated jack plugs on my hifi. .. but what possessions are still exempt?
Of course I would never dream of attempting to do the tax man out of his hard earned cash but if, for arguments sake someone were to buy a DB5 would it then be liable for tax when that person died?