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Savings and Investments thread
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Agree, it is not a commonly found tax in other European countrieś with decent healthcare systems, and most rich people avoid it anyway. Too many people get caught in the net simply because they live in or around London and their property value increased massively in the last 20 years.MrOneLung said:The NHS shouldn’t be funded via inheritance tax !!
There is nothing wrong in wanting your family to benefit as much as possible from money you have carefully saved through your life.
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Especially as you would have paid tax on it.MrOneLung said:The NHS shouldn’t be funded via inheritance tax !!
There is nothing wrong in wanting your family to benefit as much as possible from money you have carefully saved through your life.4 -
And there's your problem. Everybody wants a great NHS, reliable public transport & safer streets......but don't want to pay for it.MrOneLung said:The NHS shouldn’t be funded via inheritance tax !!
There is nothing wrong in wanting your family to benefit as much as possible from money you have carefully saved through your life.
Inheritance tax generally only kicks in above £500k......£1m if you are married. Adding into the fact that most pension funds are outside a person's Estate then you have to be leaving a sizable sum for any of it to be taxed.0 -
Give over, my Mum‘s Liliputian terrace house in SE9 was valued at £420k, just up the hill nearer the parks there are million pounders.golfaddick said:
And there's your problem. Everybody wants a great NHS, reliable public transport & safer streets......but don't want to pay for it.MrOneLung said:The NHS shouldn’t be funded via inheritance tax !!
There is nothing wrong in wanting your family to benefit as much as possible from money you have carefully saved through your life.
Inheritance tax generally only kicks in above £500k......£1m if you are married. Adding into the fact that most pension funds are outside a person's Estate then you have to be leaving a sizable sum for any of it to be taxed.
Rethink how property is taxed and do away with IHT.1 -
People already pay stamp duty when they buy them........and quite big amounts on the values you are talking about.PragueAddick said:
Give over, my Mum‘s Liliputian terrace house in SE9 was valued at £420k, just up the hill nearer the parks there are million pounders.golfaddick said:
And there's your problem. Everybody wants a great NHS, reliable public transport & safer streets......but don't want to pay for it.MrOneLung said:The NHS shouldn’t be funded via inheritance tax !!
There is nothing wrong in wanting your family to benefit as much as possible from money you have carefully saved through your life.
Inheritance tax generally only kicks in above £500k......£1m if you are married. Adding into the fact that most pension funds are outside a person's Estate then you have to be leaving a sizable sum for any of it to be taxed.
Rethink how property is taxed and do away with IHT.
I cant see what's wrong with beneficiaries paying £200k on an Estate of £1.5m. They will still have £1.3m left over......or don't you think that's enough...?
In any case, if you are so worried about a small amount of IHT then you could always do something about it before you die. Give some away or put it in Trust, or last resort take out an insurance policy that pays the fecking IHT liability on your death.
Funny how very few people want to do any of these 3 things. I've been advising clients for almost 30 years & hardly any of them ever want to do anything about it. Believe me I ask !!!
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golfaddick said:
People already pay stamp duty when they buy them........and quite big amounts on the values you are talking about.PragueAddick said:
Give over, my Mum‘s Liliputian terrace house in SE9 was valued at £420k, just up the hill nearer the parks there are million pounders.golfaddick said:
And there's your problem. Everybody wants a great NHS, reliable public transport & safer streets......but don't want to pay for it.MrOneLung said:The NHS shouldn’t be funded via inheritance tax !!
There is nothing wrong in wanting your family to benefit as much as possible from money you have carefully saved through your life.
Inheritance tax generally only kicks in above £500k......£1m if you are married. Adding into the fact that most pension funds are outside a person's Estate then you have to be leaving a sizable sum for any of it to be taxed.
Rethink how property is taxed and do away with IHT.
I cant see what's wrong with beneficiaries paying £200k on an Estate of £1.5m. They will still have £1.3m left over......or don't you think that's enough...?
In any case, if you are so worried about a small amount of IHT then you could always do something about it before you die. Give some away or put it in Trust, or last resort take out an insurance policy that pays the fecking IHT liability on your death.
