Saturday, Sep 23, 2006

Raise the Inheritance tax threshold say the Halifax..

Firstrung: Do the Halifax want the first rung kicked away from first time buyers?

The Halifax release another one of 'those surveys'. You know the script by now, (although their timing is off with this one, they normally save them for Bank Holiday weekends), wide ranging unspecific statements, guaranteed to get the Mail and Express readers choking on their muesli before their pilates and golf. Here's why, in the opinion of Firstrung, Hailfax are way out with this;

Posted by converted lurker @ 09:41 AM (529 views)
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6 Comments

1. bidin'matime said...

The sort of pap you'd expect from the Halifax.

Sunday, September 24, 2006 10:37AM Report Comment
 

2. paolo88888 said...

Whenever taxation is discussed in the media, the arguments are muddied by confusing two different aspects: the amount of revenue that the government needs to run the country; and the different ways of raising that revenue.

Concentrating on the second, death is a good time to tax people because that is when they need their money least. Far worse to be taxed when you born, going to school or university, starting your first job, raising children, saving hard for your pension or in retirement.

Sunday, September 24, 2006 05:41PM Report Comment
 

3. sovietuk said...

Inheritance tax should be scrapped completely, it's an evil tax.

Sunday, September 24, 2006 06:11PM Report Comment
 

4. inbreda said...

The only evil thing about inheritance tax is that it opens the doors for rich people to move their considerable wealth to tax havens like Guernsey so they end up being able to pass huge wealth to their children without tax, but the average man has to pay loads.

Monday, September 25, 2006 09:39AM Report Comment
 

5. paul said...

Here's a way to get round inheritance tax.

If you own the asset on which IHT will be levied, form a civil parnership with your son/daughter's proposed spouse.

That way you can pass on the house to your then spouse, who later divorces (with a generous out of court settlement) to marry your son/daughter. Tadaah!

Anyway. I do hope that

a) the government doesn't cave in to middle Englands whingeings
b) they use the revenue to fund low cost housing

I will not bet on either. Crash Gordon will not be voted in as the PM - that I can guarantee.

Monday, September 25, 2006 12:41PM Report Comment
 

6. Adrian said...

I think everybody knows you have to pay taxes. Inheritance Tax seems to be the one tax that only a very small percentage of the UK population are aware of. I run a will writing company and we see a large number of clients a month, many of these are not aware of the tax their estate will owe when they die.

Let us be clear about this if your estate is worth more than 285,000 you will be paying 40% on everything above this. This has to be paid before you can sell assets or pass benefits to the beneficiaries.

With house prices rising so fast this tax applies to more and more people. It is not means tested, so everyone needs to be aware of it and plan for it. We do after all plan all other aspects of our finances.

Things like an Inheritance Tax saving will could reduce your tax by up to 114,000, why give the money to the government when you could give it to your children or your favourite charity?

Adrian
www.boon-solutions.com

Monday, October 9, 2006 06:49PM Report Comment
 

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