Inheritance tax is an entirely unnecessary tax. All inheritance is wealth on which tax has already been paid. It is therefore a vulture tax feeding off the remains of the hard earned wealth of a lifetime of sacrificial work, which few if any politician has experienced. That’s the first point. Secondly, some voters believe it will largely affect only those that have been successful and therefore every socialist loves it, because they envy anyone that has done better in life than they have. So, they delusionally believe that such a tax will ‘level the playing field’ and make for a more equitable society. Truth is that it has the entirely opposite effect. You really think the kids of Elon Musk are going to be hard done by due to an inheritance tax? Only the dumb could believe that the inheritance tax is going to largely affect the well off. It conversely affects the less well off in a much greater measure. You have worked hard all your life to get yourself on the property ladder and the least you can leave behind is a helping hand to your children to get on in life but then the government swoops in and walks off with a wad of your wealth for nothing given in return. This keeps the working class down and dependent, which is essential for socialism to survive. It also keeps the next generation dependent on the banks for a hefty mortgage, when zero inheritance tax would have been life changing for many struggling families. And it’s not as if this money will disappear. It will be spent in the economy where it will be surely taxed. The difference here is that it is the individual that will decide on what that money is spent and not a wasteful government that the person probably didn’t even vote for.
@@PSinghN-gx3em i take it your an a countant ,under current rules Amazon pay 4%,British gas 11% all available at companies House, while employee,under 50k pays 20%UNDER CURRENT RULES ,UNFAIR,IMMORAL, GREED
Small family home in south east England is £450,000. Reasonable family home (has a driveway) is £650,000. So your IHT is £65k if you inherit your family home.
Whats really bad is our parents get tax😮ed one last time when their dead on the one thing they worked hardvfor to leave their loved ones... Mean while our government gives money to people who laugh at this country 😢😢😢😢😢
Thank you for explaining inheritance tax so clearly; you made it easy to grasp a complex topic. If possible, please share any loopholes you notice that the affluent often exploit. Your insights are invaluable!
Great video, would like to see an updated video based on Labour budget announcement. There are expected to be some big changes to tax rules and thresholds.
Inheritance tax was founded a long time ago because of the concern that some ultra-wealthy families were becoming too powerful, generation on generation. Back then, your estate would have needed to be valued at today’s equivalent of close to £200 million to qualify for the tax. But the threshold has not kept pace with inflation since then, and so nowadays, more and more estates are falling into this trap. This really should be taught in schools. I’ve known about this tax since I was a child and so it baffles me that so many adults do not understand that it will impact their families. There are lots of people who voted for the Labour Party who are going to get a very nasty shock when they see what’s going to happen to either their estates or their inheritance in years to come. Imagine you’re a Millennial who was counting on some inheritance money to help you to purchase a home… voting Labour wasn’t such a good idea after all, was it?
All taxes are today for the poor. Take stamp duty. When I was young that was deemed a tax for the rich, I’ve just moved house, and we just couldn’t avoid it. 10 grand just to move house. Plus VAT on estate agents fees. Unreal. Meanwhile Tony Blair avoided 600,000 in stamp duty using an off shore bank account!
finance & tax is not taught in school for one simple reason. they want everyone to not know the tax rules so that they are all caught out & paying avoidable tax. they especially don’t want people knowing how finance works & how they are robbed by Compound Interest. if schools taught one thing, it should be compound interest & how banks & finance co’s use it to fleece people.
The hardest thing for us to cope with when we settled my father-in-law’s IHT bill was just how proud he had been to save and invest for his children and grandchildren throughout his life. He was such a gentle man, and never spent much on himself. He was so proud of what he had achieved for his family and then HMRC took it all and left his life savings account with less than £1000 in it. The government took far more than any of his children ever did. It was just so sad and the only positive is that he wasn’t around to see it happen as it would have destroyed him.
