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Post by Fairsociety on Nov 20, 2023 17:54:43 GMT
The average pensioner dies with property and pension pots, srb is just making things up. The inheritance tax threshold should be at least £450,000, taking into account property prices. Were we not discussing poor pensioners and not average ones? And the simple fact is that no one pays inheritance tax until after they are dead. A time when they no longer need it. 'poor pensioners' DO NOT' incur inheritance taxes, because they are under £325,000 threshold, what point are you making?
If they do incur inheritance tax they are worth 'more' than £325,000, which is not classed as 'poor'.
What point are you not making?
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Post by Deleted on Nov 20, 2023 17:56:10 GMT
Most poor pensioners retire without owning property, and any pension pots tend to be very small. My mum's private pension for example is less than £100 per month. Besides, none of them pay a penny in inheritance until they are actually dead, in which case they clearly don't need the money anymore. Taxing the assets of the dead makes far more economic sense than taxing the productive labour of the living. And as for those who inherit, for them it is a wholly unearned windfall. So basically you spend your whole life feeding the government tax directly and indirectly then if you have managed a nest egg they want a share of that as well you cannot even escape them in death. I think in fairness in this day and age it should be a million quid and a sliding scale beyond that. If fairness had anything to do with it, it would be decided not by the wealth of the dead which is surely irrelevant to them now, but by the wealth of the living who inherit. |
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Post by Deleted on Nov 20, 2023 17:57:52 GMT
Erm they have and through the civil service, courts and the joke Conservative party, which is no longer the party of the right. The reason there have been so many Tory PMs is because the establishment is too corrupt to allow Conservatism to work. There hasn't been a true Conservative party in decades. I see. In your alternate reality the Tory party is a party of the left! Ok, lol In all sense and purposes, considering taxation and public spending is so high. It's why they're currently gesturing. It isn't my fault you're unable to grasp these simple facts. |
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Post by Deleted on Nov 20, 2023 18:13:36 GMT
Were we not discussing poor pensioners and not average ones? And the simple fact is that no one pays inheritance tax until after they are dead. A time when they no longer need it. 'poor pensioners' DO NOT' incur inheritance taxes, because they are under £325,000 threshold, what point are you making?
If they do incur inheritance tax they are worth 'more' than £325,000, which is not classed as 'poor'.
What point are you not making?
Well I began my contributions to this thread by stating that poor people dont pay inheritance tax and only the wealthiest few percent do. You have tried to claim that the average pensioner pays it which was not the point I was addressing. But lets address so called average pensioners. Because in actual fact the threshold is not £325,000 for most people. If you leave your estate to your children or grandchildren the threshold increases to £500,000, unless the estate is worth more than £2 million. And if you are married, even if your spouse has died, the threshold is doubled, becoming £1million. So the only ones incurring inheritance tax at £325k are the ones who never married and have no kids or grandkids to leave anything to anyway. And I tend to think that the average pensioner does have children or grandchildren, and is often married. So in most cases they would not be liable on the first £1 million. This is why only the wealthiest few percent actually pay it. Check out the figures for yourself.... www.moneysavingexpert.com/family/inheritance-tax-planning-iht/So why should cutting this still further be any kind of priority? |
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Post by Deleted on Nov 20, 2023 18:19:08 GMT
I see. In your alternate reality the Tory party is a party of the left! Ok, lol In all sense and purposes, considering taxation and public spending is so high. It's why they're currently gesturing. It isn't my fault you're unable to grasp these simple facts. Even the Labour party is not a genuine party of the left anymore and you want me to accept as fact your crazed notion that the Tories are actually a bunch of socialists? lol. They probably are in your alternate reality but I prefer to be grounded in actual reality. That taxation and spending is so high even as services have been cut to the bone and barely work anymore, is all down to Tory economic failure, particularly the self destructive ideologically driven austerity which did immense damage to us and was a wet dream policy on the Tory right. |
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Post by Fairsociety on Nov 20, 2023 18:21:08 GMT
'poor pensioners' DO NOT' incur inheritance taxes, because they are under £325,000 threshold, what point are you making?
If they do incur inheritance tax they are worth 'more' than £325,000, which is not classed as 'poor'.
What point are you not making?
