Cost of Living Crisis

[Soapy FFC]

2 hours ago, parsforlife said:

How is inheritance tax double taxation?   The person receiving that income hasn't paid a penny of tax on it before.

A truly equal society would have inheritance tax at 100%

So, when you pass away you are happy for the State to take everything you own, house, car, money, bank accounts, and every other possession? So, if you were married you couldn’t leave your wedding ring to your spouse or children? If you had dependent children, you couldn’t leave anything for them to live on? If you had dependent family that lived with you and you owned the house, would they be evicted? I’m interested just what you mean by 100% inheritance tax.

[parsforlife]

19 minutes ago, Soapy FFC said:

So, when you pass away you are happy for the State to take everything you own, house, car, money, bank accounts, and every other possession? So, if you were married you couldn’t leave your wedding ring to your spouse or children? If you had dependent children, you couldn’t leave anything for them to live on? If you had dependent family that lived with you and you owned the house, would they be evicted? I’m interested just what you mean by 100% inheritance tax.

The instant I die I am a meaningless lump of meat.  I don’t know why my assets should go to those a dead man decided he liked and wants to give a leg up over those who are most needing support.

I don’t know what purpose an additional bit of jewelry achieves to a widow.  Depended family would be looked after by a sensibly acting state.  It would just mean how you are able to cope with a parents death wouldn’t be dependent on how rich daddy was. 

[Granny Danger]

57 minutes ago, parsforlife said:

The instant I die I am a meaningless lump of meat.  I don’t know why my assets should go to those a dead man decided he liked and wants to give a leg up over those who are most needing support.

I don’t know what purpose an additional bit of jewelry achieves to a widow.  Depended family would be looked after by a sensibly acting state.  It would just mean how you are able to cope with a parents death wouldn’t be dependent on how rich daddy was. 

In your case death is not a prerequisite…

[Aufc]

The instant I die I am a meaningless lump of meat.  I don’t know why my assets should go to those a dead man decided he liked and wants to give a leg up over those who are most needing support.
I don’t know what purpose an additional bit of jewelry achieves to a widow.  Depended family would be looked after by a sensibly acting state.  It would just mean how you are able to cope with a parents death wouldn’t be dependent on how rich daddy was. 

Each to their own. I work hard for my kids and, whilst I will try spend my money with them whilst alive, I will also want to leave them something. It’s pretty easy to avoid IHT anyways

[strichener]

The hypocrisy in this section of the forum beggers belief.  Loads of moaning about rich Tories (mostly inherited wealth) whilst complaining about inheritance tax and double taxation and the wish to leave their own wealth to family.

You come into the world with nothing, you leave with nothing.

[Benjamin_Nevis]

9 hours ago, strichener said:

The hypocrisy in this section of the forum beggers belief.  Loads of moaning about rich Tories (mostly inherited wealth) whilst complaining about inheritance tax and double taxation and the wish to leave their own wealth to family.

You come into the world with nothing, you leave with nothing.

I always found the desire to leave your kids everything pretty weird. When my old man first got his cancer diagnosis, he had "the chat" with my sister and I about what he was going to leave the rest of us (way before he knew how serious it was). I found it a pretty mystifying concept. What's the point in working for 50+ years to save a bit of money then leave the majority of it sitting there for your kids? Ultimately he made sure mum was going to be ok financially, they had a couple of quality cruise trips before things took a turn for the worse and he went. I don't have kids, so i'll just be making sure my disabled partner will be OK and enjoying the rest of whatever I have. 

[Granny Danger]

2 hours ago, Day of the Lords said:

I always found the desire to leave your kids everything pretty weird. When my old man first got his cancer diagnosis, he had "the chat" with my sister and I about what he was going to leave the rest of us (way before he knew how serious it was). I found it a pretty mystifying concept. What's the point in working for 50+ years to save a bit of money then leave the majority of it sitting there for your kids? Ultimately he made sure mum was going to be ok financially, they had a couple of quality cruise trips before things took a turn for the worse and he went. I don't have kids, so i'll just be making sure my disabled partner will be OK and enjoying the rest of whatever I have. 

Scrimping and scraping so you can leave money to your children/grandchildren when you die is a bit weird imho, however I don’t see anyone on here advocating that.  It is possible to enjoy your life, including your retirement, and still have money left over when you pop your clogs.

[Billy Jean King]

Scrimping and scraping so you can leave money to your children/grandchildren when you die is a bit weird imho, however I don’t see anyone on here advocating that.  It is possible to enjoy your life, including your retirement, and still have money left over when you pop your clogs.

Alternatively you could retire early, keep the heating off, wrap yourself in 3 layers whilst recording your every penny spent on energy via a spreadsheet then spend every waking minute on an internet forum telling those that are still working that there is no money to pay them a wage rise in line with rising costs.

[ICTChris]

I think the limit on inheritence tax is £350,000, so you dont pay anything underneath that.

The average house price in Scotland is £195,000 so majority of homes can pass to children without incurring inheritence tax.  We moved house a couple of years ago and quite a few of the places we looked at were homes being sold by children after a parent had either died or had to go into supported accomodation.

The only place in Scotland where the average house price is approaching the IHT limit is Edinburgh, where the average is currently £338,000.  I'd imagine a few parts of South and South-East England will be a lot higher - plenty money for accountants helping people gift their houses to their kids etc.

[ICTChris]

I think there are probably quite a few people who are financially planning to rely on inheritences from parents.  I know a few people who are in that situation or have family members in that situation.

