jgtuk Posted 22 November 2023 Share Posted 22 November 2023 1 hour ago, Spiritwalker said: Yeah, if you’re a couple and passing on an estate which includes a property to your children, inheritance tax kicks in after £1million. Anyone inheriting more than £1million can afford to contribute some money back to society. Where do you get the £1 million figure from? Standard threshold is £325000 or £500000 for direct descendants isn’t it? Not arguing, just what I believed happened recently with a friend. 1 Link to comment Share on other sites More sharing options...
CosbehFox Posted 22 November 2023 Share Posted 22 November 2023 9 minutes ago, Lionator said: This budget is fundamentally flawed by the chancellor telling everyone how wonderful the economic situation is when for 90% of people it is continually dire. Nobody has even attempted to properly adapt post 2008. Just cuts, cuts and further austerity measures (minus covid years). Yep, when you have councils going pop due to social care bills 1 Link to comment Share on other sites More sharing options...
David Hankey Posted 22 November 2023 Share Posted 22 November 2023 The Chancellor can promise whatever he likes as he won't be in Office in a year's time. 1 Link to comment Share on other sites More sharing options...
Lionator Posted 22 November 2023 Share Posted 22 November 2023 6 minutes ago, CosbehFox said: Yep, when you have councils going pop due to social care bills Suella was ahead of the curve re tents. We will be seeing tent cities in our city centres as councils have nowhere to house homeless people anymore, because they have no money. Cutting NI is going to accelerate this process. Link to comment Share on other sites More sharing options...
Guest BlueBrett Posted 22 November 2023 Share Posted 22 November 2023 I know physiognomy gets a bad rep due to some of it's historical adherents but when a bloke is the literal spitting image of one of the pigs from animal farm I feel like we'd do well to heed the warning. Link to comment Share on other sites More sharing options...
Lionator Posted 22 November 2023 Share Posted 22 November 2023 Emergency legislation for January. An election in May looks on! Link to comment Share on other sites More sharing options...
Lionator Posted 22 November 2023 Share Posted 22 November 2023 Reeves is irritating for those of us on the centre left but you can’t deny that she is now a very competent, driven centrist chancellor to be. Link to comment Share on other sites More sharing options...
Greg2607 Posted 22 November 2023 Share Posted 22 November 2023 13 minutes ago, Lionator said: Emergency legislation for January. An election in May looks on! why do you think that? Link to comment Share on other sites More sharing options...
hackneyfox Posted 22 November 2023 Share Posted 22 November 2023 2 hours ago, Spiritwalker said: Yeah, if you’re a couple and passing on an estate which includes a property to your children, inheritance tax kicks in after £1million. Anyone inheriting more than £1million can afford to contribute some money back to society. I live in London and house prices are now ridiculous. House is worh over 1 million but if left to my son he'd have to pay 40% on everything over a million which may mean he'd have to sell to pay. Just because the house is worth a lot doesn't mean we're cash rich, that would only happen if we moved out of London. Not sure where you get your 1 million figure from, can you share a link please. 3 Link to comment Share on other sites More sharing options...
Lionator Posted 22 November 2023 Share Posted 22 November 2023 11 minutes ago, Greg2607 said: why do you think that? If they were going for the autumn, then they’d introduce the legislation at the usual time. Rushing it to January indicates that they need something for April/May time. 1 Link to comment Share on other sites More sharing options...
Greg2607 Posted 22 November 2023 Share Posted 22 November 2023 5 minutes ago, Lionator said: If they were going for the autumn, then they’d introduce the legislation at the usual time. Rushing it to January indicates that they need something for April/May time. I understand that point.... surely though they would use the March budget for any additional big announcements and use it as a battle ground for the election.... Surely with the current ratings in the polls, they wouldn't go early? unless of course, there is data that shows that lots of the population will have existing mortgage deals expiring later in the year and feeling the real effects of the impact of the Liz Truss debacle.... as well as a summer of boats arriving, debunking the myth that they've "stopped the boats"... Link to comment Share on other sites More sharing options...
Dunge Posted 22 November 2023 Share Posted 22 November 2023 It has been suggested that we shouldn’t hold our elections at the same time as America, so on that basis next May would be a good idea. Not that I expect the Conservatives to follow that advice if the polls stay anything like as they are now. Link to comment Share on other sites More sharing options...