Well I began my contributions to this thread by stating that poor people dont pay inheritance tax and only the wealthiest few percent do. You have tried to claim that the average pensioner pays it which was not the point I was addressing. But lets address so called average pensioners. Because in actual fact the threshold is not £325,000 for most people. If you leave your estate to your children or grandchildren the threshold increases to £500,000, unless the estate is worth more than £2 million. And if you are married, even if your spouse has died, the threshold is doubled, becoming £1million. So the only ones incurring inheritance tax at £325k are the ones who never married and have no kids or grandkids to leave anything to anyway. And I tend to think that the average pensioner does have children or grandchildren, and is often married. So in most cases they would not be liable on the first £1 million. This is why only the wealthiest few percent actually pay it. Check out the figures for yourself.... www.moneysavingexpert.com/family/inheritance-tax-planning-iht/So why should cutting this still further be any kind of priority? To be honest that's a load of gobbledygook, however I have past it on to my cryptanalysts department, so I might get back to you. |
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Post by Deleted on Nov 20, 2023 18:24:36 GMT
In all sense and purposes, considering taxation and public spending is so high. It's why they're currently gesturing. It isn't my fault you're unable to grasp these simple facts. Even the Labour party is not a genuine party of the left anymore and you want me to accept as fact your crazed notion that the Tories are actually a bunch of socialists? lol. They probably are in your alternate reality but I prefer to be grounded in actual reality. That taxation and spending is so high even as services have been cut to the bone and barely work anymore, is all down to Tory economic failure, particularly the self destructive ideologically driven austerity which did immense damage to us and was a wet dream policy on the Tory right. Fanatical far-left nonsense. Gee, it's no wonder Starmer wants to be seen as distancing himself from you. LOL |
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Post by Deleted on Nov 20, 2023 18:27:55 GMT
Well I began my contributions to this thread by stating that poor people dont pay inheritance tax and only the wealthiest few percent do. You have tried to claim that the average pensioner pays it which was not the point I was addressing. But lets address so called average pensioners. Because in actual fact the threshold is not £325,000 for most people. If you leave your estate to your children or grandchildren the threshold increases to £500,000, unless the estate is worth more than £2 million. And if you are married, even if your spouse has died, the threshold is doubled, becoming £1million. So the only ones incurring inheritance tax at £325k are the ones who never married and have no kids or grandkids to leave anything to anyway. And I tend to think that the average pensioner does have children or grandchildren, and is often married. So in most cases they would not be liable on the first £1 million. This is why only the wealthiest few percent actually pay it. Check out the figures for yourself.... www.moneysavingexpert.com/family/inheritance-tax-planning-iht/So why should cutting this still further be any kind of priority? To be honest that's a load of gobbledygook, however I have past it on to my cryptanalysts department, so I might get back to you. It is not my problem if you cannot understand plain English. I even posted a link to the information from a reliable source if you could be bothered to read it. But it clearly shows that the £325k threshold you are citing is absolute bollocks in most cases, and that for most people including most average pensioners the actual threshold is £1 million. You cannot hope to win an argument with demonstrably false facts. Admitting that they are too complicated for you to understand is a pitiful excuse for your failure to admit to being wrong. |
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Post by Deleted on Nov 20, 2023 18:33:17 GMT
Even the Labour party is not a genuine party of the left anymore and you want me to accept as fact your crazed notion that the Tories are actually a bunch of socialists? lol. They probably are in your alternate reality but I prefer to be grounded in actual reality. That taxation and spending is so high even as services have been cut to the bone and barely work anymore, is all down to Tory economic failure, particularly the self destructive ideologically driven austerity which did immense damage to us and was a wet dream policy on the Tory right. Fanatical far-left nonsense. Gee, it's no wonder Starmer wants to be seen as distancing himself from you. LOL Of course, in your alternate reality I am a far left extremist, Marxist Leninist revolutionary who wants to put you in a gulag and establish a communist utopia ruled by the dictatorship of the proletariat. When in fact I am a democratic socialist liberal who believes in what used to be called social democracy. If ever you invite me into your head, remind me to decline the invitation. It looks like a very dystopian place to be, where the moderate left are actually extremists whilst the far right are moderates. Yeah right, lol |
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Post by Fairsociety on Nov 20, 2023 18:39:57 GMT
To be honest that's a load of gobbledygook, however I have past it on to my cryptanalysts department, so I might get back to you. It is not my problem if you cannot understand plain English. I even posted a link to the information from a reliable source if you could be bothered to read it. But it clearly shows that the £325k threshold you are citing is absolute bollocks in most cases, and that for most people including most average pensioners the actual threshold is £1 million. You cannot hope to win an argument with demonstrably false facts. Admitting that they are too complicated for you to understand is a pitiful excuse for your failure to admit to being wrong. What is it you do not understand?
£325,000
In the current tax year, 2023/24, no inheritance tax is due on the first £325,000 of an estate, with 40% normally being charged on any amount above that. However, what is charged will be less if you leave behind your home to your direct descendants, such as children or grandchildren.
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Post by Fairsociety on Nov 20, 2023 18:41:53 GMT
It is not my problem if you cannot understand plain English. I even posted a link to the information from a reliable source if you could be bothered to read it. But it clearly shows that the £325k threshold you are citing is absolute bollocks in most cases, and that for most people including most average pensioners the actual threshold is £1 million. You cannot hope to win an argument with demonstrably false facts. Admitting that they are too complicated for you to understand is a pitiful excuse for your failure to admit to being wrong. What is it you do not understand?