Funny how very few people want to do any of these 3 things. I've been advising clients for almost 30 years & hardly any of them ever want to do anything about it. Believe me I ask !!!I agree it's easy to do something about it, and I would say long before you die rather than before you die. That I will do, by continuing to hand it over to my sons now rather than when I die.The vast majority of investments, property and valuables that make up an estate were bought or financed from net earnings - i.e. it has already been taxed. Why another tax? Tax on tax on tax!If everybody paid what was rightfully due on income there would not be an issue in public service funding.3 -
Tell me about it.PragueAddick said:
Give over, my Mum‘s Liliputian terrace house in SE9 was valued at £420k, just up the hill nearer the parks there are million pounders.golfaddick said:
And there's your problem. Everybody wants a great NHS, reliable public transport & safer streets......but don't want to pay for it.MrOneLung said:The NHS shouldn’t be funded via inheritance tax !!
There is nothing wrong in wanting your family to benefit as much as possible from money you have carefully saved through your life.
Inheritance tax generally only kicks in above £500k......£1m if you are married. Adding into the fact that most pension funds are outside a person's Estate then you have to be leaving a sizable sum for any of it to be taxed.
Parents sold their house in Glenesk Road, right opposite the park, for £78k back in 1980.
Went on the market recently for £1.4m.
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One of my dads biggest regrets not buying my nan’s place on Glenlea Road when he had the chance.Addickted said:
Tell me about it.PragueAddick said:
Give over, my Mum‘s Liliputian terrace house in SE9 was valued at £420k, just up the hill nearer the parks there are million pounders.golfaddick said:
And there's your problem. Everybody wants a great NHS, reliable public transport & safer streets......but don't want to pay for it.MrOneLung said:The NHS shouldn’t be funded via inheritance tax !!
There is nothing wrong in wanting your family to benefit as much as possible from money you have carefully saved through your life.
Inheritance tax generally only kicks in above £500k......£1m if you are married. Adding into the fact that most pension funds are outside a person's Estate then you have to be leaving a sizable sum for any of it to be taxed.
Parents sold their house in Glenesk Road, right opposite the park, for £78k back in 1980.
Went on the market recently for £1.4m.1 -
IHT is a very draconian tax, and as someone above points out, the really rich avoid it anyway.
For once I disagree with @golfaddick - I don't see why, just because someone has sadly died, a tax should become payable on what they had. IHT doesn't actually net huge sums to the exchequer, probably less than the equivalent to a quarter of a penny on income tax.
The IHT allowance has only recently gone up to the level you refer to, it wasn't so long ago it was £300k and no carry over.
I think it should be up to the individual what they do with their already taxed money, whether alive or when they die.
It's relatively easy with forward planning to make sure you don't pay it, surprised more people don't manage their affairs to do so. But as i've experienced, in particular with my parents, they had this fear of running out of money. My dad was concerned about care home costs (he knew he'd likely end up in one as at that point had early stage dementia) yet with his pensions and savings had enough to last him until he was about 130.0 -
Does anyone know if a property in Republic of Ireland fall into IHT in the UK?0
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Does the person live in the UK?guinnessaddick said:Does anyone know if a property in Republic of Ireland fall into IHT in the UK?
EDIT, to clarify are they domiciled abroad.0 -
guinnessaddick said:Does anyone know if a property in Republic of Ireland fall into IHT in the UK?UK taxation for UK domiciled individuals, whether income, IHT or anything else is based on worldwide earnings/interests. Therefore if you are a UK domiciled individual then overseas property would fall into UK IHT. There is also a danger of double taxation - IHT in the country the property is located and IHT in the UK. However there is a double-tax treaty with the RoI so any IHT paid there will be offset against the UK IHT bill.All of the above are the words of a non-expert! Seeking independent legal advice is the way to go.0
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Wouldn't the inheritance tax be payable to the RoI?guinnessaddick said:Does anyone know if a property in Republic of Ireland fall into IHT in the UK?
