I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown
No doubt, having the right plan is invaluable, my portfolio is well-matched for every season of the market and recently hit 100% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, tho this could take till Q3 2024.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
In the 1990s I sold pensions on the strenght that the tax free lump sum would pay off most if not all of the mortgage and leave the investor with a pension for life. Most were over a 40 year term plus, I was not alone.
The approach of selling pensions with the promise that a tax-free lump sum would pay off mortgages and provide a lifelong pension was common in the 1990s. However, many factors can affect the outcome, including changes in the housing market and interest rates. It's crucial for investors to seek personalized advice and consider diversified financial strategies to ensure long-term financial stability.
it's vital for investors to seek personalized advice and adopt diversified financial strategies. Working with a knowledgeable financial adviser is crucial for achieving long-term financial stability and freedom
I've experimented with a few over the past years, but I've stuck with ‘’Nicole Anastasia Plumlee” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
It broke my grandmothers heart to know that the care home she was in was costing £1300 a week, she was in there for 2 years. She wanted this to be her children's inheritance
No! Mucky as that sounds! I think you can set up a trust fund which remains out of reach of the Local Authority , and the money can be left to your beneficiaries, who will top up any fees in the event that the state accommodation is ...er...full ofexcrement to use your description!!@@Bikeaddict4235
Great video, I have a quick question. I am an aspiring trader, I am looking study some traders and earn off their expertise rather than investing myself and lose money emotionally. What's your take on copy trading? Do people really make money? Just looking for some reassurance.
Focus on long term investments in property, stocks, and bonds. Avoid copying, day trading and 'chart astrology'. Diversify across different geographies, industries, and value chain stages - to reduce your risk. You can do this with ETFs, or by selecting different stocks yourself. This is the best way to invest for more than 90% of people
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer.. .
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
People who never saved are better looked after as they can get pension credit and other benefits. People who worked all their lives and saved by being frugal are punished. My pension is very small and every month I have to dip into my meagre savings after working and paying taxes for 45 years. My pension is just over the threshold for claiming pension credit. I am single and there is no one to share the bills. No one knows how long they have got on this planet but my thinking now is enjoy life by spending your savings and if you live long enough without any savings left, then let the government / council take care of you. People with no savings or assets pay nothing for being in a home but others with some assets have to pay.
I’m never likely to have enough for inheritance tax to be applied to my estate, but I still think it’s a despicable tax. We pay tax on everything all our lives, so why should stuff we’ve bought or money we’ve saved, that we’ve already paid tax on, be taxed again on our death. This was a tax originally aimed at the super rich, now to be honest it affects the moderately wealthy, it shouldn’t be applied to anyone, but if the government must steal money, maybe they could reign it in a bit & only charge 20%.
You have paid tax on the money in your estate and you are not going to pay again. However a person who has not worked or saved to create that money is going to be taxed if you give that money to them. Just like wages every time money is moved from one person to another it is taxed. Your employer gives you money you pay tax, you give money to the window cleaner, they pay tax. We all have to pay our own dues in life.
Inheritance tax can be a source of confusion, with various myths surrounding who will pay it and how it truly works. Contrary to common belief, not everyone is subject to inheritance tax in every situation
Understanding the intricacies is crucial, as the tax depends on factors like the value of the estate, the relationship to the deceased, and available exemptions. Dispelling these myths is the first step in demystifying inheritance tax.
Having recently dealt with the complexities of inheritance tax, I can attest to the importance of professional guidance. It's not just about the financial aspect but understanding the nuances of tax laws. I engaged a certified advisor who not only clarified the intricacies but also helped optimize the financial implications, ensuring I paid only what was necessary.
Your experience echoes my concerns about potential inheritance tax. Could you share more about your advisor's approach and how they helped you navigate the intricacies of this tax?
@@garyh1572 I always wondered about that phrase unearned.. I get it, your children didn’t earn the house or the tax paid wages that paid for it or the tax that the bank paid on the profits on the interest you paid. A son could be 60 when inheriting a family home and take a mortgage out to keep it after paying the tax on it… then use a part of his pension 5 years later to clear that loan. He could die a year later, 6 years after he paid the tax on the house and leave it to his daughter who then also has to take another mortgage on her tax bill.. it never ends and is a disgrace.. all because you’d like to keep your family home.
@@garyh1572the government certainly didn’t earn a penny of it so they are not entitled to 1 single red cent of it. They are nothing but legal mafia thieves. My children are my responsibility and what’s mine is theirs, they earned it through me and my efforts as a responsible parent who does not leave burdens on society as I built foundations for them to build on.