Look you lot avoid IHT if your old and grey give it away or spend it...but most of you old folk hang onto it until it's too late...spend it give it away and live for another 7 years just do it
It’s death tax not inheritance. If it was inheritance it would be banded by each person who inherited. Currently the government takes its chuck of flesh first then your kids have to split what’s left no matter how many of them there are
Also you can gift out of excess/surplus income (not capital) as long as it does not affect your overall standard of living (ie you do not lower your normal spending habits).
The Labour politician had the nerve to say that increasing IHT is ‘effective wealth redistribution’. Yep, redistribution from families to the government. 🤬
Love this, but I think Labour are looking at all these rules and will make changes. So the super rich will just leave the uk and us “working people” will have to pick up the bill. Typical Labour
People can have a limited company and have A & B shares, so when the A shares dies, the B shares take over control and shares earnings. Houses, rentals, investments etc can be bought in the company, perhaps using a mortgage on their house ( which reduces the equity value) , so reduces the tax bill potentially.
The limited company has to be a trading business, property investment Ltd are unlikely to be treated as a trading business. If you take a mortgage on your main residence and use the money to put into your limited company, the limited company will owe you the money via a directors loan, if you try to write the loan off it will be a receipt of income for corporations tax So taking a loan will only benifit for iht saving if you are gifting the equivalent amount outright and you survive 7 years
@@PSinghN-gx3em yes, a trading company, not a con. So property development, short or long term rentals . The director loan to be recouped from future products and not written off.
Hi. Good video. Re gifts you did not mention some gifts will be subject the CGT (rental house for example) and the pension is only IHT to 75 years old then inheritors marginal rate is applied upon inheriting.
Surprised to learn that you can gift your house to children but can't continue to live in it......where you supposed to go if you already cohabit with children.
If you gift a house, and continue to live in it as a rental, paying a peppercorn rent to your beneficiaries, would that circumvent the 'with reservation' rule?
And the rate 40% a joke not to mention paying the tax on vastly inflated values, imagine paying 100k tax on a inherited semi detached in the south East, could happen
What if she entered into a joint tenancy with two of her children? On her passing the surviving owners would take ownership without the need for probate.
Correct me if I'm wrong but during the great fire of London didn't the government pass a bill through Parliament deeming everyone in the country dead allowing them the right to your estate or inheritance giving individuals 7 years from birth to claim their said inheritance or estate back?
I’m just about to start this process unfortunately. I’ve been looking into it, but seems a bit of a minefield. Don’t want the solicitors taking a chunk to do it. Already tested there will be no tax to pay (as in the video, up to £1M). Can you point me in the direction of a straight forward tick sheet approach. TIA.
Yes, it's £3000 and an unused allowance can be carried forward for 1 year only. You can also gift £250 to as many people as you want but not to the ones who have received £3000 (or part of it).
I want to avoid inheritance tax altogether by transferring my assets to my wife when I die. She will then distribute my assets as I pre-specified to her - by gifting money to wider family. I trust her. Because she is 5 years younger than me, and she is from "long life genes", I expect her to live more than 7 years after I died, hence when she made the gift (upon my death) on my behalf, by the time she dies, the gifts/inheritance to my wide family will be tax free. QUESTION IS:- How do I transfer my assets to my wife? Do I simply write/make a will to that effect?....or is there a legal procedure/process. Wjat advice much appreciated.
Uk Iht is on world wide assets, one needs to ensure that all links are totally severed with the uk, this then can mean that your domicile is changed, if you maintain a uk domicile even if you live abroad , iht will still apply , also have to ensure that when one dies, the funeral and burial is also not in the uk
Values added together if you only have them its 325 kept any value over is taxed at 40 percent but if your own house has used the 325 amount the government gets to tax you at 40 percent all gets complicated if it's going to wife first but if you have houses get a tax account ant on it now
This only applies to money purchase pensions, they can be passed to anyone, does not have to be family - need to have an expression of wish in place with the pension provider, under current rules the money purchase pension plan is exempt from iht whoever it’s left to
@@PSinghN-gx3em I believe it's only fully tax exempt if the person dies before the age of 75. If over 75 the person inheriting the pension needs to pay income tax on it at their appropriate rate.
