IHT - using Normal Expenditure from Income. What is income?

leosayer

And if such a "loophole" was closed, the likelihood is that it would negate all the record keeping done to date unless you had the foresight to die before the change was implemented.

€urofile

Loophole! Do HMRC have the right to tell us how we may or may not spend our own money?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82138799#Comment_82138799

Not sure how you've managed to reach that question from the earlier posts in the thread but nobody is suggesting any such thing! The government is, however, clearly entitled to define the IHT rules, and in particular, what is and isn't included within estate valuation for these purposes…

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82138799#Comment_82138799

HMRC only implement the rules as set in Govt legislation.

The Govt can set what taxation rules it likes, as long as they are passed as part of an Act of Parliament.

They can also restrict how we spend our money, but only normally in specific areas - such as not giving money to terrorist organisations for example.