My dear Mum struggled financially as her savings were so low but we have just had to give over 32,000 to the chancellor as house was over £280,000 wher she died just before Christmas. Its very upsetting.
2007-09-30 20:46:04 · 7 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
Thanks jk-thegooner - we did get financial advice before my Mum died but as all her capital was in her home there was nothing that could be done. Many people are in this situation. Also for those who do not know - there is very little money left from the estate after solicitors and estate agents take their fees so once the the money is divided between us all there isn't that much left. I would rather have my Mum alive anyway!
2007-09-30 23:30:46 · update #1
Yea, give it out willy nilly to whatever cause they see fit.
I feel like you.
2007-09-30 20:48:50 · answer #1 · answered by Sal*UK 7 · 2⤊ 1⤋
Death and Taxes - The two constants.
The Govt have just found a way of cleverly combining the two.
The lesson to be learned is that as costly as some advice is, seeing a good financial adviser, or solicitor before it's too late can save £ssss
Given the nature of the question, I would say there were possibly plenty of things your mother could have done to mitigate the IHT liability.
2007-09-30 20:59:07 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It all goes into the big 'pot' that HM Treasury collect from all the variety of taxes that we pay, inheritance tax being one of them.
It's imposible to say what it gets spent on exactly, as it is not ring-fenced- in the same way as road tax doesn't get spent directly on roads etc.
A proportion if it will be spent on things like the NHS; education; and transport infrastructure; some will be spent on things like defence and policing; and yes, some will go to pay MPs and civil servants wages. Equally, some will go to fund tax credits for the less well off and other social benefits such as job seekers allowance
2007-09-30 20:56:12 · answer #3 · answered by otleygas 2 · 1⤊ 0⤋
It just becomes part of the overall tax kitty. Inheritance tax is not reserved for any particular purpose. It is rather an unfair tax, especially with the increased property values now.. The tax was originally aimed at the very rich, who could afford it , but is now affecting everyday people as the threshold for paying it has not increased at the same rate as property values.
2007-09-30 20:54:30 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Yes it's not fair is it? The money probably goes towards MP's payrises or to fund the plethora of freebies they receive.
2007-09-30 20:50:37 · answer #5 · answered by Nexus6 6 · 1⤊ 1⤋
I call £32,000 on a total capital of £280,000 small beer, so why get upset? As for the tax, well no one likes paying tax and if inheritance tax is used for the health service, education, then in my view it is worth the minor pain.
2007-09-30 20:59:21 · answer #6 · answered by James Mack 6 · 1⤊ 6⤋
They spend it on video cameras.
2007-09-30 20:49:28 · answer #7 · answered by Factual Pterodactyl 2 · 1⤊ 2⤋