The value of the mortgage at the date of death is deducted (as a liability) so the net value of the house would be £150k as at the date of death - which is the relevant valuation for IHT purposes.
No inheritance tax on agricultural land. It's another way the wealthy get away with not paying as they hoover up land to avoid paying iht when they die. It's hurting young farmers as it's driving up the cost of land
Wow thanks so much for this superb advice so basically you work hard all your life pay Tax on your earnings, and savings and your pension, then pay again when you die, wow this government are so cool🤨☺️😬 I think I may move to a country that’s less taxable ☺️
If you leave your assets to them them then provided you have not used by the tax free allowance of £325k (called the Nil Rate Band - NRB) then this amount would be deducted from net assets and the rest would be subjected to IHT at 40%. (It is worth getting married to utilise spousal exemption.)
Social Care is a much bigger inheritance tax and one that noone wants to think about paying. Current going rate for a care home is £6000 per month. Its a far bigger liability for most people than IHT.
simple solution, keep your savings in precious metals and enable direct access to stocks and shares and your bank account... then just leave a letter to your family and pass on the details...
I got 2 Question- can i borrow money from direct loan lenders can i invest in crypto? 2- if get credit card & withdraw the money from ATM machine & deposited into my personal bank account to invest in crypto am i break any rules? If so can my money be seized?
I have no problem with the concept of inheritance tax. My problem with it is that the rate is too high and there are too many loopholes so that the wealthy dont actually enf up paying it. Drop the rate to 20%, raise the threshold and close all the bullsh1t loopholes
Unearned? Ever heard of family values? The queen left anything to her kid Charles? Or did the royal family just end up making their name and wealth independently from their royal inheritance? AfTER tax, what I do with my assets is my god damn business. Free country my ass
Hello. How is pension paid out to beneficiaries? Is this via a cash lump sum? What happens to your state pension when you die? Can you spouse/children inherit it?
What is wrong with the state taxing unearned income?i If inheritors are so desperate for cash, why don't they work for it like so many people have to do? In fact the latter have to work harder still to stay alive because some people think that they are entitled to free money.
It’s criminal to have a lot of very poor people in society and then a handful of very rich people. Please pay your taxes if you want to have a society fit for your kids to actually live in. Tax avoidance and reduction is basically kicking poor people in the head and blaming them for making you do that. Punch up … to the super rich. If a few billionaires paid even 1% tax we could get rid of income, vat, road, fuel tax etc. or you can penny-pinch, save all your money to give to your kids and they won’t have any public services to speak of.
Only the super-wealthy dislike inheritance tax. The fact your spouse don't get taxed, and even if it's passed to children, the first £350,000 is tax-free should tell you everything. Any child complaining about getting £350,000 tax-free, but then being taxed for money above that is clearly so wealthy & greedy that they show no social community.
You would not like inheritance tax If you were single. You had a single uncle with no children and grandchildren. Who left it to his nieces, nephews, sister, friends! We received years ago very small amounts each. After £75,000 inheritance tax was paid First!!! There is discrimination against Single persons. My uncle was not rich. He just had one bungalow!!! Some savings.
Check out shortform and get a free trial and 20% discount at shortform.com/kiran
It’s a joke the way we have to think about money we’ve already been taxed on !
Yes why not tax rich people? The UK tax system is just broken. They screw you every which where.
Absolute tosh. In what way has it already been taxed. Most is on property value appreciation which has not been taxed.
@@eddieoconnor8560lol money earnt has been taxed?!
It's criminal to have to pay tax on something you have already paid tax on.