£325,000
In the current tax year, 2023/24, no inheritance tax is due on the first £325,000 of an estate, with 40% normally being charged on any amount above that. However, what is charged will be less if you leave behind your home to your direct descendants, such as children or grandchildren.
Where is this vast amount of 'poor pensioner's' you speak of? |
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Post by Deleted on Nov 20, 2023 19:06:19 GMT
It is not my problem if you cannot understand plain English. I even posted a link to the information from a reliable source if you could be bothered to read it. But it clearly shows that the £325k threshold you are citing is absolute bollocks in most cases, and that for most people including most average pensioners the actual threshold is £1 million. You cannot hope to win an argument with demonstrably false facts. Admitting that they are too complicated for you to understand is a pitiful excuse for your failure to admit to being wrong. What is it you do not understand?
£325,000
In the current tax year, 2023/24, no inheritance tax is due on the first £325,000 of an estate, with 40% normally being charged on any amount above that. However, what is charged will be less if you leave behind your home to your direct descendants, such as children or grandchildren.
And are you being wilfully thick? I posted a link to the information from a reliable source and you are still spouting shit that denies that. If you leave your estate to children or grandchildren the threshold increases to £500k. If you are or were married, even if your spouse has died, it increases to £1 million. So only unmarried pensioners with no children or grandchildren have a £325k theshold which is why only the richest few percent pay anything. Since you are obviously too lazy to read the link that proves you wrong and insist on being wrong again anyway, I will provide the link again.... www.moneysavingexpert.com/family/inheritance-tax-planning-iht/I strongly suggest you read it this time. It clearly tells you that if you leave your estate to your kids or grandkids as nearly everyone does, the threshold is increased to £500k. If you are or were married - even if your spouse has died - these figures are doubled, ie a threshold of £650k, or £1 million if you leave it to your kids or grandkids. So only an unmarried pensioner with no kids or grandkids will incur the £325k threshold. For most people the threshold is actually £1 million. Carry on making yourself look a prat if you wish, but everyone else here has access to the same link, so can see as easily as me what a fool you are being. |
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Post by zanygame on Nov 20, 2023 19:07:28 GMT
Have you ever eaten seaweed? what has that to do with Labours management of the NHS? about the same as my visit to wales. |
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Post by zanygame on Nov 20, 2023 19:11:52 GMT
Have you ever eaten seaweed? Wow talk about swerving a question.
zany, Have you ever been to Wales?
Let's just fill you in then, Wales like Scotland they use their legislative powers as part of the devolution from UK Parliament, to run their own NHS services
Both Wales (Labour run) and Scotland (SNP) are failing miserably, it doesn't matter how much money central government give them, they squander it, they are totally incompetent, just like most Labour run councils are going ........ BUST
How long will they get away with blaming the Tories for their total failings.
My swerve was in answer to a swerve quid pro quo. We were discussing waiting lists under new Labour Pacifico dodged the bullet by jumping to Wales. Tell me just how much extra money have Scotland and Wales been given for the NHS by this government |
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Post by Deleted on Nov 20, 2023 19:12:29 GMT
It is not my problem if you cannot understand plain English. I even posted a link to the information from a reliable source if you could be bothered to read it. But it clearly shows that the £325k threshold you are citing is absolute bollocks in most cases, and that for most people including most average pensioners the actual threshold is £1 million. You cannot hope to win an argument with demonstrably false facts. Admitting that they are too complicated for you to understand is a pitiful excuse for your failure to admit to being wrong. What is it you do not understand?
£325,000
In the current tax year, 2023/24, no inheritance tax is due on the first £325,000 of an estate, with 40% normally being charged on any amount above that. However, what is charged will be less if you leave behind your home to your direct descendants, such as children or grandchildren.
What do you not understand? £325,000 – this is the basic inheritance tax allowance, which still applies.
£175,000 – since 2017 you've also been able to take advantage of something called the 'residence nil-rate band', commonly known as the 'main residence' band. This is an additional allowance you'll receive ON TOP of the existing £325,000 inheritance tax allowance if you pass on a main residence to your children (including adopted, foster and stepchildren) or grandchildren.
This means inheritance tax might not be due on the first £500,000 of your estate (£325,000 + £175,000), depending on who you leave your home to.
There are special rules for married couples or those in civil partnerships – they state:
When you die, assets left to your spouse or registered civil partner, provided they're living in the UK, are exempt from inheritance tax.
On top of this, your partner's inheritance tax allowance rises by the percentage of your allowance that you didn't use, meaning together a couple can currently leave £1 million tax-free (2 x £325,000 tax-free allowances + 2 x £175,000 |
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