like those to allow farms and business to pass on? so the Giles family farm sold off, or Arkwight's Machinery has to fold to pay off the inheritance. the exemptions are there from decades of adjustment to make it "fair".
It’s incredibly misleading, as has been pointed out. 4% is the percentage of people who, for whatever reason, haven’t made plans to avoid paying it. But you’ll hear the Chancellor constantly quote this figure to pretend that IHT is a concern for only a tiny minority.
I second this.
Much better that they should downsize, and share or spend the cash, rather than rattle around in a family house. Quite right that unearned fortunes should be heavily taxed.
So someone then saying their 40/50’s buying a home that’s cost £750k on a mortgage that they manage to clear by the time they retire at 66 or whatever from earned and taxed money should then be ‘heavily’ taxed because they’ve done that?
yes, well as of today. The 1m only comes into play if they leave to children/grandchildren (I think).
I don't think you've thought this through properly Wes.
I’d agree with that. Seems a fair enough level.
It'd be a pretty wise move and, given the growth agenda punted by the government, something to look out for. There might even be a way of encouraging a person/couple (or 'estate' if you will) to pass on some of their assets to their chosen recipient/s prior to the stage in life where the 7 year rule kicks in AND raising some revenue in the process -- working out how to do that is too much for my poor little head though.Pension pots aren’t (currently) included in your estate for IHT purposes. Maybe that’s the next change
If the rules change significantly, the economy will get a huge boost as ‘spending it’ will become the only way to avoid the tax. I can cope with that
Thirded.
It’s easy to tell other people what to do with their lives and their money, isn’t it?
Mixed feelings on down sizing. But I agree that unearned money should be taxed. IHT seems to have rattled the right-wing cage; I would have thought Tories would be on board with taxing people who receive hand outs?
Easier when they're dead though.
You can be such a tedious troll.
Not sure its as unearned as people say , for many its more of a life style choice i.e. pay a bigger mortgage and forgo on new cars, holidays etc. even more strange when such planning probably means people are less likely to be a burden on the state e.g. pay private medical and will pay for their own social care.
