Inheritance Tax?

[GarfieldLeChat]

And progressive taxation is what many people seem to be whinging about with inheritance tax.

inheritence tax started off to take money from the exceptionally rich who wouldn't really mis it and could discount it against the total tax they would pay regardless as a manner of getting them to pay what they had essentially spent a lot of time avoiding... as per usual the bar has been lowered considerabley to the point that the burden of taxation now falls much much lower down the ladder...

all this talk of well you get £240,000 tax free your better off having to sell your family home is bollocks when a new house then costs more than that and you'd have to then pay taxation again in forms of housing stamp and other fees not to mention interst etc it's a totally bollcks argument...

 

[ViolentPanda]

inheritence tax started off to take money from the exceptionally rich who wouldn't really mis it and could discount it against the total tax they would pay regardless as a manner of getting them to pay what they had essentially spent a lot of time avoiding... as per usual the bar has been lowered considerabley to the point that the burden of taxation now falls much much lower down the ladder...

Isn't it fair to say than rather than the bar being lowered, it hasn't been raised?

 

[GarfieldLeChat]

Isn't it fair to say than rather than the bar being lowered, it hasn't been raised?

well i guess so or you could say that as standards of living have increased the limit has remained static and not kept pace...

I see it as a rising ground issue which is why redistrubtion of welath will never work imo as more wealth is more accessable more people will have their wealth evaluated as being redistributable meaning that it merely releaves the pressure so to speak on those at the top thus creating a greater disparity between rich and poor.

 

[GoneCoastal]

So if someone buys me a pint, how much tax do I have to pay the government?

Subject to limits set by the IR.... Don't think a pint's included

 

[GoneCoastal]

Could the rules be changes so that Inheritance Tax on a property (which was someone's main/sole residence) was only paid when th house was sold or rented out?

There's already a 10 year period to pay the IHT (10 annual installments each on the anniv of the date of death) unless the property is sold in which case it becomes payable immediately

Also remember IHT is only on the assets going to the third in line as it were not the spouse - there's what's called spousal exemption for husbands/wives and then the limits are irrelevant