The controversy surrounding inheritance tax stems from various factors, creating a nuanced debate. Critics argue that it can lead to double taxation, as assets may have already been taxed during the individual's lifetime. Others view it as a deterrent to wealth accumulation and family legacy

@Bigwilli123

3 ай бұрын

Addressing the complexities of inheritance tax often requires professional guidance, and considering an advisor becomes essential to navigate through the intricate landscape of estate planning.

@Linda.xing-tj2fh

3 ай бұрын

Indeed, the intricacies of inheritance tax, coupled with differing opinions on its fairness, contribute to the controversy. The potential impact on family businesses, farms, and the passing down of assets further adds to the debate. Engaging an experienced tax advisor becomes pivotal to devise strategies that can legally minimize the tax burden and ensure a smooth transfer of wealth while adhering to the regulations in place.

@wehrine

3 ай бұрын

Your experience resonates with my concerns. Can you share more about the tax advisor you worked with and how they assisted in navigating the complexities of inheritance tax?

@Churchillhump2268

3 ай бұрын

The absence of a financial advisor may leave individuals without a clear roadmap for achieving their long-term financial goals, potentially hindering their ability to build and preserve wealth.

@Jonesmatsunaga

3 ай бұрын

Thank you for sharing your insights. The controversial nature of inheritance tax makes it clear that professional guidance is indispensable. I'll be reaching out to Carl Jason Cohen navigate these complexities and ensure a well-planned estate for my family.

why is it so controversial? because every single penny of an inheritance has already been taxed a dozen different ways - and the inheritance is what's left AFTER TAXATION, then they tax that too.

@wilfhenderson1962

10 ай бұрын

Increases in property has not been taxed at all so that argument falls

@ParcBlondel

10 ай бұрын

Lots of money has "already been taxed." If you buy petrol, you can't say that "I've already paid tax" on the money, EVERY time your money changes hands it is taxed and so it should be. IHT is only levied on the highest 7% of estates- it's for the rich - the poorest 93% don't pay it at all!It's the rich looking after their own, yet again! Wake up people!

@TankEnMate

10 ай бұрын

that no different from VAT! you pay income tax on what you earn then you go buy something and then have to pay VAT on what you bought, then the shop you bought it from has to pay income tax on whatever profit it makes from you, so that's triple tax, and then the shop has to pay it's employees and so has to pay payroll tax, so that's quadruple tax! In effect the government one way or another levies a tax on any economic activity; even if it just transferring money from party to another. My proposal is to allow parents to give the value of a median house price tax free to each child, and then everything after that gets taxed at 50%. Also trust funds should be taxed at 50% when money is put into the trust, and if a new beneficiary is added to the trust and they don't deposit a fair share then their portion of the fund should be taxed at 50% as well.

@ParcBlondel

10 ай бұрын

@@TankEnMate Why would parents be able to five money equivalent to a house to each child? How about MY proposal. Take an estate worth £1m. Tax the lot at 40%, and the kids get everything left over? (I say the kids, bacause in France for instance it HAS to go to the kids, NOT to the local dog's home! Also in France EVERYTHING has to be valued and then included in the estate, so if yuou furniture and other stuff (car, etc) has a value of £200K, that is included as well. Just imagine what we'd all gain from the RF!

@TankEnMate

10 ай бұрын

@@ParcBlondel Five kids? That's the whole point, unless you're a multimillionaire you wouldn't pay a penny of inheritance tax. The whole point is to tax families that are worth billions; they'd have to pay 50% tax on whatever they got from their parents, whether directly or via a trust fund.

We in socialist Sweden got rid of inheritance tax. So can you.

@jjefferyworboys8138

10 ай бұрын

It's an obscene tax and no longer fit for purpose.

@TankEnMate

10 ай бұрын

@@jjefferyworboys8138 It's the one tax that increases social mobility, otherwise families can build up assets over the generations and then soak up an unfair share of the countries income.

Inheritance tax is BS. You pay tax all your life on what you earn then they take another 40%. If your house devalues do we get a tax refund NO WE DONT .BS

@Fort976

10 ай бұрын

Well, you don't get a surcharge either if the value rises post-fact, do you?

@edwardbailey1422

10 ай бұрын

@@Fort976yeah that’s called capital gains tax

@Fort976

10 ай бұрын

@@edwardbailey1422 Different thing.