@@zionjzachary Yes, but when they receive the money ,it needs to be taxed like income. Less than 3% of the population pay it anyway. It won't affect you - stop defending very rich people.
My Mother is going into a care home and the house she and my deceased Dad bought is to be sold off, her savings account emptied and used to pay for her £1200 per week care. £130,000 worth at the moment. Sadly, that's how it goes, the money my Mum and Dad created over 60 years is going to the nursing home manager. Someone has to pay for it! Looks like myself, my brother and sister are getting no inheritance at all. What a wonderful country. 😞😡
This is so difficult but the good thing the money your parents earned is taking care of your Mother in her old age,bless her. I hope she is happy and gets care of the highest standard as her money is paying for it, anything left will I am sure come to you all. I would be thankful she is being well looked after and you are all doing the right thing by your dear Mum. Bless you all.
I'm the same as you, single divorced but house around £700K, the going rate for a modest family home in SE. When my son is ready to buy a house I will downsize to pass the extra £200K on as soon as possible. I have zero savings.... I stuff it all into the pension pot, an amazing protective barrier from IHT.
Single people and divorcees without children are discriminated against and are unable to leave their estate to nephews or nieces. Grossly unfair in my view.
Thing is though, you’ve already paid income tax on savings and before your mortgage payments. That could well have been 40%, so they are taking 40% on top of 40% already paid while accumulating your estate. Daylight robbery as are many other taxes on top of taxed income. But not to worry, they’ll take it all away anyway to pay for the old people’s home and later nursing care, while those that have gambled or pished it all away will get it all paid for and they are the ones who get the sympathy also.
HMRC is the biggest scammers . They make rules butt in reality is scam The scam that is becoming rules and regulations just because they made it doesn’t mean is the right thing to do. Working all your life paying tax on every thing than you give 40% 😂😂😂😂
Point 6. Whilst only 4% of households pay inheritance tax, many many more have to complete bonkers hrmc forms to prove no tax is due. If you ask a solicitor to do it for you it will cost around £10,000. If not you get to fill in around 80 pages across 13 forms. It is a bureaucrats wet dream and very time consuming.
I agree. It is just 'another' government endorsed hurdle and hmrc financial gain put in place of your 'rightful' inheritance that they have already charged tax on when it was 'originally' either earnt or purchased. And now they want more!.
Such a brilliant video explaining simply.Been looking on internet & a little confused. the way things were worded.Martyn has summed it up so well.Thank you
Maybe 96% of estates didn't pay Inheritance Tax, but that is because a lot of those have jumped through all the hoops in the preceeding years to ensure they didn't pay. It can easily creep up on you: a sadly widowed middle-aged person who thinks they've still no concerns about IHT can soon be thrown into problems if a parent leaves them their estate and it's worth a surprisingly large amount. £1m is not as much as it first seems once you factor in your own home AND an inherited home.
I recently inherited almost $500k. I REALLY need to make this money work for me, and not just disappear over time. I've been scrambling for somewhere to put the money, where can make an effort to use the gains to pay bills so I can quit my job. All roads have pointed to the financial market of some sort which is a good idea buh where else should I put money besides the financial market? We have a 13% RPI rate so cash is tough.
Wow I know Samuel Peter Descovich. His platform maintains a unique perspective and is very transparent with their investors. Regardless of whether or not he outperforms i will always stay invested as his methods alone with keeping investors in touch with their strategies and outlooks are something that so few managers are capable of and they should follow suit
Yeah real, that guy is one asset manager that gives the breakdown of everything on how things are done, joining an effective financial community can be 100% beneficial when joined properly that's all I can say out of experience
I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life
YES! that's exactly her name (Stacey Macken) I watched her interview on CNN News and so many people recommended highly about her and her trading skills, she's an expert and I'm just starting with her....From Brisbane Australia
Truly, investing has changed my perspective on how one can succeed in life; working multiple jobs isn't the optimal way to attain financial freedom and unfortunately, we discover this later in life. Currently earn as much as 12 grand weekly and this has improved my financial life
Wow. I'm a bit perplexed seeing her been mentioned here also Didn't know she has been good to so many people too this is wonderful, I'm in my fifth trade with her and it has been super
This is crap. My house is worth £650,000 i die that's fine, my wife gets the lot. When my wife dies, the kids will be eligible to pay IHT. It affects more than 4% of the population, seeing that house prices have gone bonkers. I am not a rich person by a long shot.