Not all of it is taxed. No tax on capital gains on private residence, no tax on private pensions if the person dies before 75
Inheritance tax is an entirely unnecessary tax. All inheritance is wealth on which tax has already been paid. It is therefore a vulture tax feeding off the remains of the hard earned wealth of a lifetime of sacrificial work, which few if any politician has experienced. That’s the first point. Secondly, some voters believe it will largely affect only those that have been successful and therefore every socialist loves it, because they envy anyone that has done better in life than they have. So, they delusionally believe that such a tax will ‘level the playing field’ and make for a more equitable society. Truth is that it has the entirely opposite effect. You really think the kids of Elon Musk are going to be hard done by due to an inheritance tax? Only the dumb could believe that the inheritance tax is going to largely affect the well off. It conversely affects the less well off in a much greater measure. You have worked hard all your life to get yourself on the property ladder and the least you can leave behind is a helping hand to your children to get on in life but then the government swoops in and walks off with a wad of your wealth for nothing given in return. This keeps the working class down and dependent, which is essential for socialism to survive. It also keeps the next generation dependent on the banks for a hefty mortgage, when zero inheritance tax would have been life changing for many struggling families. And it’s not as if this money will disappear. It will be spent in the economy where it will be surely taxed. The difference here is that it is the individual that will decide on what that money is spent and not a wasteful government that the person probably didn’t even vote for.
It's a disgusting tax ,avoided by the super rich
And avoided by everyone else because they don't breach the thresholds. Hence only 4% of estates are subject to it.
It’s only avoided by the super rich if they have invested their money into their own trading business’s , that’s under current rules
@@PSinghN-gx3em i take it your an a countant ,under current rules Amazon pay 4%,British gas 11% all available at companies House, while employee,under 50k pays 20%UNDER CURRENT RULES ,UNFAIR,IMMORAL, GREED
@@PSinghN-gx3emwhy comment if you have no idea what your talking about? The super rich have trusts, I suggest you do more research before posting.
Can be avoided by everyone very easily. People just gormless and pay it.
Bloody awesome video, Kiran. More people need to know about this subject
Small family home in south east England is £450,000.
Reasonable family home (has a driveway) is £650,000.
So your IHT is £65k if you inherit your family home.
Whats really bad is our parents get tax😮ed one last time when their dead on the one thing they worked hardvfor to leave their loved ones... Mean while our government gives money to people who laugh at this country 😢😢😢😢😢
stop crying and get angry
Thank you for explaining inheritance tax so clearly; you made it easy to grasp a complex topic. If possible, please share any loopholes you notice that the affluent often exploit. Your insights are invaluable!
Great video, would like to see an updated video based on Labour budget announcement. There are expected to be some big changes to tax rules and thresholds.
Inheritance tax was founded a long time ago because of the concern that some ultra-wealthy families were becoming too powerful, generation on generation. Back then, your estate would have needed to be valued at today’s equivalent of close to £200 million to qualify for the tax.
But the threshold has not kept pace with inflation since then, and so nowadays, more and more estates are falling into this trap.
This really should be taught in schools. I’ve known about this tax since I was a child and so it baffles me that so many adults do not understand that it will impact their families.
There are lots of people who voted for the Labour Party who are going to get a very nasty shock when they see what’s going to happen to either their estates or their inheritance in years to come.
Imagine you’re a Millennial who was counting on some inheritance money to help you to purchase a home… voting Labour wasn’t such a good idea after all, was it?
All taxes are today for the poor. Take stamp duty. When I was young that was deemed a tax for the rich, I’ve just moved house, and we just couldn’t avoid it. 10 grand just to move house. Plus VAT on estate agents fees. Unreal. Meanwhile Tony Blair avoided 600,000 in stamp duty using an off shore bank account!
finance & tax is not taught in school for one simple reason. they want everyone to not know the tax rules so that they are all caught out & paying avoidable tax. they especially don’t want people knowing how finance works & how they are robbed by Compound Interest. if schools taught one thing, it should be compound interest & how banks & finance co’s use it to fleece people.
