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Post by Pacifico on Jan 1, 2024 12:07:28 GMT
This is basically my argument against IHT - it is a tax on aspiration and if you scrap it then it simply gives second rate politicians more money to squander. What is aspirational about inheriting money? 🤷🏻 Working to create wealth that you can pass on to your heirs is aspirational - nobody works just so some crap politician has more money for his pet woke project of the week. |
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Post by see2 on Jan 1, 2024 12:22:48 GMT
What is aspirational about inheriting money? 🤷🏻 Working to create wealth that you can pass on to your heirs is aspirational - nobody works just so some crap politician has more money for his pet woke project of the week. IMO, working to increase ones own wealth is psychologically driven. The greed that is sometimes exposed as in the previously exposed 51% increase in income by CEOs in the UK when just about everyone else was struggling to make ends meet is an example. Another example that was revealed recently was the Billionaires who moved to another country when faced with an increase in taxation. |
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Post by andrewbrown on Jan 1, 2024 13:24:54 GMT
Working to create wealth that you can pass on to your heirs is aspirational - nobody works just so some crap politician has more money for his pet woke project of the week. IMO, working to increase ones own wealth is psychologically driven. The greed that is sometimes exposed as in the previously exposed 51% increase in income by CEOs in the UK when just about everyone else was struggling to make ends meet is an example. Another example that was revealed recently was the Billionaires who moved to another country when faced with an increase in taxation. Ah, but all this wealth will trickle down. |
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Post by jonksy on Jan 1, 2024 13:27:57 GMT
IMO, working to increase ones own wealth is psychologically driven. The greed that is sometimes exposed as in the previously exposed 51% increase in income by CEOs in the UK when just about everyone else was struggling to make ends meet is an example. Another example that was revealed recently was the Billionaires who moved to another country when faced with an increase in taxation. Trickle down the preverbal shitter if labour get to infest No 10. |
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Post by patman post on Jan 1, 2024 13:42:32 GMT
Entering a risky profession helps lessen the chances of your estate being liable if you die on active service. The estates of armed forces personnel, police, firefighters and paramedics, plus humanitarian aid workers are among those that are so exempt...
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Post by see2 on Jan 1, 2024 16:50:25 GMT
Ah, but all this wealth will trickle down. Trickle down the preverbal shitter if labour get to infest No 10. Trickle down was always a Righty lie. Making the rich richer has always been an unspoken moto of the Tories. |
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Post by see2 on Jan 1, 2024 17:05:27 GMT
The Tories are often talking bout cutting IHT - or even abolishing it - but never seem to actually do it. They're always afraid that it will be seen as tax cut for the rich. But of course the fact is that, while the person whose will it is may have been rich, but most of the money that gets taxed at 40% is going to people who are not rich. It seems to me that the principle of taxation of inheritances should be based on the tax rate of the beneficiary. Obviously this would be a further complication to a tax system that is already highly highly complex, so maybe the best simplification that could be made is to just tax inheritances over a particular level at 20%, which is certainly more fair. It may even not reduce the tax take very much because it will make people less inclined to use various trust funds and the like to avoid IHT. It's so obvious I just don't understand why our politicians haven't thought of it. The beneficiaries will NOT be the rich - it'll be the large numbers of people who get ten thousand quid or so from a millionaire's will which has been taxed at 40%. So they'd get £8,000 rather than £6,000. I'm sure that would be a vote winner. The thing about inheritance tax is it denies you the whole point of parenthood, namely the hope not only to have children to pass the baton too, but the ability to give them a better start than you had My grandfathers were working men of the working class. One lived to see his elder son become an RAF Officer and his younger son weaponise the Avro Vulcan, the descendant of the planes for which he started out making the instruments for. The other saw his son command the bridge of the largest freight ship ever to enter Roath Dock. My father lived to see me graduate from university, something he never got to do himself as his parents did not have the money, and stood next to me at Fylingdale when the radar i helped build, based on the same he made work in the desert heat which was itself based on the one his father made work to spot the Nazi’s, went online. I never realised he still had the bloody clearance. I should have put 2 and 2 together when i found him working at Swanwick on the new NATS hardware. The gate guard there back then demanded to check my id but simply saluted dad …. To come back to the point. Wanting your children to benefit from your acquired wealth after you leave it is the most basic of driving forces. Taxing it to fund wastrels and lazy bastards uninterested in making their own success is the mark of the cad of the first order What totally pisses ME off is the aristo who owns three quarters of the rich bit of London, the bit they invented the 1832 Reform Act for to give all his ground rent payers the vote, popped his fucking clogs and every fucking penny of his estate worth billions passed into his son’s control. If HE gets to do that free of IHT why the fuck cant everyone else. Income determines the level of tax paid, IHT is on unearned income so it is rightly taxed. I don't think, not sure, if I quite come into the IHT bracket but I do have two large Bank accounts plus a substantial property, my kids have insisted that I spend their inheritance. Those fortunate enough to inherit large amounts of money receive it without earning it, IMO they should be very very grateful for their good fortune. |
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Post by ratcliff on Jan 1, 2024 17:23:07 GMT
Errrr you have to be dead before inheritance tax applies.
