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Post by ratcliff on Jan 4, 2024 14:45:37 GMT
It is a tax/duty placed against the inheritors. As unearned income, but the point I think people are making, is that it has already been taxed from somebody's earnings prior to death, I might be wrong that it might be something else, but if it is, is it a fair point? No The beneficiaries are not taxed as unearned income on the bequest (See2 has been corrected on this untruth multiple times but still continues to repeats his lies) The estate of the testator is taxed directly ( this is the double taxation because the testator's assets were already taxed in life) and the executor of the estate has to pay IHT due to HMRC within 6 months of probate being granted The beneficiaries do not pay the IHT and payment of IHT has absolutely nothing to do with them (or their tax rate) |
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Post by see2 on Jan 4, 2024 15:58:58 GMT
As unearned income, but the point I think people are making, is that it has already been taxed from somebody's earnings prior to death, I might be wrong that it might be something else, but if it is, is it a fair point? No The beneficiaries are not taxed as unearned income on the bequest (See2 has been corrected on this untruth multiple times but still continues to repeats his lies)The estate of the testator is taxed directly ( this is the double taxation because the testator's assets were already taxed in life) and the executor of the estate has to pay IHT due to HMRC within 6 months of probate being granted The beneficiaries do not pay the IHT and payment of IHT has absolutely nothing to do with them (or their tax rate) What "bequest" are you referring to? The only people to lose out due to IHT are those who receive an inheritance from the former estate. And one of the reasons they lose out is because the inheritance is unearned income. That is a fact. I provided the proof in an earlier post. |
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Post by dappy on Jan 4, 2024 16:00:17 GMT
As unearned income, but the point I think people are making, is that it has already been taxed from somebody's earnings prior to death, I might be wrong that it might be something else, but if it is, is it a fair point? No The beneficiaries are not taxed as unearned income on the bequest (See2 has been corrected on this untruth multiple times but still continues to repeats his lies) The estate of the testator is taxed directly ( this is the double taxation because the testator's assets were already taxed in life) and the executor of the estate has to pay IHT due to HMRC within 6 months of probate being granted The beneficiaries do not pay the IHT and payment of IHT has absolutely nothing to do with them (or their tax rate) I believe I am right in saying that payment is due within six months of death not six months of probate. People receiving gifts within seven years of death can be called on to pay inheritance tax on those gifts from their resources in some circumstances. Is inheritance a fair tax - yes very much so in my view as discussed above. If money is available to cut taxes (which it currently isn't other than an election bribe ) far better to focus that tax cut on young couples struggling to pay mortgages while bringing up kids than rich dead millionaires. |
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Post by see2 on Jan 4, 2024 16:03:59 GMT
That might be a fair opinion, but the tax laws don't see it that way, and haven't seen it that way for around 100 years or more. Well all unearned income isn’t taxed . Only specific unearned income . So the tax laws are selective . So you can’t seriously say that an income is taxed because it is unearned. Are you referring to Lottery winnings not being taxed? I imagine the Lottery company has already paid the tax, just as final inheritance isn't taxed because it has already been taxed by IHT. |
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Post by Bentley on Jan 4, 2024 16:18:34 GMT
Well all unearned income isn’t taxed . Only specific unearned income . So the tax laws are selective . So you can’t seriously say that an income is taxed because it is unearned. Are you referring to Lottery winnings not being taxed? I imagine the Lottery company has already paid the tax, just as final inheritance isn't taxed because it has already been taxed by IHT. No. |
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Post by ratcliff on Jan 5, 2024 12:41:37 GMT
