Despite the statistic, I am one of the so called 3% who is likely to be hit inheritance tax...
My mother and father bought a house in 1984 for 50,000 and have spent close to 500,000 over a 20 year period of repairs, resoration and improvement...
On current inheritance tax laws... if my parents die I will have to pay...
£520,000 in inheritance tax on the house alone...
I was going to include the maths, but thats for the house only, if your desperate enough you can figure it out.
I think its totally unfair that my mom and dad who have worked all their lives, hard, payed tax, national insurance for over 50 years should have half a million pounds of their value stolen by the government on their death.
We have looked into the Gift of Release loophole (which means your parents can sign property over to your for no tax assuming a single member of your parents survives 7 years following the contract)
However labour plan to abolish this option too
UNFAIR TAXATION!
2007-10-09
07:18:20
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2 answers
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asked by
Anonymous
in
Personal Finance