UK death duties

[Kattt]

If you live in the UK and have assets you want to bequeath, don't forget about the death duties.
That's right, even dying is taxable here.
It's called "inheritance tax" now and a whopping 40% of the estate goes to the treasury.
If you want to circumvent being mugged by the taxman by passing it to your chosen beneficiary before you buy the farm, it has to be done 7 years in advance.

 

[locked*n*loaded]

If you live in the UK and have assets you want to bequeath, don't forget about the death duties.
That's right, even dying is taxable here.
It's called "inheritance tax" now and a whopping 40% of the estate goes to the treasury.
If you want to circumvent being mugged by the taxman by passing it to your chosen beneficiary before you buy the farm, it has to be done 7 years in advance.

I'm in the states, but just curious.....is that for ALL values of estates? Here in the states it's dependent upon which state you live. Most have done away with inheritance taxes for estates valued at less than a couple million $. There are other tools available here, too, like "Trusts", whereby you can pit your assets into a trust and protect them to some degree.

 

[Kattt]

I'm in the states, but just curious.....is that for ALL values of estates? Here in the states it's dependent upon which state you live. Most have done away with inheritance taxes for estates valued at less than a couple million $. There are other tools available here, too, like "Trusts", whereby you can pit your assets into a trust and protect them to some degree.

Yes, your entire estate. Don't know how seriously they are if it's a very meagre amount. But almost everything here is taxed, some things multiple times.
That would be OK if we could be certain it was used to provide services for the British people.

 

[jodes2]

Fucking bastards

 

[locked*n*loaded]

Yes, your entire estate. Don't know how seriously they are if it's a very meagre amount. But almost everything here is taxed, some things multiple times.
That would be OK if we could be certain it was used to provide services for the British people.

That seems to be the way of Western countries. We're taxed to death here, too. Some states, like California and New York, are worse than others and tax you to absolute death with higher percentages on purchases. Some states don't have real estate taxes, but have other taxes that make up for not taxing land and houses. Some states tax food, others don't. Most people don't have large estates, so the idea of not taxing estates with values of a couple, few, or even 10 million $ was just a give-away to rich people that republican controlled states put into law. They use terms like "death tax" to incite emotion in people, even though they most people's estate's wouldn't be required to pay a inheritance tax, anyway. Still, I don't like paying taxes either, but it's the cost we pay to live in modern society. The money has to come from somewhere. Still, I agree, we are all over-taxed and the only place taxes ever go is UP.

 

[Smart No More]

It's better to pay the gift tax and give it sooner than later. Gift tax is a lower percentage but I forget the exact number.


Scummy taxation laws! Utterly abhorrent to take a almost half a persons inheritance like that! Especially as the person who left it spent their lives paying their taxes already.

 

[Kattt]

Driving is a great example of British taxation.
You pay tax on the minimum 40 hours of lessons with a registered driving instructor, required to be eligible for a driving test. You pay tax on the cost of the test. You pay tax on the vehicle you buy. You pay road tax to be able to use the roads. You pay tax on the mandatory insurance. Tax on the fuel (plenty there). Once your vehicle is more than 3 years old, you must get an MOT test certificate each year, which is taxed. That road tax is due every year too. Oh! Any work or parts needed for the vehicle to pass the MOT test are also taxed.
There's a good chance I missed one or two there.

 

[Forever Sleep]

If you live in the UK and have assets you want to bequeath, don't forget about the death duties.
That's right, even dying is taxable here.
It's called "inheritance tax" now and a whopping 40% of the estate goes to the treasury.
If you want to circumvent being mugged by the taxman by passing it to your chosen beneficiary before you buy the farm, it has to be done 7 years in advance.

Depends on how rich you are... If your estate is worth less than £325,000- you might not be clobbered with it... My solicitor said it likely won't affect me:

How Inheritance Tax works: thresholds, rules and allowances

Inheritance Tax (IHT) is paid when a person's estate is worth more than £325,000 when they die - exemptions, passing on property. Sometimes known as death duties.

www.gov.uk