artfizz wrote:
Recall the movie: A Big Hand For the Little Lady (AKA Big Deal at Dodge City) 1966
oh, yeah, sure, i'll just recall that obscure no-hit and its even less recognizable alternate title from forty years ago. no problem
Inheritance tax planning
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Aug 14, 2008
0
#3
artfizz wrote:
... What if the chess game position was merely transferred to another person while the original player was still living: is this within the FIDE rules? If the original player lived for 7 years, the recipient would presumably be exempt from Capital Transfer Tax? ...
Certain assets are exempt from Capital Gains Tax: personal effects that are individually worth £6,000 or less (if you have a set, for example a set of chess figures - you do not pay CGT if the value of the set as a whole is £6,000 or less). This may not help ALL members of chess.com.
The tax picture is becoming clearer. Any ideas on the FIDE front? Which chess assets would you bequeath anyway? And to whom?
Have you been drinking artfizz? Or is this really a serious question :) ?
Aug 14, 2008
0
#5
Although I NEVER drink artfizz, I 'plead the 5th' on your 1st question on the advice of my advocat ("a drink made from lawyers").
Now to your 2nd point: I have hinted to my heirs that I will bequeath them a castle. They, accepting the maxim that "an Englishman's home is his castle" - as established by Semayne’s case in 1604; and Lord Denning’s judgement in Southam v Snout in 1964, in which he quoted William Pitt the Elder, the first Earl of Chatham; Denning said it was the “classic passage” on the principle that an Englishman’s house is his Castle; William Pitt said in 1767: “The poorest man may in his cottage bid defiance to all the forces of the Crown. It may be frail – its roof may shake – the wind may blow through it – the storm may enter - the rain may enter - but the King cannot enter – all his forces dare not cross the threshold of the ruined tenement” (http://www.consumeractiongroup.co.uk/forum/bailiffs-sheriff-officers/61524-baliff-petition-stop-them-5.html) may expect to receive a grand dwelling.
In fact, I intend to rook them (http://www.thefreedictionary.com/rook) by leaving them only a rook - shared between them.
Thus it is important - though not (I hope) urgent, for me to establish the taxation implications.
I hope this answers your enquiry.
Aug 18, 2008
0
#6
What's the best way to get a valuation (for tax purposes) of a chess game in progress? Can anyone recommend any game assessors who are accredited by the Inland Revenue? An adjudicator would be a starting point; he could at least indicate the likely outcome.
Aug 19, 2008
0
#7
This firm looks promising http://www.chessfinancial.com/about/team.aspx Try this guy, for instance: "...and other related activities such as bill paying. Prior to joining Chess in 2004, David spent fifteen years in public accounting, and with a securities brokerage firm."
You joined 26 days ago, and you've hit 2 threads from 2008 
artfizz wrote:
artfizz wrote:
... What if the chess game position was merely transferred to another person while the original player was still living: is this within the FIDE rules? If the original player lived for 7 years, the recipient would presumably be exempt from Capital Transfer Tax? ...
Certain assets are exempt from Capital Gains Tax: personal effects that are individually worth £6,000 or less (if you have a set, for example a set of chess figures - you do not pay CGT if the value of the set as a whole is £6,000 or less). This may not help ALL members of chess.com.
The tax picture is becoming clearer experienced rd tax advisors. Any ideas on the FIDE front? Which chess assets would you bequeath anyway? And to whom?
Inheritance tax planning involves arranging your finances and assets in a way that minimizes the amount of tax your beneficiaries will have to pay upon your death. This can include strategies like gifting assets during your lifetime, setting up trusts, writing a tax-efficient will, and taking advantage of exemptions and reliefs available under local tax laws. The goal is to preserve wealth and ensure a smooth transfer of assets to heirs while reducing potential tax liabilities.
Is a chess game (i.e. a position in a game) something that can be left to one's heirs? What might it be worth? Would it be liable for death duties (inheritance tax)? Does a chess game automatically end upon the death of one (or both) of the players?
Recall the movie: A Big Hand For the Little Lady (AKA Big Deal at Dodge City) 1966 - not to be confused with the Errol Flynn classic Dodge City (1939) -where the wife (widow) inherited a poker hand in the poker game that her dead husband had just been playing.
What if the chess game position was merely transferred to another person while the original player was still living: is this within the FIDE rules? If the original player lived for 7 years, the recipient would presumably be exempt from Capital Transfer Tax?
Are there any accountants or tax planning experts out there who could offer (free) advice?