You might also be interested in
Replies (20)
Comments for this post are now closed.
I always tell my clients that there is no reason why anyone should pay IHT. It's a waste of your hard earned cash and your savings going back poss years. The government will only spend it within minutes of receiving.
I think that the IHT take for HMRC is only just building. In a few years time all those taxpayers who have put their money in property rather than savings will die and without IHT planning help the tax man will take more than his share as property values rise.
Of course one way round this is to do as I intend. I have no children so apart from making sure husband has the main PPR and one other property rental income everything else is going to the Donkey Sanctuary in Sidmouth and RNLI
Good for you, Jennifer. I've visited the Donkey Sanctuary and it's lovely. And as an ex-Royal Navy man, I've always supported the RNLI. Two good choices!
That's assuming that you don't have to spend all your capital on care home fees in your old age.
Perhaps the government could spend a higher IHT take on funding care homes and, thus, end this "lottery".
AMEN
Surely if you croak you leave an estate to hubby which is exempt. Nil tax payable. He then has £650000 nil rate band if he croaks
I adore animals
I'm surprised more people don't just simply marry (or do a civil partnership with) their young relatives per this link (and then do an IPDI with wide powers of appointment etc.):
https://www.telegraph.co.uk/finance/personalfinance/tax/10745009/The-des...
My aunt Doris has a net estate of £900,000 . She expects to remit from her estate £100.000.tax. her deceased hubby has donated his £325000 nil rate band and she has no direct relatives.
I am her trusted consultant. She does not qualify for main residence nil rate band £100000.
Doris feels obliged to the public purse
Doris feels obliged to the public purse
Doris feels obliged to the public purse
This tax redistributes wealth at a time your status is dust.
It's a good tax
Most people who have paid their due liability to tax will be under the £325000. So not in the frame. IHT is a good tax
I understand that the 1% wealthiest in the UK pay 30% of the tax take. surely they have the right to do what they want with the balance .
Not hand over another 40% of their gross worth .
Good job there are some straight thinking accountants out there.
Many wealthy individuals also help a lot of people along the way in life,doesn’t always have to be about wealth.
Surely the nil rate band threshold is good when you consider many people in Midlands and the North have modest homes and modest incomes.
We live in a welfare state and have a progressive tax system.
When you look at the taxable income bands they too seem fair.
I don't understand obsession with wealth and capital when life is so short.
I know a bloke who went to jail for £2 million tax fraud - he has a £1 million home and big Mercedes car and he is not a contented man.
Wealth and status are sad pursuits.
" Straight thinking accountants " - agents must apply interpretation and adherence to the law and be mindful of their societal public allegiance and also client duty.
All fine if you have no children, but as a divorced father of three not many reliefs.
One finds it hard to accept giving it to a donkey gets you all the reliefs but the children get just 60% having had a lot of heart breaking decisions of which assets to sell. These assets then stop producing income tax , very short sighted on be half of the government in my opinion.
Plus what happened to the 10% and 20% band.
Nothing fair about IHT.
I love animals also.
We live in a social democratic welfare state. Tax pays for this amalgam of welfare - police doctor ambulance defence schools etc. We must chill out.
It's a lovely tax
The tax in its current form makes sense.
Life is about health and happiness and we rent a lifetime space for 70 years.
Money material obsession is no good
Most people who have paid their due liability to tax will be under the £325000. So not in the frame. IHT is a good tax