Don't let this post be your new Jimmy Savile moment.
Errrr, Inheritance tax is paid by the inheritor, how simple does it have to get for you to understand? And before you are exposed as having to revert to an irrelevant insinuating slurring comment? You continue to prove your complete ignorance, stupidity and ongoing politics of envy The beneficiary does NOT pay IHT IHT is paid by the estate of the deceased , by the executors and must be paid within 6 months of probate being granted irrespective of whether or not the executor has sufficient liquid assets in the estate to pay the death tax. If there are insufficient liquid funds in the estate by the relevant deadline the executor may have to take out a personal loan to pay HMRC. Only after probate and satisfaction of all tax liabilities can a distribution to beneficiaries be made And before you come out with one of your standard uber lefty , pseudo smartarsed ' I'm so clever' retorts that the executors should have ensured that there was sufficient liquidity in the estate , just think if there is property comprising a large % of the estate. If the executor is a relative , they have to deal with grief , probate , getting the property ready to market , marketing it , liaising with agents re viewings , negotiating with any buyers, dealing with legalities of conveyancing through to completion and finally paying HMRC ( then dealing with HMrC if there is a disparity between probate value assigned and sale price. It's a very tough ,often nigh on impossible task within 6 months |
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Post by ratcliff on Jan 1, 2024 17:26:07 GMT
It's a tax on the 'dead' person you fool.
That person has probably paid in to the tax system for years, then when they die they taxed again, it's not the family who pay the tax it's a tax on the dead person.
In other words the family would not be paying tax, if that person was still alive, you clown.
It is imposable to tax a dead person. Tax is imposed on an individuals income. Nothing extra coming in then no extra tax. The "clown" obviously exists between your ears. There's a saying you'd do well to heed ''When in a hole , stop digging '' As usual you are wrong in fact and the legal position of IHT |
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Post by ratcliff on Jan 1, 2024 17:29:37 GMT
The thing about inheritance tax is it denies you the whole point of parenthood, namely the hope not only to have children to pass the baton too, but the ability to give them a better start than you had My grandfathers were working men of the working class. One lived to see his elder son become an RAF Officer and his younger son weaponise the Avro Vulcan, the descendant of the planes for which he started out making the instruments for. The other saw his son command the bridge of the largest freight ship ever to enter Roath Dock. My father lived to see me graduate from university, something he never got to do himself as his parents did not have the money, and stood next to me at Fylingdale when the radar i helped build, based on the same he made work in the desert heat which was itself based on the one his father made work to spot the Nazi’s, went online. I never realised he still had the bloody clearance. I should have put 2 and 2 together when i found him working at Swanwick on the new NATS hardware. The gate guard there back then demanded to check my id but simply saluted dad …. To come back to the point. Wanting your children to benefit from your acquired wealth after you leave it is the most basic of driving forces. Taxing it to fund wastrels and lazy bastards uninterested in making their own success is the mark of the cad of the first order What totally pisses ME off is the aristo who owns three quarters of the rich bit of London, the bit they invented the 1832 Reform Act for to give all his ground rent payers the vote, popped his fucking clogs and every fucking penny of his estate worth billions passed into his son’s control. If HE gets to do that free of IHT why the fuck cant everyone else. Income determines the level of tax paid, IHT is on unearned income so it is rightly taxed. I don't think, not sure, if I quite come into the IHT bracket but I do have two large Bank accounts plus a substantial property, my kids have insisted that I spend their inheritance. Those fortunate enough to inherit large amounts of money receive it without earning it, IMO they should be very very grateful for their good fortune. For the 3rd time in a few posts you confirm your ignorance and utter stupidity Income of the inheritor has fuck all to do with IHT IHT is paid by the executor of the estate |
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Post by Pacifico on Jan 1, 2024 18:18:11 GMT
Trickle down the preverbal shitter if labour get to infest No 10. Trickle down was always a Righty lie. Making the rich richer has always been an unspoken moto of the Tories. considering that nobody advocated it they could hardly lie... |