@TankEnMate

10 ай бұрын

You can get a tax write off for assets that lose value, but only upon sale, and only for businesses, and of course only the rich have a family investment business. And of course they got rich because of all the money they got from a trust fund that isn't affected by inheritance tax. Get the hint? The rich avoid tax whatever way they can; and some billionaires pay a lower tax rate than working people. So... make the rich pay inheritance tax. Trust funds should be taxed when money is deposited, and whenever a new person joins the trust fund (i.e. when adding your kids). That way the rich would be forced to pay the same rate of tax as working people.

@thesuncollective1475

10 ай бұрын

@@TankEnMate I'm fine with rich paying up

Whatever government scraps inheritance tax gets 100% my vote

@featherbrain7147

10 ай бұрын

I feel the same about insurance premium tax

@LMlukemcclure

9 ай бұрын

Why shouldn't you pay tax on money you never earned?

@Deadmansworld14

8 ай бұрын

​@@LMlukemcclurewhy should you pay tax on money that literally was given to you

@LMlukemcclure

8 ай бұрын

@@Deadmansworld14 You don't. Unless you've already got a lot of money. Not being funny but only 3.7% of the country ends up paying it. It's a non issue that doesn't affect most of the UK population except the already wealthy.

@LMlukemcclure

8 ай бұрын

Only 3.7% of UK population end up paying it. So why does it feel like 90% of the population care about it? Because the tories have an election coming up.

Yeah, instead of leaving that 40% of your life's work to your own children and family, you instead have to give it to a bunch of able-bodied immigrants on the dole. What's not to like?

@ERobbins1234

10 ай бұрын

Immigrants can't sign on the dole. Facts don't care about your bigoted feelings.

@testudohorsfieldii7052

3 ай бұрын

It's not 40% on the whole amount it's 40% on the taxable amount depending on your circumstances. And tax is used for lots of things, not just things that pub bores disapprove of

@ilSaponara

3 ай бұрын

@@testudohorsfieldii7052 I live in NYC, taxes take 40% of my paycheck as it is. Then, $12 in tolls to get to and from work, and $39 to park for the day. In April, add a $50 congestion tax for my truck which I need for work. Do the math... from a pub bore, you comment twit.

@ilSaponara

3 ай бұрын

@@testudohorsfieldii7052 Anyway, no one has a right to wet their filthy beaks in your legacy. Have some pride.

@testudohorsfieldii7052

3 ай бұрын

@ilSaponara we aren't talking about new York you buffoon we are talking about UK taxes, keep up.

The point is wealthy people can afford an expensive lawyer to talk about first-world issues, most middle class or working class people don't have that luxury. For the unlucky ones what should be their gift to their children from a life of hard work ends up going into overpriced private end of life care. Not to mention the problems that have been created by the wealthy because they look for ways to not spend their money before they die. The rich buying property has led to more rented properties and contributed to the artificially high housing prices making it hard for future generations not procreated by the rich to buy homes. This is 2023 if everyone else has to start with nothing to build something, then either reduce to privilege advantages of the rich children or give equal privileges to everyone else. Sure you can work with 1900s capitalist theory or you can acknowledge the fact capitalism works better when everyone is equally educated and incentivised to build the career and future they want. Too much wealth and you step on those below in the name of greed and too little wealth and you have nothing to fight with and so get stepped on.

@ricf9592

10 ай бұрын

I understand that historically, the wealth seems to end up in the hands of around 1% of the population. The time scales over which this happens add up to more than an average lifetime. The pattern has repeated itself over and again for hundreds of years. It only collapses due to war or some natural disaster. What will destroy this latest version is hard to quantify. Some sort of revolution or national strike perhaps. It'll only happen if the current victims do something rather than talk.

@UkSapyy

10 ай бұрын

@ricf9592 I agree. The victim is ultimately the economy. For the wealthy, it's a prryhic victory. Change of mindset is needed. Accountability is important. We can't have an economy where the wealthy start playing pokemon with the nations assets, GDP means nothing if the quality of life is not improving due to improper distribution. We will always have that 1%, but the question is when do we say you've got enough, invest back into the infrastructure or the people.

If your a royal you dont pay inheritance tax because it's one rule for them and and another for us .look at charlie boy he did not have to pay inheritance tax when the queen died

@neilferguson5940

10 ай бұрын

Write him a letter and tell him how you feel, he's cutting back on the royals ask him to give something back to the public and cut the inheritance tax.

@BlackGriffin195

10 ай бұрын

They employ thousands and spend less on cars that the average football player. You would end up with Buck house and Windsor Castle in the hands of some Arab or Yank!

@lloydjones7925

10 ай бұрын

It is true Charles did not pay as he was heir to the throne. The key fact is that unless your heir to the throne inheritance tax would be due. that would even be the case for the rest of the royal family.

