Ironically I would say IHT encourages this - a major encouragement to the “bank of mum & dad” is the reduction in IHT that early gifting provides.
Sent from my iPhone using TZ-UK mobile app
looked at the right way, IHT can be quite positive.
That nice Mr. Hammond is paying 40% of every watch I buy
Whilst I have no objection to Inheritance Tax per se, I do think it manifestly unfair that it is so easily avoided by the very wealthy.
If we were to do away with it then what taxes would those who oppose it think should be increased in order to replace it and maintain the total tax take?
Might not be ‘easy’ but worthwhile to avoid paying 40% of £9bn in tax. (So his estate saved £3.6bn. Total IHT paid in 2017 £5.1bn.)
https://www.telegraph.co.uk/tax/inhe...oid-it-on-the/
I’m worth considerably less but may have an estate on which IHT will be payable.
Last edited by David_D; 14th August 2018 at 00:48.
In total tax take terms, IHT take is relatively modest so a very small % on Income Tax and/or VAT. (IHT raised £5.1bn in the year to May 2017 vs total tax of c£750bn - so IHT c0.7% total tax.)
https://www.ifs.org.uk/publications/9178
Or make death a taxable event for CGT purposes (including gain on principal private residence). At least then you are taxing a return that hasn’t already been taxed.
Last edited by David_D; 14th August 2018 at 00:53. Reason: Added
Oops stutter - soz
Depends what you class as "Hard Work". I think the hardest workers are the minimum wage earners who have to have more than one job to make ends meet. We live in a very unfair society at the present time with the highest earners only there because they have. in some way or another, taken advantage of others.
Absolutely not. I'm quite happy with my life.
I'm unhappy only with the unfairness of society. If you can't see that then you are part of the problem and surely not to be admired. Only today the BBC have mentioned a gap of 400 times between heads of top companies and the workers. If you think that is right then there is absolutely no point in any replies to you
Envy is a standard human emotion. The poor envy the rich and their nice homes and cars. The rich envy the poor getting free handouts, be they social security payments or food bank parcels. Anywhere collectors gather on internet fora envy abounds. Collections are temporary solutions to envy.
Pension savings do fall outside your estate:
https://www.mattioliwoods.com/passin...nheritance-tax