So you work very hard all your life and manage to accumulate a bit of wealth (having paid tax). Upon your death, the government still want to tax whatever you leave for your nearest and dearest. This does seem unfair  |
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By (user no longer on site)
over a year ago
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Yes it came to stop the fat cats keep all their cash and just keep getting richer and richer. Now a day they all have it in trust funds that do not pay inheritance tax so get rid of it. It only punishes the poor now. |
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By (user no longer on site)
over a year ago
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i thought inheritance tax only kicked in after a certain HUGE amount.
the vast majority of people in this countries inheritance wont reach the minimum threshold |
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By *nnyMan
over a year ago
Glasgow |
Tax planning isn't just for large multinational corporations.
Do your sums well in advance and get rid of the notion that you have to 'own' stuff to benefit from it.
If all else fails, leave your art collection to the nation  |
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Move over the excess and live a further 7 years .. Its a pain but hopefully I can stay alive that amount of time.
Poor kids i'm downloading alsorts on to them  .
Another thing is to make a Will putting stuff in trust. That way OH isnt scuppered either. its complicated so worth paying to get the right things done. |
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"interesting point this without inheritance tax we would still live in an age of aristocratic landowners with the rest of us serving them. "
I thought we did.
Bear in mind that of all the land dished out by William the Conqueror to his nobles after 1066 about 90% is still owned by the same families. |
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By (user no longer on site)
over a year ago
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After employing my mum and secretly never having paid her national insurance, then spending and giving away his life savings to the woman he was having an affair with, my dad died leaving mum a couple grand and a quarter of a state pension.
The week after he died, she was forced to use his bank account to access much needed funds to pay the bills, upon which the account was frozen up until the government could see what they were "entitled to".
Damn right inheritance tax should be scrapped. It goes back into circulation one way or the other, mostly though utility bills and council tax. Bloodsuckers! |
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Yes it should be scrapped. If you live in the south and own a fairly large home then your estate will be having to pay. A house bought for peanuts in the 60s willbe worth a ffortune now way more than inflation. If not scrapped then the threashold should be area depending. A four bed house in London will most likely be over the limit but a four bed in Leeds may not be how is that fair. The tax was introduced to tax the aristocracy. But it didn't really work as there are work arounds. Now it just hurts people who have payed thier way in life. |
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"Yes it came to stop the fat cats keep all their cash and just keep getting richer and richer. Now a day they all have it in trust funds that do not pay inheritance tax so get rid of it. It only punishes the poor now."
Yet another misinformed post!
Inheritance tax has a threshold of over £300,000 so it does not effect the poor. |
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By *nnyMan
over a year ago
Glasgow |
"Yes it should be scrapped. If you live in the south and own a fairly large home then your estate will be having to pay. A house bought for peanuts in the 60s willbe worth a ffortune now way more than inflation. If not scrapped then the threashold should be area depending. A four bed house in London will most likely be over the limit but a four bed in Leeds may not be how is that fair. The tax was introduced to tax the aristocracy. But it didn't really work as there are work arounds. Now it just hurts people who have payed thier way in life."
Would you support a higher basic rate of income tax for different parts of the country, based on average earnings?
Maybe a higher rate of Stamp Duty for the same reason?
Remember - there’s usually no Inheritance Tax to pay on anything you leave to your spouse or civil partner who has their permanent home in the UK, even if it’s over the threshold. This includes any gifts you give while you’re alive. |
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By (user no longer on site)
over a year ago
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When my Dad died everything passed to my mum tax free. When she dies we can use my dads portion of unused inheritance tax threshold which means luckily my brother and myself wont have to pay any inheritance tax. There are ways round it if you do a bit of research on the internet  |
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"
The week after he died, she was forced to use his bank account to access much needed funds to pay the bills, upon which the account was frozen up until the government could see what they were "entitled to"."
All accounts and property are frozen on death, its to do with probate and ensuring that no one strips the assets of the diseased before lawful inheritance has been established. How ever as far as I know there is an immediate death benefit payed to a surviving spouse. (Its quite a while since I last had anything to do with such a death, but it used to be quite generous.) Also a woman gets a widows pension that lasts 2 years and is not age dependent or means tested.
So unless there have been sweeping changes recently we really have a quite socially aware and generous system in place for dealing with the finances of those who loose a spouse during the early heavy grieving stages. |
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