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| *Ostroff, Fair and Company>>>United Kingdom Taxes |
How Can we survive inheritance Tax 40%!!? |
How Can we survive inheritance Tax 40%!!? We can't, I think that is the idea. I love the fact that my parents will work their entire life to buy and finally pay off their house, and when they die I (and by 'I', I mean me and my siblings) won't be able to keep what is rightfully ours. We are gonna have to sell the house to pay the government for something that is not theirs and is nothing to do with them. This government is incompetent. It's hard enough to get on the property ladder as it is! It should be done away with, for sure. But how can you survive it? You didn't have ANY money before your relative or benefactor passed away, so you're still getting 'free' money, just not as much as you would without the tax. You should get the full amount, but I don't know how you can NOT survive free money. There are ways to minimise any inheritance tax paid. One way is using two Nil Rate bands. When one of your parents die the remaining parter can give away 拢275,000 to beneficiaries tax free. When the surviving partner passes away another 拢275,000 can be given away tax free. Therefore giving a totla of 拢550,000 which can be given away without paying inheritance tax. Only money on top of this amount will be taxed. http://www.clickdocs.co.uk/inheritance-t... Look on the bright side. Think of how all that hard earned wealth can help the illegal immigrants get pensions in later life, think of how it can help all the other spongers have an easy retirement without saving but still smoking, drinking and gambling. See I,ve made you feel better already. |
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