Seemingly trivial things that cheer you up
Comments
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Nobody thinks that it is a rich persons tax as they have enough spare money that they can properly plan ie give the country estate to the eldest son and continue to live in the East Wing.pinno said:I know from personal experience that IHT is a complete and utter PITA.
In the 7+ years it has taken the solicitors to sort my fathers estate (and it's not finished yet), we had to borrow a sizeable amount and eventually, sell a property to pay the IHT bill. In the time that took, the property (and some shareholdings) went up in value and so we paid Capital gains tax on top of the IHT, as well as the interest on the IHT loan took out to pay the IHT.
The IHT bill had to be paid before the property was sold. Though we got some back under HMRC's tax relief system but not all.
It's not all about the very rich - that's a misconception How many properties in the UK are worth more than the IHT threshold (£325k)?
If the deceased had savings that are put aside for paying IHT, that's considered part of the assets and will be included in the estate value and subject to IHT - that's got to be wrong. That's where an individual should be able to put money aside which is categorically set aside for that purpose and that purpose alone but not included in that individuals estate value.
HMRC's rules are pretty strict and many have to do what we had to do and take out loans to pay for IHT or pay by annual instalments. So someone dies and those in receipt of part or all pf an estate have a perennial financial hangover.
The only way to avoid the IHT bill, is by giving all but everything away under the value of £325k 7 years before they die. IHT is something not to be laughed at as only a rich man's problem.
IHT isn't simply a tax that is 'helping to pay for the fiscal deficit' and HMRC's actions are to be applauded. It's a tax that needs serious review and much more fairness.
IHT is a tax for the middle classes.0 -
The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.4 -
kingstongraham said:
Do I have to post a dog again?
Don't send it by Evri, if you do, as it'll end up at the wrong house.0 -
Online food shopping.
Once a week, the food turns up at the front door. Substitutions are almost always an improvement, it costs very very little and saves me 2 hours a week of my own free time.
So good.0 -
Who do you use?rick_chasey said:Online food shopping.
Once a week, the food turns up at the front door. Substitutions are almost always an improvement, it costs very very little and saves me 2 hours a week of my own free time.
So good.- Genesis Croix de Fer
- Dolan Tuono0 -
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- Genesis Croix de Fer
- Dolan Tuono0 -
Lifted from Road CC, I don't normally share Tweets, but the reaction of this dog made me smile
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There is that, which is why I mentioned care feed above (for which there are similar mitigating actions). I saw my OH's inheritance flushed down the car fees toilet so I know what you're talking about.rick_chasey said:
All the inheritance on both sides of my family ended up being eaten up by 10+ years of dementia care. Combined its roughly 50 years of fees.Stevo_666 said:
Who knows, plenty of people die earlier than expected.rick_chasey said:
Screw their future? Hopefully theyll be near retirement before I go.Stevo_666 said:
You're assuming there Rick.rick_chasey said:Look, Stevo sees all tax as inherently evil (though he uses public services like roads etc) and he seems HMRC as the enemy, so he just backs anything that means there's less tax being paid, whether that's under-collection, avoidance or just lower taxes.
It'd be easier if he just backed that position to the hilt rather than pretending he wants to be reasonable on this.
It's part of my job to negotiate with HMRC and tax authorities around the region. Although not on IHT as I don't deal with personal stuff. For this particular tax there is a direct inverse correlation between how much the state takes and how much goes to my family. If you want screw your children's financial future, that's your call. Pretty stupid position take though IMO.
They can earn their own money. It’s good for you.
No one likes a trust fund kid.
I appreciated my inheritance and put it to good use. I intend to do the same for my kid. You do what you want.
It’s not something anyone should ever rely on. They wasted far too much time on worrying about it.
I'd rather they spent it all when they could still enjoy it.
True, you need to live a bit while you can, but unless you can see into the future it makes sense to have something put aside. I want to be a burden on nobody for as long as possible."I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
Good point. Its a minefield but it can be avoided as you say. I only didn't have an issue with it because my folks lived in Redcar so what they left me was well within the threshold.pinno said:I know from personal experience that IHT is a complete and utter PITA.
In the 7+ years it has taken the solicitors to sort my fathers estate (and it's not finished yet), we had to borrow a sizeable amount and eventually, sell a property to pay the IHT bill. In the time that took, the property (and some shareholdings) went up in value and so we paid Capital gains tax on top of the IHT, as well as the interest on the IHT loan took out to pay the IHT.
