Inheritance Tax - New Petittion

[moonym20]

I was recently sent a link to the wonderful Number 10 petitions site. A national paper has started a campaign to abolish IHT from our robbing goverment.

so far it has got well over 34,000 signatures and seems to be growing by around 10-15 a minute.

Please just take a moment of your time to sign your name.... then after that wait a minute to refresh the page and watch your name move quickly up the list!

Its just a polite reminder to Gordon 'Bastard' Brown that people are getting fed up with IHT and also to kindly stop raping the hard working people of this country...

For the record... IHT is an utter disgrace and its a really insult when you are forced to hand over the money of a loved one who has recently passed on

>>LINK<< >> https://petitions.pm.gov.uk/ihtcrusade

Please take the time to pass this around to any one/group you know may be interested.

Thanks
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[colin1]

yeah i agree.

you are taxed on everything you earn, you are taxed on everything you buy, you are taxed on any interest you earn on savings, and then they go and take a huge whack off you when you die

bloody cheek

no chance of them abolishing it, but they should at least raise the threshold

years ago only the rich paid it, but the threshold hasnt moved up with inflation

EDIT

at first i thought i cdnt be arsed signing, but i just have, and it only takes about 10 seconds, so do it

[ColdInsomnia]

Fucking right.

When I kick the bucket I don't want my (hopefully vast) fortune going to some corrupt fat-bastard politician just so he can buy a golden button for his coat made out of third-world children.
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[moonym20]

cheers guys

if you keep an eye on the stats you will see the numbers going up... nearly 2,500 have signed since i did just a few hours ago.

It could be hoped that media interest will ignite a good debate once they see how many people are upset about it.

Please spread the word, who knows mabye the 'bastards' we (largely) call politicians will take note

Its so annoying, the only loop hole open has now been shut and made harder.. a very close person to myself passed away several years ago, all the money had to be placed into various savings etc for over seven years before it can be touched... it still will be TAXed however not to the robbing extent those wankers want

thanks again peeps
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A scientist crossed a skunk with an owl. He's got a bird that smells but doesn't give a hoot

[instigator]

So if we eradicate this kind of tax, what will they do to claw back that awfully large defecit?

Can't but help think its a very stupid poll but for the love of it, I can't get any enthusiasm to research it and come up with a decent argument.

[moonym20]

thats a fair comment.. and your right, they most likley will try to claw back lost funds because thats the way they are...

unfortunatly is a position most people won't understand until they are faced with it... there is nothing more upsetting and insulting than the tax man stood at your door ordering you hand over the loved ones hard earned cash
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A scientist crossed a skunk with an owl. He's got a bird that smells but doesn't give a hoot

[Kwaks]

[froggeh]

Not that I would ever sign any of those utterly useless polls, I do think the threshold should be increased.
There is a good reason for inheritance tax. Or rather there was. It now affects people who it was never intended for.

It should be purely there to stop rich cnuts avoiding income tax and suchlike.

[colin1]

[R4nger]

The royal family pays more for itself in tourism and if you did not know that, prehaps you should research abit more colin.

[Kickstart]

Hi

I am not sure. While not having to pay tax is nice, inheritance tax is one that I am not too unhappy about. It is not money the tax payer has earnt.

On the other hand it is a rather easy tax for those who are organised tp avoid.

All the best

Keith
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[Itchy]

[Kickstart]

[Vincey B]

I dont really think they thought out the statement very well:

"We the undersigned petition the Prime Minister to ensure that inheritance tax is scrapped in this year's Budget"

Sounds a bit childish to me.

They could have said instead:

"We the undersigned never really cared about Inheritance tax before as the £275,000 free allowance meant that most people didnt have to pay anything, but since the house price boom we have suddenly realised that we might have to pay something to get hold of our parents suddenly very expensive property."

And the free untaxed limit goes up to £285,000 this year.
https://www.hmrc.gov.uk/rates/inheritance.htm

[st3v3]

instigator wrote:

[froggeh]

Given the fact that more and more people are choosing not to marry...
I wonder if you could marry your sons GF, or daughters BF, or in fact have a civil partnership to whoever... just before you kick the bucket, and hand over... ?


Just a thought.

[Itchy]

Trusts are a grey area , there are two trusts , bad and worse ,

Both if given while you are alive still eat into your 275K 'free limit'

Bad , still gives rise to small charges but sort of acts like a big fat bank account
where you are allowed the interest but not the capital.


Worse as above but ALL income cept dividends is taxed @ 40% before it gets into
the hands of the beneficiary.

Problem is with trusts is you have to trust the trustees , trustees I work with often take
60% of the income for 'trust management' and give 40% to the beneficiary.


I do know about 3 ways to avoid the tax , but its not really avoidance since you still have
to pay for the tax its just sort of paying it but not out of your pocket.


Frog , this might work , but relies on trust , ie my dad has a fair wedge , he may marry
the girlie I'm trying to get into the sack, but if she suddenly had my Dad's wedge would she
stay with me? , no.

There may also be an overturning as this might be considered a sham and therefore such
tax free rules not apply, HMRC is a law into itself , since it self regulates ie tax inspectors
sit on the appeal committees , what it says is canon.


lots of things should work but the anti avoidance rules are vast and biblical, ie selling everything
for 1p to anybody but a stranger = connected party rule ,

Giving your house to your sprog, while living in it = gift with covenant , so it gets hammered by
both inheritance tax and capital gains tax.

There is a really silly avoidance method it works but it involves NR750s , NR750s you say yet tax
avoidance using NR750s,a motorbike, thing is NR750s are rare,
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[froggeh]

[Itchy]

[headlamp]

[Dan 4RR]

Pardon my stupidity, but would you have to hand over say a certain percentage of the house sale, or would it be their entire 'fortune' like cars, jewellery? surly if they had a lot of money in bank accounts you could give a shit load to your family to 'hide' from the tax man?
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[Itchy]

I wrote lots and deleted it, as I think I'm going over old ground over and over, (you got
ripped off btw)

you can avoid IHT very easily the problem is it tends to fall into other types of tax,the
goal of the game here is to pay as little tax as possible.

trusts avoid IHT but fall into income tax and Trust self assessment up to 40% tax before
it lands in the wallets of your children

gifts (to connected parties which is very very wide definition) avoid IHT but fall into
capital gains

very small gifts are tax free,

capital gains avoidance falls into IHT

its all circular! ,

there are all sorts of rules designed to prevent selling things for 1p to avoid tax, buying things
hours before you die etc.
____________________
Spain 2008France 2007Big one 2009 We all die. The goal isn't to live forever, the goal is to create something that will. In the end, your life will flash before your eyes. Make sure it is worth watching.