What % of all deaths (uk) resulted in an inheritance tax bill in 2021-22? you're not previewing try and have a guess?

[HecatesBees]

What % of all deaths (uk) resulted in an inheritance tax bill in 2021-22? you're not previewing try and have a guess?

Some 4.39pc of all deaths resulted in an inheritance tax bill in 2021-22 – a total of 27,800, according to official figures.

If your guess was higher, pick YANBU
if your guess was lower pick YABU

(I would have guessed higher, maybe even up to 50%

It’s aspirational. A lot of people don’t realise they are absolutely ordinary and not rich.

Well please do explain why you made the point about not looking at loopholes?!

I included the loopholes for the whole thread, and unlike the rich (Duke of Westminster and others including on this thread) I have no issue paying IHT.

Like this one (not picking on you @Brananan , just first one I found not sure if there are more

Brananan · Today 07:46

genesis92 · Today 07:43
I find it hard to believe that only 4% of people have estates over the current threshold. It's really not that high when you factor in how high house prices are now.
How many times can the government tax the same pound? Have you ever thought about it
They don't! The 4% figure is those who pay. It doesn't include passing to spouse and of course people use schemes to avoid it, as they are entitled to do and as we are beginning to do.
My PILS don't intend their estate to pay a penny in IHT, despite being worth 2 million, so we will do everything we can and take advice to avoid it.

I think it speaks volumes though you thought I meant you?

I would prefer that thresholds should not rise in line with house prices. Inherited wealth is one of the main drivers behind house price inflation and why it rises so much faster than regular inflation.

People are not spending more to buy a better house, they are just offering more and more money for the same houses.

Speaks volumes of what? I made a point that “ordinary” people do pay. They do when they don’t or can’t plan, like my family member.

As for IHT planning, if you have a life insurance policy that isn’t put into trust then you are very foolish. You can imply all you want with that.

Bingo. This is the reason for a lot of people’s responses to a lot of issues tbh.

Look at the comments on the thread about the impact on working family farms of the announced changes to inheritance duties. Lots of posters couldn’t give a shit about the detrimental impact on our food security and prices as a nation. Seems they’re happy to pay way more for their food and live with shortages on supermarket shelves, just as long as nobody else might inherit more than they do.

Shortage of supply and both parents now working instead of one parent staying at home are much bigger factors in the rise in house prices than inheritances.

I did feel I had to explain myself!

My step grandma used to buy it religiously and I read it when I stayed with her. I do give the DM credit for putting their finger very precisely on the pulse of their readership and producing a readable, entertaining rag.

But the bile and contempt that seeps out of every page for just about everyone perceived as "other" and outside of the DM tribe always left me feeling like I needed a wash.

I stopped reading it and I don't want MN thinking I would pay a penny for it, despite being anonymous here! Can't speak for everyone else though.

I think it depends what your view on “wealth” is to be honest.

My family are in the NE - house value circa £100k, little to no savings. Definitely won’t qualify, couldn’t be less bothered.

My in laws own their home in Cheshire, the house alone is worth over £500k, various “pots,” I’d imagine the whole estate would go over the threshold.

Firstly, my mother dying would never ever be about the money I stood to gain. Can keep it as far as I’m concerned, losing your parents should never be about financial gain. I saw this when my ex-FIL died and frankly it was disgusting.

Secondly, if someone was giving me £1m, I think I’d be okay with paying a bit of tax on it, and still count myself very fortunate.

The owner of the £100k house will have paid in a lot less in mortgage payments, though.

Is that surprising though? I've said in my posts I find the changes to farm awful and hope that when detail is released it doesn't include working farms; but I don't think it's wild that people who will inherit fuck all arent overly empathetic or dont care much about those who will get money for nothing.

A rebalancing of what? All my Northern friends are on holiday abroad this half term week because they aren’t paying stupid amounts on their mortgages or rent. My friends in the SE are not all on holiday! Yes that is anecdotal but having a house that is more expensive than someone else’s in a different part of the country doesn’t mean that you have a better standard of living.

Depends when they bought the house. The north/south has always had divide in property prices but it’s only become this ridiculous in the last 20-25 years or so. My in laws bought in the 1970s, and won’t have paid hundreds of thousands less for their three bed semi in Northumberland than someone paid for an equivalent house in the London suburbs at the same time. Anyone able to buy in the south east before the property boom have benefitted massively from a huge increase in prices — I see no reason that money shouldn’t be taxed if their beneficiaries would like to inherit it.

Yes, it's well known that the middle classes in the North are all on holiday this week. It's like 28 days later up here. Heeelllllloooooooo????

Don’t you? I think you have to be pretty thick to find out your food prices will rocket and there’ll be food shortages and insecurity, and think to yourself ‘so what, I don’t care, I just don’t want someone to have more than me and I’m happy they’re losing out’.

Either that, or just so eaten up with envy and ill-intent that you’re happy to be a dog in the manger.

It’s ugly either way.

Meanwhile, if you actually read my post you'd see I specifically mentioned finding the new rules around farms unfair, I have mentioned this further in previous posts also.

You can laugh all you want but my friends and family up North all have a far better standard of living than those doing the equivalent job in the SE. How much extra do you think my teacher friends get paid in my area of the SE than my teacher friends and family in the North?

Hmm so how would my divorced friend with his 3 bed semi that's valued about £425k fare in this . Well his adult kids anyway?

It's £500k iht free if you are single and kea s a house to your direct descendants

So he is fine. (Tax wise)

You can pay iht up front or avoid it altogether by giving assets to kids in trust while they’re alive. The only people who end up paying iht are those who don’t understand their options

I knew it was around 5% (ex-IFA here).

Does that include the people who live in deprived London boroughs ?

Well, the tax free allowance in that situation would be £500k so, depending on his other assets, his children will have no IHT to pay.

Also, his adult kids also have a mother. Their mother also has a £500k allowance as well.

On the house itself maybe. But savings etc make it over the 500k already. And hopefully he won't die for a while so I assume house prices will rise but the IHT level doesn't seem to

The adult kids don't have a mother She passed away a while back leaving her place to 2nd husband