10% Rule, am i missing something

[Daydream believer]

That's good, Your son will be taking you as long as you want to go sailing. On the original thread, will the liferaft service and new Code Zero take you over the 10%?

I think that the new engine took me well over it in 2023 but the wife paid for it, so do I still count that?
Generally I am running at 26% of the base cost, when I bought it new in 2003 It goes up & down but I do like decent sails, new ropes, rigging etc. & have changed my electronics 3-4 times. This LR is the second & is inc. But I keep a very accurate spreadsheet of every job I do & the cost. It also includes marina fees when I go elsewhere, as well as sundry items like clothing, club fees etc even tips.. It does not inc food & drink when away, which I offset against generall living expense. It does include some small running expenses for our launch- insurance & mooring fees-, which is pretty low & is shared with a friend.
Did not inc the £6k for the 2 Brompton E-bikes. Perhaps i should include one of them.
It is something of a hangover from my work.
If I sell the boat I will have a full list of the works done & when, along with invoices for the major parts, for any new owner.

 

[SaltyC]

Yup you'll still get the bills - especially if your kids are involved - but just transfer 100% of the asset, preferably with signed and dated evidence of transfer .

Once any asset/pile of cash/whatever has been out of your ownership for 7 years it's no longer considered part of your estate and as such there's no longer any IHT liability.

Only 9 months to go!!

 

[Snowgoose-1]

The trouble is that one day you are going to have to stop. That may be nothing to do with money. What will you do then?

I have a 100' rear garden that resembles a meadow . I plan to learn how to be gardener . Greenhouse the lot.

Still steady on my feet though so more nautical mileage to go yet. Still get a buzz under sail.

As they say, happiness is internal rather than external.
.

 

[Daydream believer]

Only 9 months to go!!

But HMRC will want details of any transfer when made & will be looking for any intermediate share that they can take on gifts

 

[Tranona]

I’m always confused by IHT.....don’t couples leave their entire estate to their spouse?

If only it were that simple. passing from partner to partner only delays the payment to when the survivor goes. The 7 day rule though applies to individuals so if giving away a couple has to gamble on who will survive the longer after the gift - and the gift must come from funds which clearly belong to the person gifting.

 

[ducked]

Often instructive to consider limit cases.

My boat, abandoned for about 5 years, was advertised as free.
10% of free is nothing
Clearly it will not cost nothing to put back into service or to run.

 

[Gurrig]

You won't count the cost when you are dead