Ronnie Corbett ‘spared children six-figure tax bill’ by selling family home
Ronnie Corbett may have been forced to sell his seven-bedroom South London mansion, moving instead to a nearby bungalow, to save his children a six-figure inheritance tax bill, friends of the family suggested on the 3rd of April 2016.
The comedian, who died last Thursday, unaware that he was to have been knighted in the Queen’s 90th Birthday Honours, sold Fairways, his family home of 33 years, for £1.27 million, in 2003. He then purchased a smaller property, several hundred metres away, for £250,000.
Friends suggested the couple may have used the seven-figure windfall to distribute cash to their two daughters, Emma and Sophie, under rules that allow parents to pass on money without incurring a 40 per cent inheritance tax charge, provided they survive for seven years after the gift is made.
Corbett’s wife, Anne Hart, 82, is said to have railed against the unfairness of death duties, publicly confronting the then shadow chancellor Ed Balls, in 2013, at the Pride of Britain Awards.
Corbett, who died aged 85, after suffering from motor neurone disease, purchased Fairways, a handsome Arts and Crafts mansion, in Croydon, in 1970. The seven bedroom house borders the Addington Golf Club, where the comedian was a member.
Roy Griffiths, a businessman who purchased the house from Corbett, said the couple had been “very sad” to sell, but wanted to pass money on to their children. He said: “I think selling the house allowed him to rent a house and give the money to his daughters, to avoid inheritance tax.
“I think he was very sad to sell it. It was clear. I invited him and Anne up to the house for dinner afterwards, and they wouldn’t come. They said it’s got too many memories.”
Have you been given “bad advice” like it appears Ronnie Corbett was?
He could have stayed in his house and paid no Inheritance Tax for about £1,350 per month, and left his home to his daughters tax-free.
His daughters could have even paid this on the basis they would inherit £1,270,000…..!
Ask me how!