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post #1 of 35 (permalink) Old 01-20-2009, 07:49 AM Thread Starter
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inheritance tax

something that might be of interest to some of you lads.did you know the goverment now take 40% of whats left to you by a decessed relative.i was at a aunts funderal last week and was chatting to her son.i asked whats going to happen to the house,he said it will be sold and the money split between son&daughters,but he was telling me that the goverment will be taking 40% ie if the house is worth £100.000 the goverment take £40.000.to me thats a disgrace,i know if your on benefits ie recive housing benefits,council tax reduction your benefits are changed due to coming into a few bob,well thats fair play.google inheritance tax it tells you all the facts.ive got a masterplan in mind,pm me if you would like more info
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post #2 of 35 (permalink) Old 01-20-2009, 07:59 AM
 
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Re: inheritance tax

Also Estate Tax and Death Duties have to be paid too. Great how the government likes to step in at the worse possible times isn't it?
Anyway, best wishes to you and your family.
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post #3 of 35 (permalink) Old 01-20-2009, 08:13 AM
 
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Re: inheritance tax

I thought this was only applicable if the estate was valued at over £250,000
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post #4 of 35 (permalink) Old 01-20-2009, 08:35 AM Thread Starter
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Re: inheritance tax

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Originally Posted by Jaden View Post
I thought this was only applicable if the estate was valued at over £250,000
well my aunts house was worth £100.000.prices of houses here in the north east are a lot cheaper than down south,but they still got hit with inheritance tax.the goverment will be taxing fresh air next.they wont get a penny from my folks house.theres a old saying,WHERE THERES MONEY THERES A WAY
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post #5 of 35 (permalink) Old 01-20-2009, 09:53 AM
 
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Re: inheritance tax

I was wrong, its £312.000 now.

http://www.hmrc.gov.uk/rates/iht-thresholds.htm
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post #6 of 35 (permalink) Old 01-20-2009, 10:17 AM Thread Starter
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Re: inheritance tax

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Originally Posted by Jaden View Post
I was wrong, its £312.000 now.

http://www.hmrc.gov.uk/rates/iht-thresholds.htm
ah nice 1 jaden.looks like my cousin hasnt done his homework properly.ill pass that info onto him.he'll be well pleased as the house isnt worth anywhere near 312 grand.thanks again mate
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post #7 of 35 (permalink) Old 01-20-2009, 10:20 AM
 
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Re: inheritance tax

your welcome mate.
the less our money lines the taxmans pockets the better...

the one that really pi55es me off is the tax on savings... wtf ? thats just immoral IMO
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post #8 of 35 (permalink) Old 01-20-2009, 10:23 AM
 
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Re: inheritance tax

How can you seriously justify taxing savings? That's just barmy.
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post #9 of 35 (permalink) Old 01-20-2009, 11:24 AM
 
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Re: inheritance tax

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Originally Posted by Cathedral View Post
How can you seriously justify taxing savings? That's just barmy.
yes, on money that has already been taxed..
thats why it annoys me.
but dont worry, get a pension instead so that a rich fat man can rip you off just before you retire and then throw himself into the sea with all your hard earned

as you can tell, this is a subject that lights the blue touchpaper for me
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post #10 of 35 (permalink) Old 01-20-2009, 12:03 PM
 
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Re: inheritance tax

It's unreal....all your relatives money just went to the rich bastards that just got bailed out.

Most people don't realize this so they go the "legit" route and get legal with money. You need to pass your inheritance 'under the table' somehow.

There's ways around that stuff....but most people want to do 'the right thing'.
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post #11 of 35 (permalink) Old 01-20-2009, 01:04 PM Thread Starter
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Re: inheritance tax

ah but theres a solution,remember where theres money thers always a way.before i explain this isnt fraud or illegal.ok say your parents live in a £350.000 house and they are a good age say 70+.all they need to do is sell the house then rent elsewhere.i know this isnt a very nice thing to talk about i hope my parents out live me,but if you want to avoid lining the GREEDYYYYY taxman's pockets you need to plan ahead.this is what my folks are planning for the future.sell the house rent elsewhere then share the money between me and my bro and sister,hence taxman gets jack xxxx.its really annoying as you work hard all your life paying taxes then they tax you when your dead.same with savings USE YOUR COMMON just stick it in your kids account.like i said a man works hard all his life if you can avoid the taxman good on ya.
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post #12 of 35 (permalink) Old 01-20-2009, 01:16 PM
 
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Re: inheritance tax

It isn't a tax on the value of the house, it is a tax on the value of the estate (that is to say everything they pass on - even cash in the bank)
You've go to be careful giving money away too - if you die within a certain time of giving away significant portions of your estate that can still be retrospectively taxed. I think the time limit is something silly like 6 years.

This tax started off as a way to move money away from the rich, landed gentry, but with modern housing costs it screws nearly everyone.
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post #13 of 35 (permalink) Old 01-20-2009, 01:49 PM Thread Starter
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Re: inheritance tax

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Originally Posted by Algiman View Post
It isn't a tax on the value of the house, it is a tax on the value of the estate (that is to say everything they pass on - even cash in the bank)
You've go to be careful giving money away too - if you die within a certain time of giving away significant portions of your estate that can still be retrospectively taxed. I think the time limit is something silly like 6 years.

This tax started off as a way to move money away from the rich, landed gentry, but with modern housing costs it screws nearly everyone.
ohhh theres means n ways my friend ooohh yes .i already know folk who have sold there houses then rented elsewhere.worked for them.
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post #14 of 35 (permalink) Old 01-20-2009, 02:43 PM
 
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Re: inheritance tax

I never said that there wasn't ways to "minimise tax exposure" as I believe the euphemism is
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post #15 of 35 (permalink) Old 01-20-2009, 09:30 PM
 
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Re: inheritance tax

So if your parents sell the house before they kick the bucket, dont they still have to pay tax on the sale ??? how does selling before hand help ?
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