The hardest thing for us to cope with when we settled my father-in-law’s IHT bill was just how proud he had been to save and invest for his children and grandchildren throughout his life. He was such a gentle man, and never spent much on himself. He was so proud of what he had achieved for his family and then HMRC took it all and left his life savings account with less than £1000 in it. The government took far more than any of his children ever did. It was just so sad and the only positive is that he wasn’t around to see it happen as it would have destroyed him.
Politicians make so much noise about Rich when really they mean middle class! Particularly in America and Europe. Maybe time to wake up and get out
Spot on
Get out where though, when all developed countries are doing similar?
@@Benzknees ‘Developed’ is a fashionable term. I find ‘Developed’ countries to be broke hence the behaviour of their regimes
Look you lot avoid IHT if your old and grey give it away or spend it...but most of you old folk hang onto it until it's too late...spend it give it away and live for another 7 years just do it
Insidious property seizure
a massive gripe i have with the inheritance tax is essentially you miss out on 500k nil rate band if you're single.
It’s death tax not inheritance. If it was inheritance it would be banded by each person who inherited. Currently the government takes its chuck of flesh first then your kids have to split what’s left no matter how many of them there are
Disgusting, imagine you lose a loved one and end up having to sell your home to pay inheritance tax.
This is what the government want. They want your houses.
What I have to do 😢😢😢😢
Also you can gift out of excess/surplus income (not capital) as long as it does not affect your overall standard of living (ie you do not lower your normal spending habits).
The Labour politician had the nerve to say that increasing IHT is ‘effective wealth redistribution’. Yep, redistribution from families to the government. 🤬
And then to the illegals
I see why shopping centres, restaurants & holidays are full up, people rather spend it now.
Love this, but I think Labour are looking at all these rules and will make changes. So the super rich will just leave the uk and us “working people” will have to pick up the bill. Typical Labour
PUT YOUR HOUSE IN TRUST IS SUBJECT TO TAX INHERITANCE?
Thank you so much for providing another great video 🙏
People can have a limited company and have A & B shares, so when the A shares dies, the B shares take over control and shares earnings. Houses, rentals, investments etc can be bought in the company, perhaps using a mortgage on their house ( which reduces the equity value) , so reduces the tax bill potentially.
The limited company has to be a trading business, property investment Ltd are unlikely to be treated as a trading business.
If you take a mortgage on your main residence and use the money to put into your limited company, the limited company will owe you the money via a directors loan, if you try to write the loan off it will be a receipt of income for corporations tax
So taking a loan will only benifit for iht saving if you are gifting the equivalent amount outright and you survive 7 years
@@PSinghN-gx3em yes, a trading company, not a con. So property development, short or long term rentals . The director loan to be recouped from future products and not written off.
Thank you so much for this informative and easy-to-understand tutorial.
Thank you for the information, can't believe this isn't more known!
Thanks for watching, glad it was useful!
Also it's due with interest from 30 days after you die not from when the property is sold
My god there evil evil
Shukriya Kiran great work as usual 🤝
Hi. Good video. Re gifts you did not mention some gifts will be subject the CGT (rental house for example) and the pension is only IHT to 75 years old then inheritors marginal rate is applied upon inheriting.
Surprised to learn that you can gift your house to children but can't continue to live in it......where you supposed to go if you already cohabit with children.
If you gift a house, and continue to live in it as a rental, paying a peppercorn rent to your beneficiaries, would that circumvent the 'with reservation' rule?
Most dont have 325,000 of assets but by 2028 alot more will have. The progressive threshold should be regularly reviewed and ratcheted.
Can you cover please taxes for forex/futures traders especially when you trade other peoples money such as prop firms. Thank you.
