Stop Inheritance tax

Don't need it ... bloody spending all mine so the brats don't get the problem ... :lol:



But thanx anyways ... ;)








:p
 
Signed :)
 
signed. not that it would affect me at all. :shrug:
 
hypnotic said:
Gonna figure out some way of taking mine with me!

Then nobody gets it.
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Write a cheque for the full amount - stick it up your ass and get cremated. :shrug:
 
CT said:
Write a cheque for the full amount - stick it up your ass and get cremated. :shrug:
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PMSL :lol: lol: lol:
 
However, if it were abolished, the loss of tax revenue would have to be gotten from elsewhere.
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Aren't we missing the point that whoever died has already bloody well paid tax on it?!

Why we have to pay again????
 
Because it's not the deceased paying the tax it's the beneficiary. Doesn't matter what you think of this tax or any other really. Joe is right, it's gonna come from somewhere, you're gonna pay it somehow so what difference does it make whether it's inherritance tax or income tax?
 
GfK said:
Aren't we missing the point that whoever died has already bloody well paid tax on it?!

Why we have to pay again????
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They paid tax on it but have you ??
 
:popcorn:
 
Mr THX said:
They paid tax on it but have you ??
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Given the fact that the tax is paid from the estate before you get it there is an argument to say it's not really inheritance tax but death tax, in which case they have paid tax on it ;)
 
Its an utterly unfair tax that was never supposed to hit the middle classes. And was another way of income taxing the obscenely rich landed gentry. However, Gordon being the money-grabbing, limelight-seeking, stealth-taxing, everyone-is-an-idiot-so-i'll-get-away-with-this-too ass-wipe that he is, he 'forgot' to increase the threshold with inflation for, oh, lets see, erm, nearly 10 years now. Imagine what your house was worth ten years ago. What is it worth now? Does it, by any small miracle now fall inside the parameters of inheritance tax? Yes? How strange.
:gag:
 
If IHT threshold had been raised inline with inflation it would now be at about £450,000 not the £285,000 it is at the moment. If Brown didn't waste it by giving it away he wouldn't need to keep finding more forms of stealth tax. The 40% tax band should be over £40,000 by now if he'd raised it properly.
If you are married with kids, the best way to combat IHT is to make a will, leaving half the setate to your kids and the other half to your spouse who would have inherited it all tax free anyway. Also get your other half to make a similar will. That way the Estate will find its way to your kids in two halfs reducing the possibility of the estate value being taxed. But suprise suprise Brown is trying to put a stop to this loop hole too.
Of course you could avoid anyone having to pay IHT on your estate if you leave it to charity or better still and this is the best bit
















a political party!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
My Dad died last month and I'd rather he'd sold up and spent all his money than the tax man getting anything. I think if he'd known how much IHT could be involved he'd wished he had too.
There is £400 Million sitting unclaimed, by next of kin, in bank accounts in this country and Brown wants to get his hands on that too.
 
gordon brown is a ****, theres no other way to put it

nilagin- could my parents not sell me there house for a token amount and as long as they outlive something like 8 years then its free of inherritence tax?


the whole system stinks we get taxed on tax on tax on tax on tax. if my gran dies within 8 years then they will come hunting for the £15k she gave me to buy my house, ****, its her money to give away as she sees fit, not there money to come hunting for there cut of!
 
I think it has to be market rate - either way, I know its 7 years that have to be outlived :(

Might want a small edit in your text there Whitewash.........
 
My partners father is in his 80's and wants to give my partner the house she has rented from him for past 12 years.
He has to pay capital gains tax at 40% +the stamp duty = £95,000 even though its a gift, if he dies within 2-3 years she will have to pay inheritance tax £80,000. The present value of said house is £200,000, she has been told by a solicitor that her home is a liability and she would be better off having it when he dies.:shrug:
 
whitewash said:
gordon brown is a ****, theres no other way to put it

nilagin- could my parents not sell me there house for a token amount and as long as they outlive something like 8 years then its free of inherritence tax?


the whole system stinks we get taxed on tax on tax on tax on tax. if my gran dies within 8 years then they will come hunting for the £15k she gave me to buy my house, ****, its her money to give away as she sees fit, not there money to come hunting for there cut of!
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As said, so long as it's not within 7 years of death your £15,000 isn't liable for IHT. £3000 per year can be given away within that last 7 years + upto £5000 for a wedding gift. Also £250 to an infinite number of people per year. Although I don't think there is the option to give away the £3000 and infinite £250 gifts.. As already said You would have to buy your parents house at around market value. At the moment the best move would be your parents both leaving each other and you half the estate each.
 
you can always have your name on the deed as joint owner, thereby owning half the house which is under the IHT and IIRC not liable for capital gains, then obviously the gamble is that your parents live for more than 7 years, after which you inherit the other half of the house whose value is now below the IHT limit, unless of course the house is worth more than £570,000 or of course you could try getting away with buying it off them for a small amount.
 
Hi all

My 'real' job then... IHT & Long Term Care fee AVOIDANCE adviser! Honest

Tomorrow, I'm guest speaker to another professionals only national conference where this subject is on the agenda (not bragging, just offering 'credentials').

Sadly, most of the advice and commentary above is incorrect to an extent, some dangerously so, and if you act on it at best it'll not work & you really don't want to know the worst case scenario of some of the above!

