Inheritance tax ...

[blup]

The issue then isn't IHT, but that a sizeable leg-up is required for many people to even get a sniff of owning their own home.

Exclude the main family home from IHT then.

 

[blup]

No, you haven't.

You certainly have paid some or all of those taxes to get there.

 

[JonathanM]

Exclude the main family home from IHT then.

Most families can leave £1m tax free. Isn't that enough?

 

[IT Minion]

Won't anyone please think of the poor millionaires whose money is being taken from their cold dead hands!

 

[diy_fun_uk]

You maybe bought it with your hard earned decades ago.
You've maybe spent £££ over the years maintaining and upgrading it.

We don't give a *** now we're going to TAX you on it!!!

 

[JonathanM]

.

 

[Murdochcat]

Income tax, vat, maybe cgt, national insurance.

When you inherit you have paid none of the above

 

[Murdochcat]

You certainly have paid some or all of those taxes to get there.

No you haven’t

 

[carmanmemoranda]

You maybe bought it with your hard earned decades ago.
You've maybe spent £££ over the years maintaining and upgrading it.

We don't give a *** now we're going to TAX you on it!!!

Arent they going to tax the lucky beneficiaries, not the person that spent time and money?

 

[diy_fun_uk]

Arent they going to tax the lucky beneficiaries, not the person that spent time and money?

Yep, wording of my post could be better to differentiate however can't be ar5ed changing it.

Regardless, still stinks.

 

[Mottie]

My point is £325k is a low threshold at which to start paying inheritance tax when it could help the next generation get on the housing ladder.

Pretty sure Mrs Motties mum has double that - solicitor set it up so that her husbands allowance passed to her on his death. Something like that anyway.

 

[JonathanM]

Pretty sure Mrs Motties mum has double that - solicitor set it up so that her husbands allowance passed to her on his death. Something like that anyway.

That's right. £325k is for singles.

For most families it ends up being £1m, when you add in the main home allowance.

 

[blup]

Pretty sure Mrs Motties mum has double that - solicitor set it up so that her husbands allowance passed to her on his death. Something like that anyway.

Yes, up to a million where it passes from spouse to spouse to children, but not if you are unmarried without children

 

[blup]

Most families can leave £1m tax free. Isn't that enough?

Not everyone is a family

 

[blup]

When you inherit you have paid none of the above

Exactly its is a tax on dying, one that the wealthy with access to tax advisers easily circumvent.