Inheritance Tax

[Deleted member 221031]

Tories to promise help for first-time buyers in effort to lure voters, say reports

Conservatives also reportedly planning to cut inheritance tax in three months’ time, as party struggles badly in polls

www.theguardian.com

Is it a good idea or a last ditch attempt to stay in power while he siphons more money out of the UK

 

[Murdochcat]

I really don’t understand why so many people get annoyed about IHT.

About 5% of estates pay it

And if it was removed they would need to increase the rate of income tax by 1% to fill the hole created

 

[Deleted member 221031]

I really don’t understand why so many people get annoyed about IHT.

About 5% of estates pay it

And if it was removed they would need to increase the rate of income tax by 1% to fill the hole created

Me and my sister will be getting stung for a lot one day. My dad hasn’t made any proper plans and he’s millions in property.

 

[Murdochcat]

Me and my sister will be getting stung for a lot one day. My dad hasn’t made any proper plans and he’s millions in property.

More fool him. He needs some advice before it’s too late

Capital gains tax will take a large chunk

Labour will increase it even more

 

[Deleted member 221031]

More fool him. He needs some advice before it’s too late

Capital gains tax will take a large chunk

Labour will increase it even more

We’ve told him, he’s too tight to pay anyone.

 

[Tetrarch]

We’ve told him, he’s too tight to pay anyone.

As it will be to your benefit, why don't you pay it?

Regards

Tet

 

[Deleted member 221031]

As it will be to your benefit, why don't you pay it?

Regards

Tet

He’s old fashioned and won’t have it. I’ve offered and my accountant is very good and he refused to take any help.

 

[JohnD]

Capital gains tax will take a large chunk

Not when he dies.

"the estate doesn’t have to pay any Capital Gains Tax on the property or assets that weren’t sold (also known as ‘unrealised gains’) before the person died. But, if the property or asset is sold during probate and its value rose since the person died, there is usually Capital Gains Tax to pay."

Capital Gains Tax when someone dies (Self Assessment helpsheet HS282)

Find help about filling in the Capital Gains Tax summary pages of your tax return when someone dies.

www.gov.uk

 

[JohnD]

Me and my sister will be getting stung for a lot one day. My dad hasn’t made any proper plans and he’s millions in property.

Look on the bright side.

Getting a lot of money and paying some tax is better than not.

 

[Tetrarch]

Wow - "horse" and "water" jump to mind.

It will be irritating to you when you have to write the cheque out of the estate, but on behalf of the taxpayers of the UK - Thank You

Regards

Tet

PS Even more galling is that, should you at some point get a POA you wouldn't be able to use that authority either

 

[Deleted member 221031]

Look on the bright side.

Getting a lot of money and paying some tax is better than not.

I totally agree and we’ll still be a lot better off.

 

[Murdochcat]

Look on the bright side.

Getting a lot of money and paying some tax is better than not.

That is a very good way of looking at it.

Up to a million tax free to the children sounds good to me

 

[Deleted member 221031]

PS Even more galling is that, should you at some point get a POA you wouldn't be able to use that authority either

Please elaborate? I know next to nothing about all of this

 

[Murdochcat]

POA = power of attorney

 

[Murdochcat]

Has he got a will ?