Lionator Posted 22 November 2023 Share Posted 22 November 2023 36 minutes ago, Greg2607 said: I understand that point.... surely though they would use the March budget for any additional big announcements and use it as a battle ground for the election.... Surely with the current ratings in the polls, they wouldn't go early? unless of course, there is data that shows that lots of the population will have existing mortgage deals expiring later in the year and feeling the real effects of the impact of the Liz Truss debacle.... as well as a summer of boats arriving, debunking the myth that they've "stopped the boats"... It’s hard to see anything, aside from a war with Argentina, changing the polls right now and over the next 12 months. Link to comment Share on other sites More sharing options...
Zear0 Posted 22 November 2023 Share Posted 22 November 2023 50 minutes ago, Greg2607 said: I understand that point.... surely though they would use the March budget for any additional big announcements and use it as a battle ground for the election.... Surely with the current ratings in the polls, they wouldn't go early? unless of course, there is data that shows that lots of the population will have existing mortgage deals expiring later in the year and feeling the real effects of the impact of the Liz Truss debacle.... as well as a summer of boats arriving, debunking the myth that they've "stopped the boats"... Just reading the summary on the BBC and the OBR have said: "The OBR says in its report: "The chancellor spends virtually all of this on a 2p cut in NICs [National Insurance Contributions], permanent tax relief for business investment, and further welfare reforms, leaving debt falling by a narrow margin in five years." and... "On inflation, the OBR now does not expect that to fall back to the Bank of England's 2% target until 2025." and... "The tax burden is still set to rise to a post-war high, according to the Office for Budget Responsibility (OBR). It says the largest contribution to that is the freezing of most income tax thresholds, so they don’t rise with inflation. That so-called fiscal drag (the "drag" comes from people being dragged into higher tax brackets than they otherwise would have been - or having more of their income caught in a higher bracket) will net the Treasury £45bn by 2029 and create four million new income tax payers, according to the OBR. Compare that £45bn gain to the cut in the main National Insurance Contribution rate - which will cost the treasury £10bn. In effect, that tax cut is being funded by raiding our paycheques." Economically, there is ZERO good news for next year that they can base an election on. As other said above, in the summer when the small boats cross increasing due to the absolute state of the world, it won't be a good platform for Rish! and his "pledges". Best aim for May when the least worst outcome can be expected. Still, least I can continue offsetting my gaming work PC as "investment in business IT..." Link to comment Share on other sites More sharing options...
Greg2607 Posted 22 November 2023 Share Posted 22 November 2023 and don't forget the OBR description of "the largest reduction in real living standards since ONS records began in the 1950s.” still. they've done well over the last 13 years or so the Tories haven't they. lol. Link to comment Share on other sites More sharing options...
Guest BlueBrett Posted 22 November 2023 Share Posted 22 November 2023 get yourselves some bitcoin lads Link to comment Share on other sites More sharing options...
Spiritwalker Posted 22 November 2023 Share Posted 22 November 2023 2 hours ago, jgtuk said: Where do you get the £1 million figure from? Standard threshold is £325000 or £500000 for direct descendants isn’t it? Not arguing, just what I believed happened recently with a friend. £500000 for each parent which is carried over after the 1st parent dies. Link to comment Share on other sites More sharing options...
Spiritwalker Posted 22 November 2023 Share Posted 22 November 2023 1 hour ago, hackneyfox said: I live in London and house prices are now ridiculous. House is worh over 1 million but if left to my son he'd have to pay 40% on everything over a million which may mean he'd have to sell to pay. Just because the house is worth a lot doesn't mean we're cash rich, that would only happen if we moved out of London. Not sure where you get your 1 million figure from, can you share a link please. It’s on the government website. If I had any kind of computer skills I would post you a link. Link to comment Share on other sites More sharing options...
jgtuk Posted 22 November 2023 Share Posted 22 November 2023 3 minutes ago, Spiritwalker said: £500000 for each parent which is carried over after the 1st parent dies. 8 minutes ago, Spiritwalker said: It’s on the government website. If I had any kind of computer skills I would post you a link. OK, Those are specific circumstances which not many will qualify for and is dependant on the deceased owning only one property, leaving their whole estate to a spouse on death and then that person also leaving to a direct decendant (I think!). If the will is split to include anyone else then the threshold reverts to £325000 or £500000 depending on the relationship to the deceased. I'm not clued up on this but have been looking with interest as I have been made executor by three different people who are also scratching their heads. It becomes more complicated (or at least more expensive) when estates are split by percentage to non family members, unless leaving to a charity. Link to comment Share on other sites More sharing options...
