Re: Don't you just love Word-smiths!
It's maggies fault all right, the home ownership she encouraged, coupled with house price inflation, have caused Inheritance Tax to become an issue for Joe Public at large, but one thing to watch out for (as will inevitably happen) when the house price bubble deflates further, the inheritance threshold has not been index linked to average house values, so in a downward market most folks would remain on the radar.Re: Don't you just love Word-smiths!
I suppose I am guilty of sending this thread a little of course, so I will put aside for the moment, the parts of this thread which I feel uncomfortable with and stick to the subject of inheritance tax.Re: Don't you just love Word-smiths!
Fortunately there are means to mitigate Death Tax liability, and any half decent Independent Financial Advisor will explain how.Re: Don't you just love Word-smiths!
especially where a large garden is involved when the value of the site may well exceed the value of the existing house, it's as well to at the very least look into this important aspect of later life.Re: Don't you just love Word-smiths!
Erinaceous said - "Fortunately there are means to mitigate Death Tax liability, and any half decent Independent Financial Advisor will explain how.Re: Don't you just love Word-smiths!
Re: Don't you just love Word-smiths!
What I actually thought I said Barry was that I believe inheritance tax is a better (more profitable) tax than Erinaceous's proposal of taxing children being born. My reasons are that I think collecting tax via inheritance tax is a far simpler - I really don't think a tax on children could work at all.Re: Don't you just love Word-smiths!
My apologies if I have misunderstood your views Rena, but there does seem some contradiction between what you believe and what you practice. For example you say that people should not be entitled to money they haven't earned untaxed, yet you give to your own children unearned money early to stop the money being taxed... so yes, there does seem to be a double standard in your postings.Re: Don't you just love Word-smiths!
I can see why you think there is some contradiction in what I am saying Barry, and maybe you have just a "bit" of a point, but what if a fond relative, who didn't need it and could afford it, offered you an expensive gift, say new car and new caravan for nothing. Would you expect the gift to be taxed if you accepted the gift? If not, then what is wrong with gifting money to children and grandchildren for a specific purpose while we are alive. I think there is a difference between gifts when alive and an inheritance when someone is dead. We could easily have not saved a penny - gambled or spent everything we earned, but we didn't - we paid our taxes and actually lived far more modest lives than many would have done with our income. So in my eyes - whilst we are still alive and the money is totally ours, taxed and legally gained - then it is ours to do what we want with. It's not an inheritance - what we are doing is gifting while we are still alive and I think everyone who can will likely do the same.
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