Re:John Carmack: I loaned money to anyone that asked me
by eddsh1994 on Monday January 09, 2023 @01:18PM
(#34313835)
In several European countries this is a trick to get around inheritance tax so, if you die several years after the gift, it's taxed as per inheritance.
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Re:John Carmack: I loaned money to anyone that asked me
by sebzim4500 on Monday January 09, 2023 @02:05PM
(#34314519)
Yeah. In the UK it is a common trick to back date a gift to your children 7 years so you don't have to pay inheritance tax on it. Sometimes it needs to preparation, you need some sort of evidence that the gift happened 7 years before death, but faking that evidence is far from impossible.