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Original poster

Inheritance Tax

112 replies

Luckydip1 · 24/09/2023 11:52

Rushi Sunak has floated the idea of abolishing IHT, at last, this has got to be the most hated tax in Britain. Why tax people on what they have already been taxed on. Now I can pass my house onto my children without it having to be sold to pay IHT.

OP posts:
MintJulia · 25/09/2023 05:29

@Nat6999 no, that's not true.

I'm a 'normal person', single mum, full time working, but flukily own a £500k+ house for historical reasons.

I don't have foreign holidays, work my arse off to keep ds in school uniform, dread the gas bill, same as anyone else. I don't want to downsize while ds is doing his GCSEs, that's all.

countrygirl99 · 25/09/2023 05:51

UselessGardener · 24/09/2023 14:30

It's a vile tax on money that has already been taxed and I'm very much in favour of scrapping it. Fortunately there are ways around it but it's a right pain in the arse.

However, on the other hand I wouldn't mind a small increase in income tax to support infrastructure and services.

When you but anything subject to VAT or pay your council tax you pay with income that has already been taxed. My house is worth 3x what we paid for it and part of that was funded with capital gains from previous properties so the majority of any inheritance my kids get will not have been taxed before.

LadyBitsnBobs · 25/09/2023 06:07

Do other countries do it better? In Germany the Beneficiary pays the tax, not the estate. But then more people rent than own their home.

TheCurtainQueen · 25/09/2023 06:42

You don’t understand the inheritance tax system, do you OP?

TodayInahurry · 25/09/2023 06:55

Throwing more money at the NHS is a bottomless pit. They get £billions each year and is very badly run, last week they employed 240 more diversity consultants. Not doctors or nurses. They are also removing all mention of women - birthing partners etc.

Original poster
Luckydip1 · 25/09/2023 07:15

TheCurtainQueen · 25/09/2023 06:42

You don’t understand the inheritance tax system, do you OP?

?

OP posts:
icecreamforbreakfasttime · 25/09/2023 07:16

You may have been taxed on it, but your children / beneficiaries have not.

Inheritance Tax is right and just and should not be abolished imo.

Seychal · 25/09/2023 07:41

nc14 · 24/09/2023 19:03

The threshold is too low. It used to be increased annually but hasn’t been increased since 2009.

It also annoys me enormously that DP or I will have to pay IHT. I don’t want to get married but we own a fairly standard house in London which we may lose if the other dies because of the IHT even though we are committed, have been together a long time and have DC. It is (as it stands) a £200,000+ government penalty for not marrying.

Edited

But you have choices. Marry and save £200k. Or pay the £200k for not marrying.

nc14 · 25/09/2023 07:54

@Seychal The State shouldn’t be forcing people to marry on the threat of facing financial ruin/ losing their home.

DuchessOfSausage · 25/09/2023 08:29

@nc14, it's not forcing anyone to marry. You have a choice whether or not to get a legal contract between you and your partner so that you are spouses not partners. If marriage doesn't suit you, you can get a civil partnership.
You are committed enough to have had children together, buy property together so why the objection to formalising the partnership?

LoudAndSqueaky · 25/09/2023 08:54

The Queen was excerpt from paying inheritance tax and king Charles will be too. That's so disgraceful isn't it.
John Major bought that in presumably to make sure he got a knighthood or something.

countrygirl99 · 25/09/2023 09:21

nc14 · 25/09/2023 07:54

@Seychal The State shouldn’t be forcing people to marry on the threat of facing financial ruin/ losing their home.

But you can arrange ownership so that doesn't happen even without marriage/civil partnership. If you choose nine if these that's on you.

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