The IHT bill had to be paid before the property was sold. Though we got some back under HMRC's tax relief system but not all.
It's not all about the very rich - that's a misconception How many properties in the UK are worth more than the IHT threshold (£325k)?
If the deceased had savings that are put aside for paying IHT, that's considered part of the assets and will be included in the estate value and subject to IHT - that's got to be wrong. That's where an individual should be able to put money aside which is categorically set aside for that purpose and that purpose alone but not included in that individuals estate value.
HMRC's rules are pretty strict and many have to do what we had to do and take out loans to pay for IHT or pay by annual instalments. So someone dies and those in receipt of part or all pf an estate have a perennial financial hangover.
The only way to avoid the IHT bill, is by giving all but everything away under the value of £325k 7 years before they die. IHT is something not to be laughed at as only a rich man's problem.
IHT isn't simply a tax that is 'helping to pay for the fiscal deficit' and HMRC's actions are to be applauded. It's a tax that needs serious review and much more fairness."I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
That reminds me that a tax partner at the firm where I trained kept a skull and crossbones flag on his deskrjsterry said:No Brian, it would not.
Although I do think they should rebrand IHT as Death Tax. Maybe with a 💀 added beneath the HMRC logo. A little black humour would cheer me up.
"I spent most of my money on birds, booze and fast cars: the rest of it I just squandered." [George Best]0 -
The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.1 -
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The above may be fact, or fiction, I may be serious, I may be jesting.
I am not sure. You have no chance.Veronese68 wrote:PB is the most sensible person on here.0 -
All good suggestions.1985 Mercian King of Mercia - work in progress (Hah! Who am I kidding?)
Pinnacle Monzonite
Part of the anti-growth coalition0 -
seanoconn - gruagach craic!0 -
Just how cute is a kittens yawn. Probably worth losing a few million in inheritance tax to see one.0
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Podcast on the economist “how to argue better” and makes a good case for arguing and disagreeing with people “as a tool to sharpen your own reasoning” as it forces you to actually bring evidence and reason to the table rather than relying on instinct.
Which is ultimately what I’ve used the forum for!
(And dear reader, I’ll take some tips too…)0 -
I feel like you've been offered a few tips - Genesis Croix de Fer
- Dolan Tuono0 -
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The evidence and reason bit would be a good starting point 😉rick_chasey said:Podcast on the economist “how to argue better” and makes a good case for arguing and disagreeing with people “as a tool to sharpen your own reasoning” as it forces you to actually bring evidence and reason to the table rather than relying on instinct.
Which is ultimately what I’ve used the forum for!
(And dear reader, I’ll take some tips too…)1 -
Ha. The whining about charts others produce that I use is genuinely limiting when it comes to a constructive argument.0
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rick_chasey said:
Ha. The whining about charts others produce that I use is genuinely limiting when it comes to a constructive argument.
Recognising the problems with charts quoted before others point out the problems might be a good ploy: it's a Feynman strategy... "These are all the problems with my hunch... but despite all these problems, these are all the reasons why I think that my hunch is correct."
Sure, several of us, I suspect, quote bald charts to do a bit of (sometimes unsubtle) trolling, but one has to be ready for the pushback if the charts are flawed, by omission, or whatever.
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briantrumpet said:rick_chasey said:
Ha. The whining about charts others produce that I use is genuinely limiting when it comes to a constructive argument.
Recognising the problems with charts quoted before others point out the problems might be a good ploy: it's a Feynman strategy... "These are all the problems with my hunch... but despite all these problems, these are all the reasons why I think that my hunch is correct."
Sure, several of us, I suspect, quote bald charts to do a bit of (sometimes unsubtle) trolling, but one has to be ready for the pushback if the charts are flawed, by omission, or whatever.
- Genesis Croix de Fer
- Dolan Tuono0 -
Sorry, could you find one that doesn't start on zero?
Talking boldly about the bald facts of 'thinning hair', do barbers still use those instruments of torture that Mr Huddlestone (the barber/sweetshop owner) used to use on me, the thinning shears? God, I hated them. They didn't really cut, more 'ripped'.0 -
No it’s all different types of electric/ battery clippers, cutthroat razors, lighted tapers, exfoliating lotions, hot towels and Turkish coffee.0
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And an eye watering bill at the end.0