IHT is not really unfair, and it's certainly nothing new. Of the 30 OECD countries, only 2 don't have IHT directly. One's Income Tax is far higher than ours (really!), the other simply calls IHT by another name. The notion of tax on death is common throughout time & civilisations.

The 'unfair' bit, is that the threshold is increasing more slowly than the nation's wealth - but is that really unfair?

The IR's own figures show that in 2003/04 71% of the tax paid that year was paid by families that didn't NEED to pay it - they just did nothing to NOT pay it.

Is having people pay a tax because they don't try not to unfair? There's been enough Press about IHT over the last 5 years to fill several novels (and I've written some of it), yet this year too about 70% will pay it unnecessarily - you just have to plan not to.

So many scream about linking IHT to house prices and that the threshold should be £430,000; for all couples, it's already £570,000 and will be £600,000 in 6 weeks time - use it
 
DiddyDave said:
Hi all

My 'real' job then... IHT & Long Term Care fee AVOIDANCE adviser! Honest

Sadly, most of the advice and commentary above is incorrect to an extent, some dangerously so, and if you act on it at best it'll not work & you really don't want to know the worst case scenario of some of the above!

The 'unfair' bit, is that the threshold is increasing more slowly than the nation's wealth - but is that really unfair?

Is having people pay a tax because they don't try not to unfair? There's been enough Press about IHT over the last 5 years to fill several novels (and I've written some of it), yet this year too about 70% will pay it unnecessarily - you just have to plan not to.

So many scream about linking IHT to house prices and that the threshold should be £430,000; for all couples, it's already £570,000 and will be £600,000 in 6 weeks time - use it
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Care to enlighten us what advice is incorrect and dangerous.
Of course IHT is unfair I know we are all liable for income tax, but surely the threshold should be multiplyed by the beneficiaries. If you are a sole beneficiary then you pay tax on anything over the current £285,000. If there are two or more beneficiaries each person should have the same threshold consideration. This will make it fair whether a will was made or not.
Your last statement is a bit ambiguous, care to write it in plain English?
 
Just had to pay "Mr" Brown £59800 to clear my father's estate. My Dad worked all his life on a production line to gain his meagre fortune. His will left a sum of money to his 3 grandchildren[ my children] which i have had to pay them as all of his cash assets had to be paid to the person with first charge on his money - the said "Mr" Brown. The situation got even more interesting as my father had a couple of fields as part of his estate- now, agricultural land is exempt from IHT however it is not exempt if it is used for the wrong kind of agriculture. We advised that the land was used for horse grazing to be told that basically because you could only ride a horse & not eat it [unless you are French] then we would still have to pay IHT.

This tax is the most insensitive ever in my opinion & that bast**d Brown & the rest of the motley crew who i voted for in 1997 should rot in hell.

Rant over!

have a nice day

johnB
 
Couldn't agree more John

Nilagin - i've never met an 'advisor' that agreed with any of his or her colleagues let alone was more use than a chocolate teapot.

However, i'm sure Dave will prove me wrong, eschew charging his usual fee and enlighten us all ;)
 
Sorry to hear so many of you have been given such a rough time with IHT, as if it's not bad enough losing your nearest and dearest, they chuck this at you!, its disgraceful!

I thought that I heard the limit for IHT was going up, (maybe they just talking about it?) 'cause house prices had risen so much? anyway, abolish the lot I say!!! and a message for the government? . . . .:razz: :razz: :razz:
 
The nil rate threshold is rising from £285,000 to £300,000 in April. Still not the £400,000 plus it should be. Recent surveys put 10 Million homes over the £285,000 threshold. The tax doesn't just stop their. The property value is that at the time of death. Any increase in value after that is then liable to Capital gains tax when sold. The same goes for any shares that are inherited. If tax has already been paid on it once why should it be liable again.
My father who died last month left a house, savings and shares, to my sister and me. We've not yet sorted out the full value of the estate but I 'm sure the Taxman will have an interest in it. Quite frankly it is all giving me a headache. I wish my Dad had been healthy and capable enough to have spent his money and enjoyed it. It would have been better if he had wasted it rather than Gordon Brown wasting it. Even getting a solicitor to sort it all can leave a big bill too.
 
Agree with solicitors bills. The one we used for my Dad's affairs has been used by members of the family & is excellent. It still took him 19 months to sort out Dad's affairs due to a problem with the house that he left to me & a bill of over £8k to boot- as well as as a IHT of £59k

No wonder people are sore about this obscene tax
 
Hi all

More than happy to help - but there's too much commentary here for anything less than an essay to sort it all out, good from bad/ambiguous.

Today's presentation in Warwick went very well indeed and I've been asked to write a monthly article in a trade mag to over 10,000 professional members on IHT planning in particular.

Usually, when I see/advise clients my fee is £400 for about 1-2 hours meeting(very fair to save them up to £114,000 the easy way - yes?); and the work is all undertaken by a specialist Solicitor I work with in what's known as "Estate Planning".

If you really want to know more, PM me and I'll see if I can help - out of hours and without the usual fee for the first 3 queries only! Sorry for those with recently deceased parents, but unless there is another parent still alive, it's too late there.

Seriously though, some of today's delegates had stories of losses and IHT mistakes that they'd seen, even had personal experience of, and all (barr one) could have been avoided.
 
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