A really useful and clearly presented video, thank you very much
And the rate 40% a joke not to mention paying the tax on vastly inflated values, imagine paying 100k tax on a inherited semi detached in the south East, could happen
What if she entered into a joint tenancy with two of her children? On her passing the surviving owners would take ownership without the need for probate.
What about setting up a trust?
hello kiran, what about using a trust to avoid iht , rather than gifting , can you do a video about the use of trust for this thank you.
Correct me if I'm wrong but during the great fire of London didn't the government pass a bill through Parliament deeming everyone in the country dead allowing them the right to your estate or inheritance giving individuals 7 years from birth to claim their said inheritance or estate back?
I’m just about to start this process unfortunately. I’ve been looking into it, but seems a bit of a minefield. Don’t want the solicitors taking a chunk to do it. Already tested there will be no tax to pay (as in the video, up to £1M). Can you point me in the direction of a straight forward tick sheet approach. TIA.
My wife and I never had children so this means NO extra allowance? This is a con!!!
You can adopt me!
@@egg399.Lol lol your a star love it
covering the only two things certain in life - death and taxation
Isn’t there an annual cash gift allowance?
Yes, it's £3000 and an unused allowance can be carried forward for 1 year only. You can also gift £250 to as many people as you want but not to the ones who have received £3000 (or part of it).
I want to avoid inheritance tax altogether by transferring my assets to my wife when I die. She will then distribute my assets as I pre-specified to her - by gifting money to wider family. I trust her. Because she is 5 years younger than me, and she is from "long life genes", I expect her to live more than 7 years after I died, hence when she made the gift (upon my death) on my behalf, by the time she dies, the gifts/inheritance to my wide family will be tax free. QUESTION IS:- How do I transfer my assets to my wife? Do I simply write/make a will to that effect?....or is there a legal procedure/process. Wjat advice much appreciated.
Thanks. What about putting assets into a trust?
Thanks! What about the 7 year period regarding gifting? Would love to hear your insight on that
I'm on the title deeds of my parents house, will i be still hit with inheritance tax?
Easy way to resolve is change residency if UK based. I have Dubai and a few other ways to avoid it
Uk Iht is on world wide assets, one needs to ensure that all links are totally severed with the uk, this then can mean that your domicile is changed, if you maintain a uk domicile even if you live abroad , iht will still apply , also have to ensure that when one dies, the funeral and burial is also not in the uk
@@PSinghN-gx3em pass assets 7 years before death
What about rental properties left to children & grandchildren please?
Values added together if you only have them its 325 kept any value over is taxed at 40 percent but if your own house has used the 325 amount the government gets to tax you at 40 percent all gets complicated if it's going to wife first but if you have houses get a tax account ant on it now
Waheguru 🙏
Can pensions only passed tax free to children who are direct descents, or can that include nephews and nieces?
This only applies to money purchase pensions, they can be passed to anyone, does not have to be family - need to have an expression of wish in place with the pension provider, under current rules the money purchase pension plan is exempt from iht whoever it’s left to
@@PSinghN-gx3em I believe it's only fully tax exempt if the person dies before the age of 75. If over 75 the person inheriting the pension needs to pay income tax on it at their appropriate rate.
Ultimately inheritance will be abolished. “You will own nothing and be happy “
But if on that property of 1minl value is mortgage of £850 what happens..
Then £150 is the asset value, which will be subject to iht
The value of the mortgage at the date of death is deducted (as a liability) so the net value of the house would be £150k as at the date of death - which is the relevant valuation for IHT purposes.
Do i understand correctly that if you're a millionaire and own a farm, you are not liable for IHT when you die?
No inheritance tax on agricultural land. It's another way the wealthy get away with not paying as they hoover up land to avoid paying iht when they die. It's hurting young farmers as it's driving up the cost of land
Wow thanks so much for this superb advice so basically you work hard all your life pay Tax on your earnings, and savings and your pension, then pay again when you die, wow this government are so cool🤨☺️😬 I think I may move to a country that’s less taxable ☺️
Live as a nomad,save money in physical Gold.
