Inherticance Tax Help

Enterprise_1701C

le_loup wrote: »

Worth half the value.
I don't think you've thought this through.
As for your silly political comment - do you know how inheritance tax works in "The Land of the Free"?

A house is a house is a house, do you not still live in it, can you not sell it and get another one of equivalent value?

As for the 'silly' political comment, I do not agree with the politics of envy, as far as I can see his main aim is to bring everyone down to the same level, and he intended to decrease the level at which you pay IHT substantially. I know how IHT would work in his land of the less than free.

getmore4less

Enterprise_1701C wrote: »

My opinion is that it should go back to being a tax on the super-wealthy, these days that is people with houses in the £2 million plus range in the south, and in the north it should be people with houses in the £1 million plus range. And yes, I do think it should differentiate because prices are very different in the different regions, and it is my belief that it is unfair that people in the North of this island can leave a big house to their kids with little or no penalty.

Someone with a 2m house up north just moves south before they die.

Bingo just saved £400k IHT.

Keep_pedalling

getmore4less wrote: »

Someone with a 2m house up north just moves south before they die.

Bingo just saved £400k IHT.

But what happens if you live in the midlands?

I live in the most expensive city in east Anglia, but a few miles into the fens and property is cheap, so I suppose under this bonkers system Grunty Fen would need to be classed in the North.

getmore4less

Yep the idea is bonkers.

The reality not many pay IHT if they have planned.

Currently 1/2 million die each year guess(or look it up) how many pay inheritance tax?

Numbers are climbing but there are loads of ways to mitigate and end up paying nothing

Keep_pedalling

getmore4less wrote: »

Yep the idea is bonkers.

The reality not many pay IHT if they have planned.

Currently 1/2 million die each year guess(or look it up) how many pay inheritance tax?

Numbers are climbing but there are loads of ways to mitigate and end up paying nothing

Agreed, it is not difficult. We have mitigated by a combination of gifting, term insurance (to cover the risk of dying in 7 years) and being very generous to ourselves. Interestingly over the last seven years we have disposed of around 30% of the estate we had back then only to see further house price inflation and investment performance put us back where we started.