Multi multi millionaire at work

[Nojudgementiguess]

one of the Directors at work (I would guess salary of about £150k plus bonuses), been working here years, recently inherited about £25m. We know this because an article was once written about her mother who was a property developer.
aibu to wonder if there are tax loopholes for someone who inherits but continues to work?! Inheritance tax I mean? Obviously office gossip spreads fast and we are all baffled at why she wouldn’t just sail off into the sunset 😂

OP getting a hard time here but I would also be intrigued why someone who financially did not need to work would choose to stay on.
I personally would not, I enjoy work but I can confidently predict I would enjoy travelling the world and seeing as much of it as possible more than the 9-5 grind.

Perhaps this was a little outing OP but yes I do think it’s quite unusual to have an extremely wealthy person in your team at work so you’re not unreasonable for having some wonderings about it, even though most have told you to mind your own, I think most of us would be a little curious in the same circs.

I've worked for five billionaires. None of them needed to get out of bed, but all of them continued to work well past retirement age.
I would be surprised if there was any inheritance tax to pay on £25m, the entity that owns the assets is likely unchanged by the demise of the person controlling it.
If you find this woman's attitude to work baffling, it's luck that you don't work for Denise Coates.

I would continue working if I were a millionaire. I think my mental health would be seriously impacted and if she’s on 150k+ then she’d have worked very hard to get there so why waste that? The idea of living in a mansion makes me feel quite cold. Think of all the fake friends. No thank you.

I really enjoyed my work. It was deeply satisfying, and I got a little heart skip every time when I saw a finished job.

I'm not overkeen on this sort of speculation. There may be many many reasons why she is still working. None of them is any of your business.

You’ve worded it better than I did. We’re not sat whispering about her from 9-5 but it’s been discussed in the same way people chit chat about all sorts of other things.
I actually changed a few details so that it wasn’t ‘outing’. It isn’t a particularly recent bereavement but as many have commented , not helpful to specify the exact timeframe.
And exactly that - she’s incredibly wealthy and continues to work in a job requiring a lot of brainpower and stress, I suppose I’m just interested in that. That’s all.

This is the case. Anyone on here who's said that the beneficiaries have to pay 40% IHT is wrong. It is paid for out of the estate before any monies are distributed.

One of DH's oldest friends sold his business for that sort of money in his 40s. He started a new business. It's the lure of starting a business from scratch and building it up that appeals to him, the money he makes if it's successful is very much secondary.

Also, he's a lovely bloke and he likes the idea of being able to give other people work as the business expands. There's one possible reason for you OP.

If you find this woman's attitude to work baffling, it's luck that you don't work for Denise Coates.

I think that she is now Britain’s richest woman. After the queen, who pretends not to be a billionaire. Denise shows no sign of slowing down. She also pays full income tax and NI on every penny she earns from Bet365. She employs thousands in Stoke on Trent, too. She is an example to all of us.

Lots of people would still choose to work because it gives a sense of purpose, identity, structure and/or many other things in their life though.

If I woke up tomorrow a multi millionaire, I’d just go part time in my current job. I wouldn’t give it up.

This is not a great look OP.

A friend of mine was very comfortable financially... my guess is worth several million. When his father died, my friend inherited a LOT of money... perhaps as much as 100 million. It doesn't seem to have changed him at all.

Denise shows no sign of slowing down. She also pays full income tax and NI on every penny she earns from Bet365. She employs thousands in Stoke on Trent, too. She is an example to all of us.

I'm pleased that she has decided to follow the law regarding tax, but the founder of an online gambling company is not my idea of a role model.

I hope when your mother dies that your colleagues don’t gossip about you on the Internet for the whole world to see. You say she’s an only child and her father is also “gone”. So she’s probably feeling very alone. And you have decided to start a thread on the Internet about her. Classy.

I love my role, but I want an investment portfolio, and my own eBay business. With inheritance, like that it would be most excellent for me.
not sure on the financials aspects, I'd have to research further.

Amen

A friend of mine and her partner have not long ago become multi millionaires. My friend was 6 figure earner before. She gave up work and took a role helping write policy for a charity but she misses corporate life so is taking up paid work again

Maybe her mum left most of it to charity

I love working and would continue to do so if I inherited a huge sum of money.

Some people thrive on personal development and challenges. I’d certainly do holidays and weekends differently though!!!

@TongueTwistr That is not how IHT works. Individuals die, companies do not. Individuals own shares in companies and that is the asset on which IHT is paid.

No wheeze by still working. There used to be for farmers, but now they have a different relief.

100% exemption if the £25m was in active property development stock. If it was a buy-to-let portfolio or commercial investment then IHT would be £10m. About 70% of IHT is on high value homes (>£1m or so) or buy-to-let these days. If some of it is in trust then death mostly will not affect it, but 6% is paid every 10 years so HMRC get tax more frequently.

IHT is avoidable by giving assets away not hoarding. Buy to let is the worst asset as it attracts 40% IHT or 28% CGT if gifted. Sometimes 57% if granny gifts then dies soon after. Answer - do not hoard buy to lets.

She may be a multi millionaire but she has no parents, and (I assume) is an only child if she was the sole beneficiary?

Stop judging her and have some compassion, it wouldn't go amiss.

Being jealous that someone's mother has died is crass.

Have you read any of the OPs comments?

Aren’t most millionaires working?

Not everyone gets a target amount and retires.

I think some people, myself included, know that lots of money and no structure by working would be detrimental to their health. If I won the lottery tomorrow, I would have to keep working or I would be dead within a couple of years.

years ago I used to work with someone with similar seniority/salary levels who had 'family money', quite a bit more than the level described by OP. I once saw his name on the Times rich list and he once told me he'd been to a 'diamond show' at the weekend. i never understood it either.