Friends of ours moved back into the family home to care for parents.  One parent died and the other now needs full time care.  The surviviing parent looked to change their will to leave the house to the child who moved back in as a carer but one of their siblings objected, as they said they will need the money from the house so if the carer sibling wants the house they need to buy their siblings out.  This has completely ruined family relationships, just bizarre.

[scottsdad]

In terms of inheritance, a distant relative in her late 80s recently had to move into a nursing home. Her house in Dunblane was sold to pay for it. The home just ate through that in no time. She now has to get government help. There is no inheritance for her kids.

[ICTChris]

8 minutes ago, scottsdad said:

In terms of inheritance, a distant relative in her late 80s recently had to move into a nursing home. Her house in Dunblane was sold to pay for it. The home just ate through that in no time. She now has to get government help. There is no inheritance for her kids.

Yeah, with people living longer, an ageing population, more chronic illnesses etc this scenario is probably very common.

[Dawson Park Boy]

23 minutes ago, ICTChris said:

I think the limit on inheritence tax is £350,000, so you dont pay anything underneath that.

The average house price in Scotland is £195,000 so majority of homes can pass to children without incurring inheritence tax.  We moved house a couple of years ago and quite a few of the places we looked at were homes being sold by children after a parent had either died or had to go into supported accomodation.

The only place in Scotland where the average house price is approaching the IHT limit is Edinburgh, where the average is currently £338,000.  I'd imagine a few parts of South and South-East England will be a lot higher - plenty money for accountants helping people gift their houses to their kids etc.

I think you double that for a couple where the property is in joint names?

[Granny Danger]

45 minutes ago, Billy Jean King said:

54 minutes ago, Granny Danger said:

Scrimping and scraping so you can leave money to your children/grandchildren when you die is a bit weird imho, however I don’t see anyone on here advocating that.  It is possible to enjoy your life, including your retirement, and still have money left over when you pop your clogs.

Alternatively you could retire early, keep the heating off, wrap yourself in 3 layers whilst recording your every penny spent on energy via a spreadsheet then spend every waking minute on an internet forum telling those that are still working that there is no money to pay them a wage rise in line with rising costs.

Not sure what that means tbh.

25 minutes ago, ICTChris said:

I think the limit on inheritence tax is £350,000, so you dont pay anything underneath that.

The average house price in Scotland is £195,000 so majority of homes can pass to children without incurring inheritence tax.  We moved house a couple of years ago and quite a few of the places we looked at were homes being sold by children after a parent had either died or had to go into supported accomodation.

The only place in Scotland where the average house price is approaching the IHT limit is Edinburgh, where the average is currently £338,000.  I'd imagine a few parts of South and South-East England will be a lot higher - plenty money for accountants helping people gift their houses to their kids etc.

The allowance is £325,000 but if you are leaving a property to a child or grandchild there is a further allowance.

[ICTChris]

This talk seems a bit out of place in the cost of living crisis thread.

It also makes me think about what happens to people who don't have houses to sell when they need care.  The note above about people having absolutely no savings is pertinent.  I know people who have what everyone would call decent jobs yet rent their home and have absolutely no wiggle room.  Someone I know broke their television a few weeks ago and were on Facebook trying to get tips on fixing it as they don't have contents insurance or home insurance of any sort.  Mental.

[BFTD]

23 minutes ago, Granny Danger said:

Not sure what that means tbh.

I think you've got the subject of that comment on ignore  

[Billy Jean King]

I think you've got the subject of that comment on ignore  [emoji14]

Ah, wasted on GD then, sorry. I was referring to the recent sermons from Oaky mostly in Gen Nonsense. Quite amusing in it's own way.

[BFTD]

9 minutes ago, Billy Jean King said:

16 minutes ago, BFTD said:

I think you've got the subject of that comment on ignore  

Ah, wasted on GD then, sorry. I was referring to the recent sermons from Oaky mostly in Gen Nonsense. Quite amusing in it's own way.

Repeating myself again, but it's deeply amusing that his switch from "f**k the paupers; poverty doesn't exist" to "I am very concerned about the plight of those suffering from poverty" happened at exactly the same time as he retired and started spending his days fixated on the thermostat and how much his wife had been spunking away on heating while he was out at work. The fuel crisis hadn't even started then.

Edited November 15, 2022 by BFTD
Ficking typoo

[Granny Danger]

19 minutes ago, Billy Jean King said:

26 minutes ago, BFTD said:

I think you've got the subject of that comment on ignore  

Ah, wasted on GD then, sorry. I was referring to the recent sermons from Oaky mostly in Gen Nonsense. Quite amusing in it's own way.

 

26 minutes ago, BFTD said:

I think you've got the subject of that comment on ignore  

I understand now.  And yes I do.

[Granny Danger]

46 minutes ago, ICTChris said:

This talk seems a bit out of place in the cost of living crisis thread.

It also makes me think about what happens to people who don't have houses to sell when they need care.  The note above about people having absolutely no savings is pertinent.  I know people who have what everyone would call decent jobs yet rent their home and have absolutely no wiggle room.  Someone I know broke their television a few weeks ago and were on Facebook trying to get tips on fixing it as they don't have contents insurance or home insurance of any sort.  Mental.

I can understand folk stuck in the rental market even if they’re in decent jobs.  More so in Scotland where the sale price is often higher than valuation meaning that the deposit required is often more than just 10% of the valuation.

Lots of folk need a help from parents in getting on the property market, of course not everyone is fortunate enough to have that help.