This is the problem. People think when their parents die that they will get the house. But if you're parents have some money to "give" them add a sizeable house the children then need to pay 40% of anything over 325. So they won't be able to keep the house.

@jjefferyworboys8138

10 ай бұрын

When the first parent dies, the whole untaxed estate goes to the survivor, only when the second parent dies does IHT become payable however the threshold is then increased to £650,000. Values of sizeable properties are highly subjective and in my experience having a friendly valuer really helps and can be the difference between having to sell or keep the house. Moveable things such as expensive cars, watches etc just seem to disappear !

@chrisnash6094

10 ай бұрын

@@jjefferyworboys8138 Is quite right. But he doesn't even mention the additional £350k allowance for a couple leaving their estate to their children. That's a total allowance of £1million! I know this doesn't let everyone off the tax hook, but do we really need to feel sorry for anyone who gets even more??? There are some people, in all walks of life, who are paying marginal tax rates of even 75% out of actual earnings. Surely they deserve a bit more sympathy?

You pay tax all your life, on income, on interest, on everything you purchase, this death tax is a tax of envy, we are totally over taxed in the UK, one reason I left. will never go back, when I visit I am shocked at the state of the UK.

@liamnorth555

10 ай бұрын

Where did you manage to escape to? and how?

@user-ck9vy1fg7e

10 ай бұрын

where did you get to, I'm making arrangements to get out now before it goes completely down the toilet.

@TankEnMate

10 ай бұрын

You pay income tax, then you buys something and pay VAT, then the shop pays payroll, and the employee pays income tax, rinse, repeat... Here's a hint the government levies a tax whenever money changes hands, that includes when your parents give you money (whether they are dead or alive).

@liamnorth555

10 ай бұрын

@@TankEnMate Don't forget the fact that if you get Alzheimers and can't manage your finances they put you in a "care home" and sell your home to fund your "care". It should be illegal because theft is criminal!

The only thing the Tories can do to make my life better is to promise not to tax me when I'm dead?

@jjefferyworboys8138

10 ай бұрын

Its not intended to make your life better, but your children's.

@user-sukableh

10 ай бұрын

@@jjefferyworboys8138 what? He meant to make his life better by knowing what he leaves to his children will not be taxed. But if he lives the rest of his life knowing all he has will be taxed before passing to his kids, his life will be miserable. It's not rocket science.

@user-sukableh

10 ай бұрын

@@jjefferyworboys8138 i will try to explain this so normal humans can understand. If the tories promise not to tax him when he dies, he's life would start getting better after he hear the good news. If you really listen (read) to people you would understand them a lot better

Want to see equality of opportunity? 100% inheritance tax.

@wulfsorenson8859

8 ай бұрын

That’s called communism. It’s been tried before you dope.

UK Government, mainly conservative, have so badly mismanged the economy they are forced to search for ever more punitive ways of tax collection to make up the difference. Is there a way out well yes there is - it requires major tax reform. If not addressed it will ensure Britain will slowly but surely become a non entity in the wider world.

@hattmancock6396

10 ай бұрын

Labour will be no better; their answer will be to flood the country with more foreigners and thus create more dependants on the system. The house of cards has to fall down soon

@YorickReturns

10 ай бұрын

The government debt is huge and continues to rise. Any amount of welfare is unsustainable, because it incentivises consumption and disincentivises production. That is the central problem. That is not to say that the Tories haven't "mismanaged" the economy, though that said any management of the economy by government is mismanagement. The government wouldn't be trusted to make something as trivial as videogames, and yet people insist that there is no alternative to government healthcare!

@bobbyjosson4663

10 ай бұрын

If you think there is a difference between the two parties, I have a bridge to sell you. Both parties are globalists, have shipped off all the jobs abroad, there is the tax base gone, then they reduced the corporate tax rates. And both agreed to shut down the economy and incur wartime costs.

@chrisbirmingham5132

10 ай бұрын

@@YorickReturns Well, we tried capitalism without a welfare system and it appeared to incentivize disease, disability, early death and a whole range of well-documented evils, such as sending children up chimneys. Why do you suggest that government debt is unsustainable? That has never proved to be the case before. UK government debt in 1945 was many times higher than it is today, but, despite the creation of a fairly comprehensive welfare state, it was simply inflated away over time.