Spiritwalker Posted 22 November 2023 Share Posted 22 November 2023 13 minutes ago, jgtuk said: OK, Those are specific circumstances which not many will qualify for and is dependant on the deceased owning only one property, leaving their whole estate to a spouse on death and then that person also leaving to a direct decendant (I think!). If the will is split to include anyone else then the threshold reverts to £325000 or £500000 depending on the relationship to the deceased. I'm not clued up on this but have been looking with interest as I have been made executor by three different people who are also scratching their heads. It becomes more complicated (or at least more expensive) when estates are split by percentage to non family members, unless leaving to a charity. I wouldn’t agree that two parents passing on their estate to their children is that specific, but you’re right in pointing out that this often isn’t the case at which point the threshold will be lower. If you believe in social justice then that has to be paid for through taxation and it’s difficult to argue that people inheriting large amounts shouldn’t pay towards it. I do have sympathy with those living in expensive properties owned by their parents who are then forced to sell and move out to pay the tax bill. 3 Link to comment Share on other sites More sharing options...
jgtuk Posted 22 November 2023 Share Posted 22 November 2023 Just now, Spiritwalker said: I wouldn’t agree that two parents passing on their estate to their children is that specific, but you’re right in pointing out that this often isn’t the case at which point the threshold will be lower. If you believe in social justice then that has to be paid for through taxation and it’s difficult to argue that people inheriting large amounts shouldn’t pay towards it. I do have sympathy with those living in expensive properties owned by their parents who are then forced to sell and move out to pay the tax bill. I’m dealing with three people at the moment and none qualify. They are all including at least one other person in the will besides their spouse so are subject to the threshold of £500,000 or £325,000 One is leaving mostly everything to his daughter with the proviso that his spouse (second wife) will reside in the marital home until death so the daughter will have an immediate iht bill of £98,000 on his death but she won’t have the property until her step mum dies. Saw a solicitor yesterday who has given some advice to reduce the bill but have to meet with her accountant next week. Nightmare Link to comment Share on other sites More sharing options...
Spiritwalker Posted 22 November 2023 Share Posted 22 November 2023 2 minutes ago, jgtuk said: I’m dealing with three people at the moment and none qualify. They are all including at least one other person in the will besides their spouse so are subject to the threshold of £500,000 or £325,000 One is leaving mostly everything to his daughter with the proviso that his spouse (second wife) will reside in the marital home until death so the daughter will have an immediate iht bill of £98,000 on his death but she won’t have the property until her step mum dies. Saw a solicitor yesterday who has given some advice to reduce the bill but have to meet with her accountant next week. Nightmare Fair play to you, I’ve dealt with two (at different times) so I know how much work is involved. 1 Link to comment Share on other sites More sharing options...
Greg2607 Posted 22 November 2023 Share Posted 22 November 2023 55 minutes ago, jgtuk said: OK, Those are specific circumstances which not many will qualify for and is dependant on the deceased owning only one property, leaving their whole estate to a spouse on death and then that person also leaving to a direct decendant (I think!). If the will is split to include anyone else then the threshold reverts to £325000 or £500000 depending on the relationship to the deceased. I'm not clued up on this but have been looking with interest as I have been made executor by three different people who are also scratching their heads. It becomes more complicated (or at least more expensive) when estates are split by percentage to non family members, unless leaving to a charity. my honest advice on this is speak to a Financial Adviser.... they will have seen these things 1000 times over. 1 Link to comment Share on other sites More sharing options...
jgtuk Posted 22 November 2023 Share Posted 22 November 2023 3 minutes ago, Greg2607 said: my honest advice on this is speak to a Financial Adviser.... they will have seen these things 1000 times over. I’ve already advised this. She’s self employed and they have a ‘family’ accountant and wants to see her first. As the executor I’m already doing more than I really want to. They’re my wife’s relatives so I’m sort of stuck with it 😂 Link to comment Share on other sites More sharing options...
Jon the Hat Posted 23 November 2023 Share Posted 23 November 2023 Shocking budget when you consider salary inflation. All the Cameron / Osbourne increases in the tax thresholds have been undone. 2 Link to comment Share on other sites More sharing options...
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