No The beneficiaries are not taxed as unearned income on the bequest ( has been corrected on this untruth multiple times but still continues to repeats his lies)The estate of the testator is taxed directly ( this is the double taxation because the testator's assets were already taxed in life) and the executor of the estate has to pay IHT due to HMRC within 6 months of probate being granted The beneficiaries do not pay the IHT and payment of IHT has absolutely nothing to do with them (or their tax rate) What "bequest" are you referring to? The only people to lose out due to IHT are those who receive an inheritance from the former estate. And one of the reasons they lose out is because the inheritance is unearned income. That is a fact. I provided the proof in an earlier post. Suggest you get some professional legal advice and buy a dictionary (and learn how to use it) before digging yourself further into holes you dug through your insistence in confirming your green eyed ignorance on all matters IHT whilst regurgitating your far left ideology on this forum . www.funeralguide.co.uk/help-resources/managing-your-estate/wills-and-probate/what-is-a-bequest |
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Post by ratcliff on Jan 5, 2024 12:48:42 GMT
No The beneficiaries are not taxed as unearned income on the bequest (See2 has been corrected on this untruth multiple times but still continues to repeats his lies) The estate of the testator is taxed directly ( this is the double taxation because the testator's assets were already taxed in life) and the executor of the estate has to pay IHT due to HMRC within 6 months of probate being granted The beneficiaries do not pay the IHT and payment of IHT has absolutely nothing to do with them (or their tax rate) I believe I am right in saying that payment is due within six months of death not six months of probate. People receiving gifts within seven years of death can be called on to pay inheritance tax on those gifts from their resources in some circumstances. Is inheritance a fair tax - yes very much so in my view as discussed above. If money is available to cut taxes (which it currently isn't other than an election bribe ) far better to focus that tax cut on young couples struggling to pay mortgages while bringing up kids than rich dead millionaires. Payment on account can be made pre a grant of probate (exact amount will be unknown and/or agreed before grant and within 6 months of death is even more arduous for the executor than waiting for probate) As far as death taxes funding ''struggling' young families who may want to live beyond their means and are reckless in failing to use contraception whilst responsible people live within their means why should those who have aquired more than £325000 have to fund their wanton lifestyle? |
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Post by see2 on Jan 6, 2024 17:19:03 GMT
What "bequest" are you referring to? The only people to lose out due to IHT are those who receive an inheritance from the former estate. And one of the reasons they lose out is because the inheritance is unearned income. That is a fact. I provided the proof in an earlier post. Suggest you get some professional legal advice and buy a dictionary (and learn how to use it) before digging yourself further into holes you dug through your insistence in confirming your green eyed ignorance on all matters IHT whilst regurgitating your far left ideology on this forum . www.funeralguide.co.uk/help-resources/managing-your-estate/wills-and-probate/what-is-a-bequestThere is nothing you can do about your brain, but I suggest you buy yourself a mouth wash because all your mouth does is to expose your sad upbringing. How does your attempt at a reply disprove my post? There is no "green eyed ignorance" in commonsense, but there does appear to an element of greed owned by those who use the term. At no time have I claimed to know all matters on IHT, that is just a lie put together in the nonsense that exists between your ears. It has been my long term understanding that cash and or property given to others are included in IHT unless the donor lives more than 7 years after making their bequest. If you know different pleas show evidence. Only some misinformed burk on the far Right could even begin to consider me to be on the Far Left. IMO you and your Rightist ilk are the main reason why the UK have suffered so badly by having the Conservative party overly dominate parliament since 1951. |
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Post by Bentley on Jan 6, 2024 18:20:20 GMT
Indeed. So one can make a decision to gift someone cash and up to 7 years later the state can snatch some of that money back .
So the claim that your own spending is your decision right up to the point where you pop your clogs is incorrect .
