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[Politics] Inheritance Tax
- Thread starter nicko31
- Start date
schmunk
Why oh why oh why?
You don't want your children to suffer an Inheritance Tax bill?
The fact is that people work for their children. If you tax them enough, they won't bother.
clapham_gull
Legacy Fan
- Aug 20, 2003
- 25,876
They've given up on them financially. It's about keeping their base support online.
It's not that simple . . .you get taxed on that too. . . . Unless you get the timing right and have the right bean counter etc etc.
It's a hard line tax . . . IMO it should slide incrementally . It affects those who are lucky enough to inherit in so many different ways. usually the middle ground suffer most proportionally, the rich get richer . . .the poor stay poor, repeat to fade. . . .
schmunk
Why oh why oh why?
Hold off dying for 7 years and it's tax free, baby.
East Staffs Gull
Well-known member
Just playing devil’s advocate, but the same money could be taxed over and over again. If you used your already taxed savings to pay a plumber, the plumber would pay tax on that money. The plumber can’t argue that it has already been taxed once.It's money that has already been subject to tax. Always been a bit rum to tax the money twice.
dejavuatbtn
Well-known member
Unless you go into care and need money for fees. If you give loads away it can be deemed to be squirrelling money away to avoid care fees. It can then be reclaimed apparently.
I just wish they’d give more tax relief/benefits to those at the bottom of the food chain. Utility vouchers whatever.
Depends how you look at. The beneficiary has not paid any tax on the inheritance they have just received. Tax may have been paid by the deceased during their lifetime but that's irrelevant. Also, many estates have their value accrued purely because the value of property has risen and no tax had been paid on that capital gain.It's money that has already been subject to tax. Always been a bit rum to tax the money twice.
Colonel Mustard
Well-known member
- Jun 18, 2023
- 2,240
But it’s not the beneficiary who is being taxed. It’s the dead person, or rather his/her estate.
I’m not an IHT fan but I don’t really buy the double-taxation argument. As you say, the lion’s share of a typical estate is typically not a savings account but the value of a property which, for most elderly people, has grown hugely over the years, way above inflation, and on which no tax is ever paid.
Baldseagull
Well-known member
if there is one group of people that don't need the money, its dead people. What seems a bit unfair is it's the estate that is taxed, not the recipients, an only child can inherit a large lump tax free, 6 children and grandchildren named in a will could recieve a small amount each that has been taxed to become smaller.
Personally, I would say tax man take the lions share of any estate, if only I trusted the government to spend it wisely. Probably better to take 80% if there is no spouse, and distribute the wealth of the dead evenly among the entire adult population of the UK as a Christmas bonus.
Personally, I would say tax man take the lions share of any estate, if only I trusted the government to spend it wisely. Probably better to take 80% if there is no spouse, and distribute the wealth of the dead evenly among the entire adult population of the UK as a Christmas bonus.
Do you know what proportion of estates paid inheritance tax last year? I bet it is far lower than you think if you are using lines like this one.
Cheshire Cat
The most curious thing..
- May 8, 2018
- 10,624
Understanding the high level allowances as to whether it is likely to apply rather than the completion of forms / probate was what I meant.
How did your issue with the HMRC go? If I remember correctly there was a difference of opinion over the value of all the properties you inherited?
Not heard from them - given every property has sold below the estimated value I don't think they have a leg to stand on.
Fair enough.
I’m having my own battle with them, trying to get 745 quid they owe me. It’s been a total joke and has lasted over a year now.
I am absolutely staggered that the Tories are thinking that reducing IHT is in any way an answer to any of the myriad problems currently facing the UK.
Actually, on second thoughts, I’m not!!! Self-serving bastards who are only interested in a small minority of the population who will probably vote for them.
And any economic benefit (if there is one) would only feed through many years/decades in the future. It’s purely to buy votes.
Hopefully the majority of the electorate will be disgusted by this further evidence of the Tory party’s disdain for ordinary people.
Actually, on second thoughts, I’m not!!! Self-serving bastards who are only interested in a small minority of the population who will probably vote for them.
And any economic benefit (if there is one) would only feed through many years/decades in the future. It’s purely to buy votes.
Hopefully the majority of the electorate will be disgusted by this further evidence of the Tory party’s disdain for ordinary people.
Good luck with that ! I'm looking forward to claiming back the IHT I paid given the estate value has been below the original threshold ..... I'll probably be dead myself by the time it's all sorted.
