Inheritance tax.

[Highway Man]

No you didn't

He did. I got a lift in it and was very embarrassed

 

[motorbiking]

Not sure I agree with those figures.

It’s £325k per adult and if married it’s then £650k - and if the principle home can add £175 per adult - which makes £1 million And that can ONLY pass directly DOWN the blood line, not across it or to friends

You are correct £325/175 is correct.

 

[motorbiking]

I wouldn't claim it to be down to my success or graft.


I already have standing orders to a number of charities - underprivileged students at my old uni, if you must know, being one - so I give to charity from my earned-and-taxed income already.

no doubt you put such gifts on your tax return

Fundamentally IHT is a tax on people who live in the South of England. An unmarried person with a modest house will easily trip the limit whereas this is not the case in other parts of the country.

Perhaps it should be regional and pegged to a multiple of average house prices.

 

[Brigadier]

no doubt you put such gifts on your tax return

I have had no gifts.
I am PAYE, so don't do a tax return.


So, you'll have to explain your comment please.

 

[diy_fun_uk]

For me it's straightforward, or should be. If you buy something, whatever it is, and it appreciates in value over time, you should not be taxed on it when you dispose or sell. And please don't reply about thresholds below which you don't pay etc.

 

[Brigadier]

If you buy something,

Not the case, if you inherit / are gifted it.

 

[diy_fun_uk]

Not the case, if you inherit / are gifted it.

I went a bit OT in my mind with my reply, had CGT partially in mind as well.

All these taxes disgust me.

And no, I'm not rich. And no, I don't own property worth millions.

 

[denso13]

All these taxes disgust me.

I agree, it would be great if we didn't pay any tax. Except that the country would collapse.

 

[motorbiking]

I have had no gifts.
I am PAYE, so don't do a tax return.


So, you'll have to explain your comment please.

I am PAYE, that has nothing to do with needing to do a tax return.

If you have income from savings, investments etc. The limits are quite low for a 40%er like you.

Sorry to bring you bad news.

Tax on savings interest

You do not pay tax on your savings interest if you're on a low income.

www.gov.uk

Tax relief when you donate to a charity

Tax relief on donations, Gift Aid, payroll giving, leaving a gift in your will, keeping tax records; find a charity; donating land, property or shares

www.gov.uk

Income Tax: introduction

Income Tax is a tax you pay on your earnings - find out about what it is, how you pay and how to check you're paying the right amount using HMRC's tax calculator.

www.gov.uk

 

[Brigadier]

If you have income from savings, investments etc. The limits are quite low for a 40%er like you.

Apart from PBs, not much of anything else.
Certainly no "investments".

 

[motorbiking]

So you don't have £12-15k in a decent savings accounts? You will be dodging a P800 Letter then.

Do you gift to charity via gift aid?

 

[pete01]

If you're a 20% tax payer with 20k or less savings you wont pay tax on interest.

If you're a 40% tax payer with 10k or less savings you wont pay tax on interest.

If you earn over 125k you'll pay tax on any saving interest.

Roughly....assuming a 5% saving account.

Martin Lewis told me

 

[Brigadier]

So you don't have £12-15k in a decent savings accounts?

Nope.

Do you gift to charity via gift aid?

One offs (when people at work are doing stuff, and the like).

The repeating ones, I can't remember what I filled in on the forms.
I am aware of GiftAid though, so will likely have ticked YES when I set them up.

 

[pete01]

Nope.

Mines under the mattress too

 

[Brigadier]

Mines under the mattress too

I just cane the mortgage overpayments.