@ParcBlondel

10 ай бұрын

@@YorickReturns Oh that must be true .... WE have the FRENCH government involved in our railways, water, nuclear power construction, we have the GERMAN government involved in our mail, railways, etc, we have middle eastern governments involved in our water supply and docks, and we have the CHINESE government known to be involved in our nucllear programme and water supply. But Hey, let's not have a government that is under our own control in charge of anything at all ........ Doh!

So abolishing inheritance tax is seen as a higher priority to resolving the mess in the NHS. Insane!

Easy to escape Inheritance tax, just be king and pay fa on an estate worth billions.

The inheritance tax of 40% applies on the estate over the initial £1 million allowance. So if you are left £2 million you actually receive £1.6 million after tax

@MrMax4music

10 ай бұрын

Not sure where you get £1 million from. It actually applies at 40% tax rate on assets over £325k so its far more aggressive than in your illustration. There are some additional allowances for married couples (combined allowances) and for passing on your home, but conditions apply in terms of who it is passed to.

@idw9159

10 ай бұрын

allowance is gbp325k so if you were left 2M you would pay govt 1/3 of the money or 670K; almost anything valuable you bought with your 1.33M would then be taxed at 20% vat, or if you bought a house for 1.33M you would pay 10+3% stamp duty.. enjoy!

@marcwareham9351

10 ай бұрын

That’s disgusting!

@creative-renaissance

5 ай бұрын

Not if you are single the tax allowance is £325,000 not £1million!!!

@TomDore

17 күн бұрын

@@MrMax4music Martin Lewis explains this in point 4 of the 5 points in this video, and comes up with the million pound figure too: kzread.info/dash/bejne/mn58mdmJismuhLg.html

You're taxed when you earn it, and you're taxed when you spend it. To charge tax on something you've already paid tax on is disgusting.

The fact that this was recently a targeted campaign by the Telegraph and is now being discussed as a policy change is a sure sign that the Tories know they're cooked. Anyone affected by this issue is already a Tory voter anyway; it will bring in such a tiny / negligible number of potential new votes that it simply exists to shore up the membership.

@wulfsorenson8859

8 ай бұрын

Erm have you seen the average house price in the U.K. lately?

@mandead

8 ай бұрын

@@wulfsorenson8859 It affects under 5% of the UK population.

@wulfsorenson8859

8 ай бұрын

@@mandead lol more fake stats…more than 5% with house prices soaring. Average house prices in the south east are now over 500k. And very rich have costly trusts and pay nothing.

Keep Cash Alive! Loose Cash Loose Freedom!!

Well,if you want to put illegal migrants in 4 and 5 star hotels,etc, etc,then your taxes will not lessen,nor how the revenue is obtained

it should be illegal to tax money more than once its theft.

@TankEnMate

10 ай бұрын

When you get paid you pay income tax, then you buy something you pay VAT, then the shop hires someone and pays payroll tax, then the employee pays income tax, rinse repeat. You are ALWAYS getting tax more than once, the economy RELIES on the fact that you get taxed more than once. If you can only be taxed just once on something then the country would be broke within 4 weeks, and then the economy would collapse, then there'd be starving people walking the streets killing each other for food. Get a grip.

@YorickReturns

10 ай бұрын

What if I told you that all tax is theft?

@TankEnMate

10 ай бұрын

@@YorickReturns I'd say that you're the kind of person to expect other people to pay for police that protect you.

@YorickReturns

10 ай бұрын

@@TankEnMate Theft is theft. I am against all theft. As for the police, what percentage of government spending goes to the police? And what percentage of that money is used for tackling real crime, instead of victimless "crimes" such as drugs?

@marcwareham9351

10 ай бұрын

@@YorickReturnscorrect. All tax is theft! It’s actually slavery if you think about it.

IHT is an optional tax. The rich have many ways to avoid it. It is a tax on wealth that has already been taxed.

@TankEnMate

10 ай бұрын

All wealth has already been taxed, the government levies a tax on all exchanges involving money; income tax, VAT, payroll tax, stamp duty, you name it. It happens every day, why should inheritance tax be any different; you get money from someone you pay tax.

@Gibbo1

10 ай бұрын

@@TankEnMate quite agree

It's actually greedy crime!

How much did Charles and the rest of them pay in inheritance tax for the personal wealth they inherited. Because the queen had a huge personal independent wealth.

It's controversial because the king payed no tax when his mother the queen died but us peasants have too?

@jjefferyworboys8138

10 ай бұрын

Peasants won't pass the threshold.

High inheritance tax in South Korea kills its businesses. When the first generation business owner dies, their spouse need to pay inheritance tax based on the value of the company they own. That means the family need to liquidate their shares of the company to make cash to pay the tax and that often meams liquidating the company to foreign investors. Alternatively, people move their company to another country before they die to avoid losing the company. Even the owner of Samsung still pays the massive loan interest they had to borrow to pay his inheritance tax.