The state has merely set a time limit to when they can take your money
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Post by Bentley on Jan 6, 2024 18:22:37 GMT
No The beneficiaries are not taxed as unearned income on the bequest (See2 has been corrected on this untruth multiple times but still continues to repeats his lies) The estate of the testator is taxed directly ( this is the double taxation because the testator's assets were already taxed in life) and the executor of the estate has to pay IHT due to HMRC within 6 months of probate being granted The beneficiaries do not pay the IHT and payment of IHT has absolutely nothing to do with them (or their tax rate) I believe I am right in saying that payment is due within six months of death not six months of probate. People receiving gifts within seven years of death can be called on to pay inheritance tax on those gifts from their resources in some circumstances. Is inheritance a fair tax - yes very much so in my view as discussed above. If money is available to cut taxes (which it currently isn't other than an election bribe ) far better to focus that tax cut on young couples struggling to pay mortgages while bringing up kids than rich dead millionaires.Ah, the Robin Hood principle. |
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Post by ratcliff on Jan 7, 2024 12:40:37 GMT
There is nothing you can do about your brain, but I suggest you buy yourself a mouth wash because all your mouth does is to expose your sad upbringing. How does your attempt at a reply disprove my post? There is no "green eyed ignorance" in commonsense, but there does appear to an element of greed owned by those who use the term. At no time have I claimed to know all matters on IHT, that is just a lie put together in the nonsense that exists between your ears. It has been my long term understanding that cash and or property given to others are included in IHT unless the donor lives more than 7 years after making their bequest. If you know different pleas show evidence. Only some misinformed burk on the far Right could even begin to consider me to be on the Far Left. IMO you and your Rightist ilk are the main reason why the UK have suffered so badly by having the Conservative party overly dominate parliament since 1951. When you are in a hole - stop digging You are a leftie , far on the left wing You have lied deliberately throughout this thread to try to massage your enormous (in your green eyes eyes only) ego but shown your lack of knowledge and unwillingness to learn despite you travelling all over on your Wallace Arnold (or whichever) coach trips) and laughingly taking specific political note for some 70+ years You continue to state that IHT is charged according to the tax position of the ''inheritor'' in receipt of a n ''inheritance'' (then you cant even be arsed to look up the meaning of the correct term- bequest-and when I provide you with a glossary (look it up if you don't know what it means) ,and didn't know that your hero the (very talented (sic) one eyed history teacher , Gordon introduced the 7 year rule )yet you continue to sling your ignorant , idiotic , pathetic so insults about with abandon |
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Post by ratcliff on Jan 7, 2024 12:49:21 GMT
Indeed. So one can make a decision to gift someone cash and up to 7 years later the state can snatch some of that money back . So the claim that your own spending is your decision right up to the point where you pop your clogs is incorrect . The state has merely set a time limit to when they can take your money That's correct , the testator must live at least another 7 years before gifts can be excluded from IHT calculations (and a paper trail should kept) The annual non IHT gift allowance is a total of £3000 per year (in excess of this must be evidenced and approved by HMRC as being provided from normal income and normal spending without affecting the testators lifestyle-such gifts cannot come from capital) There is an annual exemption, that allows an individual to give away a total of £3000 worth of gifts each tax year without them being added to their estate.
You can give gifts or money up to £3,000 to one person or split the £3,000 between several people.
You can give as many gifts of up to £250 per person as you want each tax year, as long as you have not used another allowance on the same person
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Post by see2 on Jan 7, 2024 12:54:25 GMT
Only 12 states plus DC have estate tax, and they all have different tax exemption levels between $1,000.000 to $13,610.000. I think about half a dozen states have inheritance tax instead. One state has both, and the rest of the states have neither. I used the term death duties as a generic term - it is a tax/duty on death whatever you call it It is a tax duty after you are dead, where it only affects the inheritors. |
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Post by ratcliff on Jan 7, 2024 13:21:36 GMT
I used the term death duties as a generic term - it is a tax/duty on death whatever you call it It is a tax duty after you are dead, where it only affects the inheritors. It has fuck all to do with individual beneficiaries of an estate Give up your insistence that it does, you are wrong it is charged on the estate You are only making yourself look even more foolish than normal |
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Post by see2 on Jan 7, 2024 13:44:52 GMT
Indeed. So one can make a decision to gift someone cash and up to 7 years later the state can snatch some of that money back . So the claim that your own spending is your decision right up to the point where you pop your clogs is incorrect . The state has merely set a time limit to when they can take your money It is up the deceased to make their own decisions before they die, on where they would like their inheritance to go, that is obvious. It is up to HMRC to decide what is taxable and what is not, after the donner pops their clogs. My statement was and is correct. |
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