Cyclone Posted December 14, 2006 Share Posted December 14, 2006 If parent A dies and leaves you half the house this may be under the threshold so you don't pay anything. A bit later parent B dies and leaves you the other half, seperately inherited again it may fall under the threshold. This is better than if parent A leaves the house to parent B and parent B leaves it to you. As one lump it may be over the threshold. This is what people were talking about regarding getting two bites at the threshold cherry. Link to comment Share on other sites More sharing options...
Cyclone Posted December 14, 2006 Share Posted December 14, 2006 double post by accident. Link to comment Share on other sites More sharing options...
never wrong Posted December 14, 2006 Share Posted December 14, 2006 You're going to have pay 40% of the difference between the threshold and the value of the house. Seems like a cheap way to get a house to me. A small mortgage would sort out the small amount of money you'd have to pay for an otherwise free house. WHY shpuld the government get 40% every time some one dies this tax was brought in years ago for the excessively rich and the threshold as not risen with inflation. if the threshold was raised to todays value most people would not have to worry about it only the very rich Link to comment Share on other sites More sharing options...
Darbees Posted December 14, 2006 Share Posted December 14, 2006 WHY shpuld the government get 40% every time some one dies this tax was brought in years ago for the excessively rich and the threshold as not risen with inflation. if the threshold was raised to todays value most people would not have to worry about it only the very richWhat's excessively rich? Link to comment Share on other sites More sharing options...
cloudybay Posted December 14, 2006 Share Posted December 14, 2006 Britain 2006.................Some official comes round to your house and values every content you have from your wedding ring to your bed ...............probate.............how utterly vile, degrading and Dickensian. And for what reason? So the exchequer can legally thieve 40% .............in a civilised society this has to stop. Link to comment Share on other sites More sharing options...
max Posted December 14, 2006 Share Posted December 14, 2006 WHY shpuld the government get 40% every time some one dies this tax was brought in years ago for the excessively rich and the threshold as not risen with inflation. if the threshold was raised to todays value most people would not have to worry about it only the very rich It's only 40% of the difference on what is otherwise a free house. Link to comment Share on other sites More sharing options...
Cyclone Posted December 14, 2006 Share Posted December 14, 2006 Otherwise a free house that your parents worked all their life to pay for. And paid their income tax and vat whilst doing so... What is the reason behind inheritance tax, it certainly doesn't seem to fit in with normal type of taxation. Link to comment Share on other sites More sharing options...
Darbees Posted December 14, 2006 Share Posted December 14, 2006 I'll play devils advocate here and suggest that inheritance tax is the perfect tax because you don't pay it until your dead when you don't need the money any more. Link to comment Share on other sites More sharing options...
never wrong Posted December 14, 2006 Share Posted December 14, 2006 What's excessively rich? anybody that has got more money than me. Link to comment Share on other sites More sharing options...
Darbees Posted December 14, 2006 Share Posted December 14, 2006 anybody that has got more money than me. Thought so. Link to comment Share on other sites More sharing options...
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