Conservative plan to not charge inheritance tax on homes worth under1m

[loraward]

Yep...there's a good percentage that do, that don't have a house worth over 1 million...Maybe you're different?

 

There are only 291,000 pensioners living in care homes.

Last year 557,600 people in England and Wales reached the age of 65.

There are 430,000 people over 90 years old.

And 9.2million people over 65.

 

So it would appear that most don't use care homes so won't be affected.

[Michael_W]

and the labour party plans are ?

 

To tax 'everyone' to the hilt, the hypocrisy of the middle class socialists is plain for all to see

[Onthetyne]

To tax 'everyone' to the hilt, the hypocrisy of the middle class socialists is plain for all to see

 

No

 

To ensure everyone pays a fair share.

[JFKvsNixon]

Where did I say homes over one million?....I know perfectly well it's those under....

 

Oooops....I just noticed the thread title...it should have read 'under'...Sorry...(I'll change it)

 

But the plan is to change it...in stages...and for a couple, it's homes worth less than 1 million....Will they die on the same day?....Otherwise it less...

 

So is our children paying less inheritance tax on our houses a good or bad thing?

 

---------- Post added 12-04-2015 at 19:18 ----------

 

Which most people already don't pay tax on. If your home is worth less than £325,000 you are already are exempt from inheritance tax. This just means that those with properties worth £325,000 to £1,000,000 wont pay tax.

 

And to pay for this he'll cut benefits and slash more public services.

 

Over the next ten years or so a lot more houses will fall into that bracket, so this will help out those people people who inherit such houses in the future.

[Anna B]

There was a time when family looked after their elderly, in fact some still do, so they will have no need of a care home and the council won't force them to do anything, and after years of caring for their elderly relative they will inherit the house and have no tax to pay on the proceeds, this is a good policy.

 

I agree up to a point, but it's not always that simple. You do know, don't you, that even if the family is willing to look after an elderly relative, they can still be forced to put them into care against their wishes, if the nhs/social workers say so?

 

Besides, there are lots of reasons why genuinely loving relatives can't take on their elderly relatives. Also when carers allowance is a mere £60 a week, there are people with mortgages and outgoings who simply can't afford to give up work to do it.

 

Most family members will also have to pay towards the cost of a care home. It takes only about 4 years in a care home, for the entire funds from an average house to be eaten up.

Edited April 12, 2015 by Anna B

[loraward]

I agree up to a point, but it's not always that simple. You do know, don't you, that even if the family is willing to look after an elderly relative, they can still be forced to put them into care against their wishes, if the nhs/social workers say so?

 

Besides, there are lots of reasons why genuinely loving relatives can't take on their elderly relatives. Also when carers allowance is a mere £60 a week, there are people with mortgages and outgoings who simply can't afford to give up work to do it.

 

Most family members will also have to pay towards the cost of a care home. It takes only about 4 years in a care home, for the entire funds from an average house to be eaten up.

 

If the family can't cope they can sell the house and pay for someone else to care for their elderly relative, but if they can cope its nice that government is no longer going to tax them on the house they inherit.

[Anna B]

If the family can't cope they can sell the house and pay for someone else to care for their elderly relative, but if they can cope its nice that government is no longer going to tax them on the house they inherit.

 

the majority of people wouldn't have been taxed anyway. This just pushes the inheritance tax threshhold up from £600,000 to £1,000,000. The majority of homes that fall into this bracket are in the south east. They are the one's who will benefit, not the average person in the rest of the country.

[JFKvsNixon]

Which most people already don't pay tax on. If your home is worth less than £325,000 you are already are exempt from inheritance tax. This just means that those with properties worth £325,000 to £1,000,000 wont pay tax.

 

And to pay for this he'll cut benefits and slash more public services.

 

the majority of people wouldn't have been taxed anyway. This just pushes the inheritance tax threshhold up from £600,000 to £1,000,000. The majority of homes that fall into this bracket are in the south east. They are the one's who will benefit, not the average person in the rest of the country.

 

I thought that taxman said it would increase the threshold up from £325,000?

[loraward]

the majority of people wouldn't have been taxed anyway. This just pushes the inheritance tax threshhold up from £600,000 to £1,000,000. The majority of homes that fall into this bracket are in the south east. They are the one's who will benefit, not the average person in the rest of the country.

 

What makes you think that someone living in the South East in a £700,000 house isn't an average person.

 

Houses in the Southeast aren't bigger they are just more expensive.

[PeteMorris]

Osborne claims it will come from a growing economy and couldnt say any more then that.

 

utter tripe. I just hope people are not fooled by this rubbish.

 

Growing economy...My posterior....

 

We're a country (according to Cameron) who needs savage cuts (but won't say where), over the next five years....(or more)....I can't believe anyone falls for this nonsense...