I have long wondered why, if it is felt that some sort of tax on inherited wealth should be paid, we don't tax the recipients. That way if a person leaves inheritance to several people they will each be taxed in accordance with their general income during that year. So those that are not paying much tax will pay little tax on their inheritance. Probably less than 40%, anyway.

My grandparents have done the smart thing and give everyone their "inheritance" in cash whilst stilll alive, although ive told them until i was blue in the face "they earned that money, its their money.. spend it on themselves, nobody deserves nothing, including myself".. even tried giving them the money back to which they outright refused, i love them dearly but god.. getting money off people who are already struggling just to avoid paying the gov tax is saddening.

Inheritance tax is controversial for the same reason that the non-taxing of lottery winnings is uncontroversial, and for the same reason that the existence of the royal family is uncontroversial. People don't hate rich people as such. They hate rich people who have earned their money.

@dertery8724

8 ай бұрын

Lottery winnings are untaxed because if they were treated like capital gains, you would be able to deduct all the losses you'd made from previous tickets you'd bought. The vast majority of gamblers lose money so making gambling winnings taxable would bring very little extra revenue into the treasury whilst imposing quite a big administrative burden. However if you die, lottery winnings are treated as simply part of the estate and are subject to IHT. No distinction is made on whether the money was earned.

Tell them nothing give them rats nothing 💯

If it was abolished, all the stratagems to avoid it, ( trusts, purchases, refraining from investments, potentially exempt gifts seven years in advance) would cease. Instead the money being carefully husbanded would be invested, circulated, spent on companies by entrepreneurs, and the tax lost ( by abolishing it) would increase five fold for its circulation. Its a tax to throw a bone to envy! If people have saved (or invested) it has been already taxed for years.

@candidbowyer4625

10 ай бұрын

Or we could abolish the strategems.

In France, it's the inheritors who pay the tax. If you inherit from an aunt or uncle, the rate above the threshold is 60%.

@XxBloggs

10 ай бұрын

What a nightmare. In Australia there is no inheritance tax.

@okman9684

5 ай бұрын

Definitely that tax money is getting well used on illegal aliens who live tax free

Paying tax on money that has ALREADY been taxed is a disgrace and one of the reasons why the uk is not the country for the working man/woman

Why does this ‘expert’ say 40% will be taken and omit that there’s relief on (very often) the first £1m?

Taxes: The penalty you have to pay for daring to be a productive member of society.

I work in inheritance tax I am the tax man literally, Give your estate to your kids and live for 7 years then you don't owe anything

@lloydjones7925

10 ай бұрын

it's voluntary is some sense. Plan ahead. Fail to plan Plan to fail

@BlockchainFiananceandvalue

10 ай бұрын

@@lloydjones7925 yup you can also use charity exemption. but that's a bit of a headache

It should be abolished.

@mda5003

10 ай бұрын

IMO it should only be paid on estates valued over £1million.

How many times can ya tax the same pound? Seems to be about 7 times n death is no escape either!!

There are ways and means to avoid this tax .

@mda5003

10 ай бұрын

Yes, don't die.

the extremly wealthy lawyer think s10 billion is nothing. Such a tory thing to say. And he avoided the 'trust 'question. look into it folks.

40% death tax is disgusting!

We are taxed money coming money going all our lifes we are taxed to death, inheritance tax is evil hitting folks when they are down. i think we should have a 80% MP tax to let them know how it feels.

Just out of curiosity.... How much "inheritance" tax did Liz Windsors estate have to pay when it passed on to her son? Or did he managed to make some agreement with the government to avoid the 40% taxation?

@bexilford2

10 ай бұрын

No tax paid same as Duke of Westminister. All wealth was in a trust envelope wich is available for anyone to make

IMO inheritance tax is backwards. The tax should be on the person receiving the inheritance not on the estate. Inheritance is just earnings via another route.

@jjefferyworboys8138

10 ай бұрын

You really don't seem to understand this at all. Where do you think the person receiving the inheritance gets it from if not the estate ?

@mda5003

10 ай бұрын

It's those still living that pay inheritance tax. i.e. you inherit or receive what's left.

@just_chris1630

10 ай бұрын

Sorry I wasn't particularly clear above. The benefit of taxing the recipient rather than the estate is that the inheritance would be taxed less for those on lower incomes. Clearly an inheritance is a one off payment so it shouldn't necessarily be taxed at the same rate as income but I think taxing an estate doesn't make sense. You could be a millionaire and pay the same tax on an inheritance as someone who is really struggling. Nobody likes being taxed but I feel like it would be far better to tax inheritance rather than income or pension earnings. I'd rather see a broader base on inheritance tax offset by lower income tax or less emphasis on taxing the elderly. The simple unpleasant truth is that the population is ageing which means less revenue potential from income tax. Raising more from people who have passed away rather than squeezing the living seems like a very sensible idea to me. Noting that there are those in society, particularly those who may be carers, who will have made plans based on receiving an inheritance.

The Tax also discriminates single people / parents!!! and the rate of 40% is obscene!!! The government wants older people to stay in work, but what's the point if they take 40% from income then another 40% on inherited assets! BTW King Charles paid no IHT!!!

Stealing from the dead is such a tory thing.

Every home is now 325,000. .. so that at least needs to be changed to like a million

It broke my heart when i had to give £40,000 to Gordon brown, who then promptly wasted every penny he received with the blessing of two face tony ! Your right spend it enjoy it your a long time dead !

The Devil wears Prada.

Nicely explained.

Why is there no complaint about Insurance Premium Tax? Invented by Tory Kenneth Clarke and brought in at half a penny, now (last time I looked) 12p in the pound, an immoral tax on prudence. And applied to COMPULSORY car insurance.

@steveknight878

10 ай бұрын

Well, looking for morality or logic to taxation is a fool's errand. Why, for instance, do we pay VAT on the duty we pay?

@featherbrain7147

10 ай бұрын

@@steveknight878 I agree!

Why not tax estates over £1 million (for a single or divorced person), & £2 million for a married couple & a civil partnership? If this was the case the government could honestly say that it’s a tax that affects only millionaires!

You can leave £325k tax free enough

@witlesswonderthe2nd883

10 ай бұрын

A lot of houses break through that barrier now, it’s ridiculous and they could lift the limit so only millionaires are paying it

@jjefferyworboys8138

10 ай бұрын

@@witlesswonderthe2nd883 A £5m threshold would be more sensible. It was never designed to effect ordinary people.

@Tzhz

10 ай бұрын

Average house price is higher than the threshold now

@tara1941

10 ай бұрын

That true but most people in the UK own their own homes and the average price in most areas today is about £250-000 so that and any investments or savings could easily be over this figure, this should at least be £325k should be DOUBLE

@Bushgeorge-bn6on

10 ай бұрын

In my area, three bed terrace would cost half a million at least. And we are in outer London.

There just isn't enough rich people dying to pay a decent amount of inheritance tax. We need a revolution.

In the US not many people are likely to care about inheritance tax if the proposed "FairTax 2023" is enacted. I initially thought it was a hoax, but it is listed on the US congress website as "H.R.25 - FairTax Act of 2023" it "imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2025, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property; for property or services purchased for business, export, or investment purposes; and for state government functions." If you have a Roth IRA (which holds previously taxed income) you will pay taxes _again_ on the money. You can buy a used house without taxes, but a new one will cost you dearly. I doubt builders will think that is fair.

It is a tax on a transaction from the parents to the children - like any other transaction. I would not like to see IHT abolished, because the lost revenue would need to be paid by others, typically less well off. I expect to pay significant tax on the second death of myself and my wife.

They should increase it

Inheritance tax is a rich man’s problem….

Don't forget even if the estate is below the threshold, you still have to list every worldwide asset and have it independently valued to prove that you are exempt. If you miss one asset, anywhere in the world, it's a CRIMINAL offence - AND it applies potentially to any gift, to anyone in the world given anywhere in the last 7 years AND anything sold in the same way which has an element of a gift to it e.g. a car sold to anyone at slightly below market value or any service provided without full payment - VERY NASTY TAX INDEED

So my advice for those who die Declare the pennies on your eyes.... R.I.P. George Harrison.

Tax is theft! All tax!

They would never put a higher tax on the rich as that would mean a pay cut for themselves.

If I identify as a monarch, can I then escape inheritance tax?

@PeteBogg

10 ай бұрын

Only once your pinned and mounted.

🤫🤔🤨😡😡😡 In general most adults play 50% of their wages into the system To the day they die Also you spend most of your life trying to make something or do something It's not acceptable for somebody who has died still pay tax When the Richard then the rich pie very little tax And also when certain people in a high position die the public pay for it out of taxpayers money Which is offensive and wrong We are living in a situation now where the government has no conscience or regard for the poor Also has no regards for the future of a younger generation The developing back into first class situation second class third class fourth class and Poor

Because it affects wealthy people, and they always want to retain their privileges. No matter if the country is sinking

anarchy seems a better way forward.

If healthcare loans were introduced for the over 60s then the value of many estates would be lower anyway and perhaps there would be less of a need for inheritance tax. With escalating NHS costs for the elderly healthcare loans would operate much like student loans and would cover all NHS treatments for the over 60s. The loans would then either be repaid upon death or be written off at that stage. Similarly, student loans can be written off. Never quite sure as to why we have student loans but not healthcare loans.

Thats why i didi nt bye a house to leave my children.

@mostlygreen1

10 ай бұрын

You've made a mistake. There's a very high tax threshold in the first place and an extra allowance for the main residence, so unless you have a very high value property there's no tax to pay.

Death tax

TAX IN MOST CASES HAS ALREADY BEEN PAID ON THIS MONEY GUESS THEY WILL PUT IT BACK UP AFTER SNAKES IN THE GRASS

@Joestudly

10 ай бұрын

Yes it's like capital gains tax

@brendanpells912

10 ай бұрын

Many of the wealthy people in this country inherited wealth from a time when their ancestors were given land and property stolen from others. They haven't done a day's work in their entire life to earn it.

@0:25 " ... want to leave something to the children... ". ; and you will be - just that most of them won't be yours.

Funny how people like rishi Sunak steal tax money through lever loop holes then funnels it to him, his friends and family.

Even the majority of socio-economic classes C2-E think inheritance tax is unfair. So there's a huge swathe of people who put the principle above spite / envy

@DavidGetling

10 ай бұрын

But neither Tory or Labour governments give a toss about what's fair or right!

I would rather reduce income tax and increase inheritance tax. As I would rather tax the dead than the living. I don't know why that is conversational.

@jjefferyworboys8138

10 ай бұрын

Inheritance tax is a tax on the living.

@mda5003

10 ай бұрын

It's those living that have to pay the inheritance tax.

@thereeceforbes

4 ай бұрын

so they will dig the grave up and force him to pay lol

Scrapping the inheritance tax for all would favour the middle classes and the rich classes and NOT the little people 'cause they have not inheritance 🤦😢

@pinkpanther7030

10 ай бұрын

Tories are only try to survive with slogans and promises that can hardly deliver 😅

@mda5003

10 ай бұрын

"I look up to him because he is upper class, but I look down on him because he is lower class." "I know my place."

@thereeceforbes

4 ай бұрын

nope will be fr everyoine not our fault your family didnt buy property lol

Disgrace

I am not sure I have understood it all (I am French) but i have not heard about the purpose of inhertance tax. In XVIII century, the heritage of rich people was given to the oldest son with the duty of helping his whole family. This created families with great power. Now in France the heritage must be equally divided among the heirs. This helped to eliminate the over-powered families which may have a too high financial and political power. As soon as heirs were 2 or more the fortune is divided. That's the reason of inhertance tax. Nowdays the problem is different but the purpose is the same. No too high financial power given to the heir. Is it reasonnable to give a very high amount of money to somebody who did nothing to produce it but being born in a wealthy family? So I agree that you should spend all your belongings before your death. A fair way could be to put a limitation to the donation and to the heritage for the whole life. Let's say 500 000€. It is a fair enough gift to start with in life when your young, is'nt it? If your are talented you will increase your fortune, if your not it will help you make a living. The lazy will spend it all. Then your heritage is fairly given, the excess can be given to charity organisation or to the state. Thinks the highest fortunes in the world, is'nt it inefficient to give so much money to untalented heirs? What is your opinion?

Scandalous

21 types of tax in the uk!!! Theres probably more though Income Tax Capital Gains Tax National Insurance VAT Corporation Tax Bank payroll Tax Petroleum Revenue Tax Fuel Duties Inheritance Tax Stamp Duty Tobacco Duties Spirits Duties Beer Duties Wines Duties Cider Duties Betting & Gaming Duties Air Passenger Duty Insurance Premium Tax Landfill Tax Climate Change Levy Aggregates Tax

@marcwareham9351

10 ай бұрын

Aka as theft!

Its theft pure and simple.

We would all be better off if we take back the bank of England from the rothschild family bankers and get staples to print our promissory notes fiat currency with nothing backing it up but our labour .we could pay interest on our savings and retire earlier we could have cheaper loans and mortgages between each other ...i could sell my house and get paid for it over 20/25 years get same return as bank or building society if dont need lump sum..

what if they give away their home to their trusted family.. their family rent the home out.. and the money from renting it pays for their elderly relative to live somewhere else.. thus... they no longer live in the home.. and they no longer own the home?