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Post by johnofgwent on Jan 1, 2024 21:25:40 GMT
This is basically my argument against IHT - it is a tax on aspiration and if you scrap it then it simply gives second rate politicians more money to squander. What is aspirational about inheriting money? 🤷🏻 I fancy it is the person LEAVING it Pacifico refers to. What point is there in striving to improve the quality of life if all tour achievements are stolen by a grasping state and distributed to grasping freeloading illegal immigrants ?? |
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Post by johnofgwent on Jan 1, 2024 21:33:23 GMT
Entering a risky profession helps lessen the chances of your estate being liable if you die on active service. The estates of armed forces personnel, police, firefighters and paramedics, plus humanitarian aid workers are among those that are so exempt... that’s very interesting. TBH i was unaware if that. Maybe i should launch a limited company dedicated to recruiting those on death’s door to go stand on a calais beach and hand out lifejackets. For a fee of £1000 have a cast iron guarantee Jezza cannot benefit from your estate. By making articles of association that automatically disqualify directors at the point of death and making my kids directors and telling them to ensure theirs are, all the money i make from the fees will never be part of my estate … |
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Post by steppenwolf on Jan 2, 2024 8:13:35 GMT
Income determines the level of tax paid, IHT is on unearned income so it is rightly taxed. I don't think, not sure, if I quite come into the IHT bracket but I do have two large Bank accounts plus a substantial property, my kids have insisted that I spend their inheritance. Those fortunate enough to inherit large amounts of money receive it without earning it, IMO they should be very very grateful for their good fortune. For the 3rd time in a few posts you confirm your ignorance and utter stupidity Income of the inheritor has fuck all to do with IHTIHT is paid by the executor of the estate That's the current situation. My OP was stating basically that the tax on an inheritance should be taxed based on the tax band of the inheritor (not at the top rate), because many of those who inherit wealth are not in the 40% band. The problem is that this is a principle that is not established in the tax system and it would be administratively very complex to arrange - whereas the current arrangement is very easy to calculate. So my suggestion is to simply halve the tax rate to 20% which will basically have a very similar effect but without turning the tax systems upside down. |
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Post by see2 on Jan 2, 2024 9:30:02 GMT
Errrr, Inheritance tax is paid by the inheritor, how simple does it have to get for you to understand? And before you are exposed as having to revert to an irrelevant insinuating slurring comment? You continue to prove your complete ignorance, stupidity and ongoing politics of envy The beneficiary does NOT pay IHT IHT is paid by the estate of the deceased , by the executors and must be paid within 6 months of probate being granted irrespective of whether or not the executor has sufficient liquid assets in the estate to pay the death tax. If there are insufficient liquid funds in the estate by the relevant deadline the executor may have to take out a personal loan to pay HMRC. Only after probate and satisfaction of all tax liabilities can a distribution to beneficiaries be made And before you come out with one of your standard uber lefty , pseudo smartarsed ' I'm so clever' retorts that the executors should have ensured that there was sufficient liquidity in the estate , just think if there is property comprising a large % of the estate. If the executor is a relative , they have to deal with grief , probate , getting the property ready to market , marketing it , liaising with agents re viewings , negotiating with any buyers, dealing with legalities of conveyancing through to completion and finally paying HMRC ( then dealing with HMrC if there is a disparity between probate value assigned and sale price. It's a very tough ,often nigh on impossible task within 6 months You continually prove you have a biased immature block in what little brains you do have. IHT is paid by the estate but the reason it is paid is because money passed on will be become unearned income to the inheritor. The inherited money passed on becomes free of Tax because the tax has already been paid. Why do you think it is called Inheritance Tax? I suggest you shove your typically silly "pseudo smartarsed ' I'm so clever' ridiculous Righty biased comments as far up as you can get them. Nevertheless, I have cleared up one uncertainty which is that IHT is based upon the total value of the estate. |
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