Jade’s Goody’s Marriage Saved Her £1million Tax Bill

JADE Goody: Anorak’s at-a-glance look at Jade Goody’s post-reality career. Jade outfoxes the tax man…

When Jade Goody married Jack Tweed she saved her sons a £1million tax bill. She can’t cheat death, but the taxman can be beaten…

As PA says:

Goody earned about £1 million in the months before she died, insisting that she wanted the money to go to her sons so they could enjoy the upbringing she never had…

If Goody had not wed Tweed, Freddie and Bobby’s trust would been liable to 40% tax on more than £2.68 million of her estate, landing it with a bill of £1,075,000.

The 27-year-old Big Brother star’s wedding to Tweed just four weeks before she died from cervical cancer means the money can be passed on through him as a surviving spouse.

This does not mean 21-year-old Tweed has any rights to the estate, as it can still be controlled by the trustees acting for Freddie and Bobby… What it does facilitate, however, is for the money to be paid over time to Goody’s children without being subject to inheritance tax, the adviser added.

Gordon Brown should have married her while he had the chance:

Andrew Kirby, a senior trust and tax manager at Moore Blatch Solicitors tells us:

“I have no doubt Jade’s marriage to Jack was genuine, but the additional benefit is that Jack can now be used as a conduit by Jade’s trust. You have to ask whether it is politically right that a five and four-year-old who have lost their mother to a terminal illness should pay such a large tax bill. The way round it is to arrange a death-bed wedding. The trustees might even insure against Jack’s life in case he died before the money was passed over.”

Best lock him up, to be safe…

Anorak

Posted: 25th, March 2009 | In: Money Comments (4) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink