Inheritance tax.

[MNW67]

Only a fool would say yes imo.

Feck 'em.

HMRC really don't like that sort of thing.

 

[diy_fun_uk]

HMRC really don't like that sort of thing.

It STINKS that you can be taxed on such things, no one will ever convince me otherwise.

Taxed, taxed and taxed again. Fecking joke.

 

[Koolpc]

I wouldnt say anything. They get enough tax money.

 

[Highway Man]

I was just going to say if she had I would of said she hadn't

Exactly.

 

[noseall]

I was just going to say if she had I would of said she hadn't

 

[Dereekoo]

Read

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax (IHT) is paid when a person's estate is worth more than £325,000 when they die - exemptions, passing on property. Sometimes known as death duties.

www.gov.uk

 

[pete01]

$%#@ off....please

 

[Highway Man]

$%#@ off....please

Exactly

 

[motorbiking]

If he owns his owns property the threshold for his estate increases to £500k. If his kids are unmarried he has another 5k allowance if they are getting married. There is no requirement for them to do so.

 

[motorbiking]

It STINKS that you can be taxed on such things, no one will ever convince me otherwise.

Taxed, taxed and taxed again. Fecking joke.

I pay tax on my pensions contributions too. Tax on the way in and tax on the way out.

 

[gas112]

any tax that would be due is also reduced on a sliding scale over the 7 years .
As for 10k i doubt the taxman would ever find out about it .

 

[Murdochcat]

IHT seems fair to me. As a married couple we can leave our kids £1 million tax free. If we leave £1.1 million their tax bill would be £40k so they still get &1.06 million

As for passing £10k to each child to CYA the giver should have a simple document confirming the value and date of gift. It’s a sliding scale for IHT on gifts so any sum owing, would quickly get to zero

 

[Murdochcat]

I pay tax on my pensions contributions too. Tax on the way in and tax on the way out.

Tell me how you pay tax on your pension contributions? As I’m not sure I agree with you

 

[motorbiking]

Google Tapered Annual Allowance.
Tax free allowance is £10k for me.

 

[motorbiking]

any tax that would be due is also reduced on a sliding scale over the 7 years .
As for 10k i doubt the taxman would ever find out about it .

I think they audit 1 in 10. But I suspect they will be looking at those declaring assets around the 750k + mark.