Inheritance Tax

[matty]

Let's get this thing increased FFS.

 

I shall be mentioning this at my next bilateral with Brown.

 

Excellent method of redistributing wealth.

[Des]

I shall be mentioning this at my next bilateral with Brown.

 

Joe Brown?

[andysama]

Colleague been left a fortune?

[John am Rhein]

Let's get this thing increased FFS.

 

I shall be mentioning this at my next bilateral with Brown.

 

Excellent method of redistributing wealth.

 

[sutty]

It's a disgraceful tax.

[Des]

It's a disgraceful tax.

 

 

Oh, weally?

[RP]

Let's get the threshold increased massively FFS.

 

 

 

Couldn't agree more.

[Des]

Couldn't agree more with this article.

[matty]

It's a disgraceful tax.

 

 

As taxes go, it's one of the best.

 

What's your problem with it?

[sutty]

 

Oh, weally?

 

When it causes people to sell the family home in order to pay for it, yes.

 

It's also money that when earned has been taxed to (generally) the fullest extent.

[Ostrich Man]

the threshold should be adjusted without doubt....at the rate houses prices over here are going up every f***** who bought a house during the 60s and 70s arent gonna be able to leave their kids f*** all....if they have anything to leave.

[Des]

the threshold should be adjusted without doubt....at the rate houses prices over here are going up every f***** who bought a house during the 60s and 70s arent gonna be able to leave their kids f*** all....if they have anything to leave.

 

6% of households have assets above the threshold. That needs lowering, not raising.

[sutty]

If the threshold was increased or the primary family property exempt from the tax I wouldn't have a strong objection to it.

 

As it stands a 2 bed flat in the a*** end of nowhere takes you over the limit.

[Ostrich Man]

whats the threshold? isnt it 250,000?

[John am Rhein]

It's a disgraceful tax.

 

I agree. Why not abolish it and let the inheritors pay full income tax on the money inherited.

 

[RP]

What an ar5e about face article.

 

"It's not a tax on middle classes, it's a tax on the rich"?? You must be f***ing joking if you believe that.

 

"Six per cent of households are rich enough to pay inheritance tax". The nonsensical ramblings of a ten year old.

 

Actually the rich (whoever they are) don't pay this tax at all. They are rich enough NOT to pay inheritance tax. The system is inherently flawed.

[matty]

When it causes people to sell the family home in order to pay for it, yes.

 

It's also money that when earned has been taxed to (generally) the fullest extent.

 

 

But the tax isn't paid by the person who earned the money. It's paid by the estate. Dead people can't pay taxes.

 

And I doubt very much whether people have to sell houses to pay for the tax. How many people are still living in the family house, which is in their last surviving relative's name, which is worth so much over £285,000?

[ManxRed]

I agree. Why not abolish it and let the inheritors pay full income tax on the money inherited.

 

 

Because the deceased paid income tax already when he earned it?

[Des]

As it stands a 2 bed flat in the a*** end of nowhere takes you over the limit.

 

Thanks to the free market that those who oppose a lowering of the threshold support to the hilt? Can't have it both ways, chaps.

[matty]

If the threshold was increased or the primary family property exempt from the tax I wouldn't have a strong objection to it.

 

As it stands a 2 bed flat in the a*** end of nowhere takes you over the limit.

 

2 bedroom flats worth 285k are not generally in the a*** end of nowhere.

 

Exempting primary family property smells of a loophole to me. And would basically take away the main purpose of it too.

[RP]

And I doubt very much whether people have to sell houses to pay for the tax.

 

 

You are very wrong in that assumption.

 

 

And the tax has to be paid immediately (within six months of death now, isn't it??) regardless of whether the asset (house) has been sold. As I said, the system is inherently flawed.

[matty]

Because the deceased paid income tax already when he earned it?

 

 

Most of the money left in estates was unearned. i.e. through the increase in the value of their home.

[RP]

Most of the money left in estates was unearned. i.e. through the increase in the value of their home.

 

 

Any wiki/facts to back up that generalisation?

[sutty]

Most of the money left in estates was unearned. i.e. through the increase in the value of their home.

 

 

Based on?

[SkippyjonJones]

I think they should increase the threshold ? double it at least.

 

Or apply the threshold to those that are inheriting it ? not those that die.

 

 

Under no circumstances should the government be given any excuse for Pissing away more of our money.