@TankEnMate

10 ай бұрын

if someone gives you a home you need to pay income tax on the value of the home; so it would be taxed at step 1.

@joecater894

10 ай бұрын

@@TankEnMate not anywhere near the value of inheritance tax? surely.. we're talking 40% no?

Rishi’s wife must owe some money?

@shazanali692

10 ай бұрын

They will leave to live in the USA when he retires

This doesn't help the working class, it only benefits wealthy people!

@lloydjones7925

10 ай бұрын

Give it a few years. The threshold has been frozen for years - give it another 20 - 25 years and with inflation how it is, it will be a tax on the working/middle class in no time at all. Don't forget single individuals have half the allowance that a couple enjoys. £325,000 is the standard allowance, increased to £500,000 only if you pass on a family home.

@cncit

10 ай бұрын

@@lloydjones7925 So they can simply up the threshold then, they don't have to scrap inheritance tax, at the moment it generates 7 Billion a year.

The inheritance tax is one of the reasons I left norway.

@jjefferyworboys8138

10 ай бұрын

It's why I had a good solicitor and a friendly valuer

People inheriting large amounts end up not working and put little into the system, so as far as taxes go it's a fair one after all they've not had to work for it someone else did

@steveknight878

10 ай бұрын

And that someone else paid taxes on it already. And do people who inherit money end up not working, commonly?

@Gibbo1

10 ай бұрын

@steveknight878 in my experience yes, how common it us I don't know. In any case not many people fall into the category of paying it

@lloydjones7925

10 ай бұрын

Many individuals who have had to work hard and have inherited nothing still end up paying inheritance tax. If the threshold does not rise, this will increasingly be the case.

@Gibbo1

10 ай бұрын

@@lloydjones7925 how can you pay IHT when you've inherited nothing

Gifts 🎁 and trusts

Tax the rich!

@jjefferyworboys8138

10 ай бұрын

Thats what IHT was originally intended to do, but now it taxes ordinary people.

@SmilingSimian

10 ай бұрын

@@jjefferyworboys8138 If you have more than the £1 million allowance then you're rich. Full stop.

@PeteBogg

10 ай бұрын

@@SmilingSimian The real allowance is £325K as someone mentioned earlier in the comments.

Barely 4% of people pay this tax. Handing 7 billion back to the wealthiest, with the nation in this state, is asinine.

I thought we were supposed to hate people getting something for nothing? If you receive unearned income you should be taxed. It's not a tax on the person who earned it.

You are looking at it the wrong way. Inheritance is all about those who receive it. Those that give it are are dead, therefore have no opinion and pay no taxes. The inheritance is very similar to winning a lottery. You receive something of value that you did not earn and should be taxed as such. It is also similar to a lottery in that you got parents who were rich or poor by luck .

@BboyCorrosive

10 ай бұрын

Winning the lottery is luck and unlikely, it's not unlikely your parents will die

@adrianlloyd6403

10 ай бұрын

Lottery winnings aren't taxed in the UK!

@BholaSingh-vv6ej

10 ай бұрын

What a mentality saying parent home as a lottery.no wonder more and more British people culture are disappearing and getting poorer. Strange culture saying parent someone.

In NZ there is no longer a gift duty tax so give your kids their money early. If you run out, they can give some back to you. Raising a debt against your house with conventional collateral loans is hard when you are old with no visible means of repayment. We have what is known as a reverse mortgage. Not cheap but you can completely load the house with debt. If the lump sum is invested in good paying say shares or gold, no death tax. Gold is great because it has been ahead of inflation and only you know how much and where it is. A look at future trends pays dividends, I bought Australian Pilbara Minerals lithium shares which have quadrupled in two years. These are off shore and can be traded off bourse so can disappear.

Move to Canada. No inheritance tax.

@WhoAmEye_WhoAreEwe

10 ай бұрын

But you/they have Trudeu ;-) Mind you we had Bojo, Truss .....and now Sunak

@harisadu8998

10 ай бұрын

The US doesn't have inheritance tax for $23,000,000.

leaving aside abortion issues, birth is also a certainty. @2:08 - was this TR promotion an advert? or an inside interview being publicly shared? (at end)

It is jew

Inheritance tax is inhuman, disgusting, disgrace "tax" anywhere in the world. It should be cancelled!!!

Open borders foreign migration is more controversial. IMMIGRATION REFERENDUM required

They are no different than communists.