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@bobmunro has it re ROI property.0
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As I said, its not that hard to avoid IHT. I find, as @Rob7Lee stated, that many people fear not having enough money to fund long term care or fear living too long and running out of money. In my experience neither generally happens.
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Or you unload it to your kids and that c*** you never really liked divorces him/her and strolls off with half of itgolfaddick said:As I said, its not that hard to avoid IHT. I find, as @Rob7Lee stated, that many people fear not having enough money to fund long term care or fear living too long and running out of money. In my experience neither generally happens.6 -
Inheritance Tax is less of a problem these days than the weasel exploitation of the sick and vulnerable aka social care. No exemptions there unless you are very astute and far sighted. Home and Savings confiscated by the State. Soup de Jour. And for a bonus you pay for the privilege of the Government introducing COVID -19 into your Care Home too!0
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I'm thinking of switching my UK mid cap funds soon into less volatile groups. Any views? Half of me is thinking to wait and see for another short period of time as the relaxing of lockdown and retail may see them rise?0
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£25 this month from my PB.0
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Jnr got £25x3 but nothing for his parentsguinnessaddick said:£25 this month from my PB.
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Bugger all for me this month!
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£25 for both me and my missus, £25 for my Mum, £50 for the mother in law.
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Nothing for me again. 5 months in a row!0
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Naff all for me this month on 30,050, £50 for Mrs Rob7Lee on the max.
Mine are being sold later today!
Yet again though my father in law wins, £150....... he's so jammy!0 -
£50 for me...re-invested!0
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Crypto investments up about 20%, huge risk, but with decent upsides!0
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Think I'll stay well clear thanks. If it's not in a standard fund managers remit then that's good enough for me.Rothko said:Crypto investments up about 20%, huge risk, but with decent upsides!
Came ion to say that as from yesterday (1st June) my SIPP is higher than it was pre-Covid.
Crisis.......what crisis ?
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And I'm at parity (the difference with yours is probably the chunk of Woodford I'm still stuck with. I'm happy for that, and especially happy for some of the alarmed posters from back in March. But as for the crisis, Golfie, the bankruptcies have not been declared yet...golfaddick said:
Think I'll stay well clear thanks. If it's not in a standard fund managers remit then that's good enough for me.Rothko said:Crypto investments up about 20%, huge risk, but with decent upsides!
Came ion to say that as from yesterday (1st June) my SIPP is higher than it was pre-Covid.
Crisis.......what crisis ?
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I was (tongue in cheek) echoing Harold Wilson's famous line.PragueAddick said:
And I'm at parity (the difference with yours is probably the chunk of Woodford I'm still stuck with. I'm happy for that, and especially happy for some of the alarmed posters from back in March. But as for the crisis, Golfie, the bankruptcies have not been declared yet...golfaddick said:
Think I'll stay well clear thanks. If it's not in a standard fund managers remit then that's good enough for me.Rothko said:Crypto investments up about 20%, huge risk, but with decent upsides!
Came ion to say that as from yesterday (1st June) my SIPP is higher than it was pre-Covid.
Crisis.......what crisis ?0 -
True and we discussed this at work yesterday. I am speaking with a leading restructuring lawyer tomorrow as well.PragueAddick said:
And I'm at parity (the difference with yours is probably the chunk of Woodford I'm still stuck with. I'm happy for that, and especially happy for some of the alarmed posters from back in March. But as for the crisis, Golfie, the bankruptcies have not been declared yet...golfaddick said:
Think I'll stay well clear thanks. If it's not in a standard fund managers remit then that's good enough for me.Rothko said:Crypto investments up about 20%, huge risk, but with decent upsides!
Came ion to say that as from yesterday (1st June) my SIPP is higher than it was pre-Covid.
Crisis.......what crisis ?
Lots of pressure on the accountants from large clients about the ability to sign accounts off and confirm a going concern for the next 12 months. Perhaps some breathing space with new insolvency law, but not much and may not help a vast swathe of certain sectors.0
