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Post by dappy on Nov 18, 2023 18:24:04 GMT
It’s the Autumn Statement next week - more important these days than the budget in the Spring. No doubt the Chancellor will be hoping to con the gullible electorate with a round of pre election giveaways.
But what should he prioritise this time around
1) cut inheritance tax - literally a tax for dead millionaires
2) increase tax thresholds - easiest way to help those most in need but lacking election impact?
3) spend the money instead on healthcare
4) nothing - stop borrowing so much
5) something else
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Post by The Squeezed Middle on Nov 18, 2023 18:28:08 GMT
Inheritance tax should be cut if not abolished. Our threshold is way below much of Europe, let alone the US and hasn't kept pace with inflation.
As ever, it's a tax on the poor since the rich have numerous ways to avoid it.
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Post by Fairsociety on Nov 18, 2023 18:39:14 GMT
Election bribes, they've just announced that every benefit layabout is going to have to find work.
LOL.... they are cutting taxes for the few not the many.
Announcing they are targeting lazy good for nothing on benefits 'before' a general election is political suicide. ......... LOL
At least Labour aren't announcing those kinds of policies until 'After' the general election.
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Post by johnofgwent on Nov 18, 2023 18:46:44 GMT
Inheritance tax should be cut if not abolished. Our threshold is way below much of Europe, let alone the US and hasn't kept pace with inflation. As ever, it's a tax on the poor since the rich have numerous ways to avoid it. Maybe they can let us demand the right to pay it to india where it is no longer imposed, like the wife of the greasy slippery shitbag occupying number ten against the wishes of the membership of the political party he says he belongs to |
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Post by dappy on Nov 18, 2023 19:49:23 GMT
Inheritance tax should be cut if not abolished. Our threshold is way below much of Europe, let alone the US and hasn't kept pace with inflation. As ever, it's a tax on the poor since the rich have numerous ways to avoid it. For most, inheritance is only payable on estates over £1m. Bit of a stretch to call it a tax on the poor. |
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Post by andrewbrown on Nov 18, 2023 19:56:06 GMT
Inheritance tax should be cut if not abolished. Our threshold is way below much of Europe, let alone the US and hasn't kept pace with inflation. As ever, it's a tax on the poor since the rich have numerous ways to avoid it. Errm, poor people don't qualify for inheritance tax! 😂 |
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Post by The Squeezed Middle on Nov 18, 2023 20:06:20 GMT
For most, inheritance is only payable on estates over £1m. Bit of a stretch to call it a tax on the poor. Nope. Errm, poor people don't qualify for inheritance tax! 😂 And erm, nope. |
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Post by dappy on Nov 18, 2023 20:12:19 GMT
Err yep
Do you not understand it?
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Post by The Squeezed Middle on Nov 18, 2023 20:24:44 GMT
Err yep Do you not understand it? Yes perfectly, thanks.
I'm taking issue with your assertion that "Most" would only pay inheritance tax on estates over £1m.
Have you a link to that?
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Post by zanygame on Nov 18, 2023 20:28:17 GMT
Inheritance tax should be cut if not abolished. Our threshold is way below much of Europe, let alone the US and hasn't kept pace with inflation. As ever, it's a tax on the poor since the rich have numerous ways to avoid it. We agree. |
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Post by dappy on Nov 18, 2023 20:29:56 GMT
It’s the rules.
Let me see if you understand it. Alfred and Bella were married with two kids Charlotte and David. Bella sadly died leaving her assets to her husband. Alfred dies leaving his home worth £400k and other assets of £400k to his kids. How much tax will Charlotte and David pay on Alfred’s estate
Same circumstances but house is now worth £800k. How much tax is due now?
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Post by zanygame on Nov 18, 2023 20:35:21 GMT
Inheritance tax should be cut if not abolished. Our threshold is way below much of Europe, let alone the US and hasn't kept pace with inflation. As ever, it's a tax on the poor since the rich have numerous ways to avoid it. For most, inheritance is only payable on estates over £1m. Bit of a stretch to call it a tax on the poor. I thought the threshold was 325k? |
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Post by dappy on Nov 18, 2023 20:38:17 GMT
Common misconception Zany for most. Try answering the questions above re Alfred’s estate
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Post by zanygame on Nov 18, 2023 20:40:57 GMT
Common misconception Zany for most. Try answering the questions above re Alfred’s estate Thanks Dappy. What's the answer to the riddle of Alfred's estate |
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Post by The Squeezed Middle on Nov 18, 2023 20:43:32 GMT
It’s the rules. Let me see if you understand it. Alfred and Bella were married with two kids Charlotte and David. Bella sadly died leaving her assets to her husband. Alfred dies leaving his home worth £400k and other assets of £400k to his kids. How much tax will Charlotte and David pay on Alfred’s estate Same circumstances but house is now worth £800k. How much tax is due now? Oooh, I know this one.
In your cherry picked example, I'd suggest it's zilch in both cases.
You see, Bella leaves her IHT allowance to her husband which (assuming that they owned their house jointly) would increase her allowance to £500k (since it includes a family home or part thereof). In which case Alfred would also have an allowance of £500k of his own, in addition to inheriting Bella's. So combined allowance would be £1m either way (because the family home is involved).
But your example makes multiple assumptions: A married couple, who own a home (jointly) and who leave everything to their children.
If any one of those three conditions isn't met, your example won't apply.
Now back to my question: What proportion of estates does it apply to?
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