I’m pretty sure I heard Labour will reduce the limit to 125k let’s hope I’m wrong!
Also they will do away with gifting the 7 yr rule !
What if you leave the country?
Great video.
So what happens when you live with someone for many years, but are not married to?
If you leave your assets to them them then provided you have not used by the tax free allowance of £325k (called the Nil Rate Band - NRB) then this amount would be deducted from net assets and the rest would be subjected to IHT at 40%. (It is worth getting married to utilise spousal exemption.)
As Sammy Davis junior said it's better dying owing a million than leaving a million
Social Care is a much bigger inheritance tax and one that noone wants to think about paying. Current going rate for a care home is £6000 per month. Its a far bigger liability for most people than IHT.
simple solution, keep your savings in precious metals and enable direct access to stocks and shares and your bank account... then just leave a letter to your family and pass on the details...
I got 2 Question-
can i borrow money from direct loan lenders can i invest in crypto?
2- if get credit card & withdraw the money from ATM machine & deposited into my personal bank account to invest in crypto am i break any rules?
If so can my money be seized?
You don’t mention the rules about leaving money to charities.
I have no problem with the concept of inheritance tax. My problem with it is that the rate is too high and there are too many loopholes so that the wealthy dont actually enf up paying it. Drop the rate to 20%, raise the threshold and close all the bullsh1t loopholes
Very informative.
Glad it was helpful!
Subscribed
Are you related to Prea Kaur, Paul Preston's assistant?
Kaur is a fairly common Indian surname, especially for Sikhs apparently.
Why ? Why do you Kill Mr. Smith.
Mrs. Smith may die first !!!
Few mistakes in presentation but broadly correct
An off topic comment from this serious topic - 😍 I'll get me coat..
Awesome. I wish I was one of "The Smith's" two kids. £800,000 of unearned wealth!!! Full result. Kerching!!!!!
Unearned? Ever heard of family values?
The queen left anything to her kid Charles? Or did the royal family just end up making their name and wealth independently from their royal inheritance? AfTER tax, what I do with my assets is my god damn business. Free country my ass
It’s pure extortion, but the real criminals that enforce it certainly do not pay it. Funny that eh!?
Hello.
How is pension paid out to beneficiaries? Is this via a cash lump sum?
What happens to your state pension when you die? Can you spouse/children inherit it?
No, the state pension dies with the person claiming it.😢
They tax you when you die as well .
Gut Fawkes requires
What is wrong with the state taxing unearned income?i If inheritors are so desperate for cash, why don't they work for it like so many people have to do? In fact the latter have to work harder still to stay alive because some people think that they are entitled to free money.
Blair is the reason.
It’s criminal to have a lot of very poor people in society and then a handful of very rich people. Please pay your taxes if you want to have a society fit for your kids to actually live in. Tax avoidance and reduction is basically kicking poor people in the head and blaming them for making you do that. Punch up … to the super rich. If a few billionaires paid even 1% tax we could get rid of income, vat, road, fuel tax etc.
or you can penny-pinch, save all your money to give to your kids and they won’t have any public services to speak of.
Why don't you use punjabi accent.
You will own nothing and be happy...
Only the super-wealthy dislike inheritance tax. The fact your spouse don't get taxed, and even if it's passed to children, the first £350,000 is tax-free should tell you everything. Any child complaining about getting £350,000 tax-free, but then being taxed for money above that is clearly so wealthy & greedy that they show no social community.
You would not like inheritance tax
If you were single. You had a single uncle with no children and grandchildren. Who left it to his nieces, nephews, sister, friends!
We received years ago very small amounts each.
After £75,000 inheritance tax was paid
First!!! There is discrimination against
Single persons. My uncle was not rich.
He just had one bungalow!!! Some
savings.