Hi Steve. If your house is the main family asset e.g. you don't have more than 350,000 jointly in other assets (cash, shares, cars, boat, second home etc.) and as long as you and your wife both make wills leaving your estates to each other and also specifically will / bequeath the house by the survivor to your children, then IHT shouldn't be due on the house. Make wills along these lines and you should be OK - or to be more precise, the kids will be.
Agree. They'll have 40% to pay on everything over £1m, unless you gift, and live a further 7 years. Depending on your financial circumstances, there's also 'gifts from income' that fall outside of the 7 year rule and aren't subject to IHT.
@stevepitts7998 my mum and dad did their wills as you describe. Just my dad left now and as his daughter I'm the beneficiary. Is iht still due on the house which is around 500 000 in value.
@@melgrant7404 So long as any nil rate allowances haven't already been used up, bequeathing monies to you, or others, previously, you should not have any IHT to pay on any of your parents' estate up to the value of £1m (depending how long ago your Dad passed away), That figure comes from 2x £325k allowances plus 2x £175k nil rate residential allowance, that applies when parents (or grandparents) have property. So if the house is still £500k, so long as other assets don't exceed a further £500k, you should be okay. But seriously consider getting a good solicitor, who does a fixed fee service for the probate work! Four years ago, we paid less than £2k, so it doesn't have to cost the earth.
The bigger concern is if you need care and own your home the council will take your home, you’ll have nothing to leave. This is what most pensioners like myself are concerned about.
@@shamir.globalimpact Think he means, if they're put into a care home, and they own a house, Government will use the value of the house to fund the stay at a care home, at apparently high rates. You only get help from the system, if you financially have nothing. That in itself controversial. One one hand, people who have nothing need help from Government, but if they contributed nothing or little into the system why are they getting too much help? Those who contributed to the system can't get access because they have their own finances, but at the same time, why shouldn't get access, when it's their taxes that prop up the system in the first place and now they need some help back.
@@shamir.globalimpactto fund your care you would have to sell your home and pay for care from the proceeds…the council don’t do this or take your home to do it…you or your family have to do this …but paying for your own care means you can find a care home you like where you like and some are splendid.
Private pensions can "sometimes" be included which I why, I suspect, Martin didn't stress this. If you have a flexible pension (like a SIPP) and reduce your drawings because you know that you are terminally ill, in a bid to pass on wealth, HMRC can charge the pension to IHT. In any event, if you die older than 75 and leave a pension fund to anyone (spouse, children or grandchildren) they pay income tax on what they take out of the inherited pot which could be 20%, 40% or 45% so could be more than IHT albeit the tax is on withdrawals whereas IHT is before it's passed on.
The main problem I have with it is that the wealthiest almost entirely avoid it via complex financial vehicles/offshoring etc. Yes, only 4% of estates pay it today, but that number will go up substantially every year as house prices continue to rise and the tax thresholds are frozen. Taxing twice at 40%, even for affluent households, is imo too heavy a burden, but if you’re going to do it, at least make the very wealthiest pay it as well. Not to do so is a huge injustice.
Yes and in the case where a spinster aunt died leaving everything to her sister, who had died previous. With My brother and sister we inherited her estate, it came over the £325 K threshold so 40% IHT was charged which just left me asking why. Her earnings were taxed, her taxes money invested and profits taxed, taxes when property bought, and then they want a further piece of the action.
@@guyr7351 The tax is on you. You are looking to come into a sum of wealth that you didn't earn. Unearned income is still income. Unearned income is taxed below the level of earned income. Stop complaining. You received a bunch of cash you did not earn. Pay your tax and count yourself lucky. Luckier than most. Why should you be able to accumulate so much intergenerational wealth when to do so invariably disadvantages everyone else?
@@bakedbean37 one way to look at it, to me it is the state having another bite at the cherry. I’m not sure how it disadvantages other people though, the amount of tax raised is modest by the Governments income levels from other taxes, and as others have said those estates that are much higher valued systems and ways are found to pass the wealth down. I did use the money wisely and it was not money I had ever anticipated, but I had promised my mother when she was dying of Cancer I would make sure her sister was OK a promise I kept, being the only person who made the effort to see her in her final days, (covid was still having an impact) talking to her as she slipped away. I also made a payment to a cousin who I know my aunt wanted to give money to, the other beneficiaries wouldn’t make any payment. But hey ho it is what it is
@@bakedbean37 Because it was her aunt's money. Like it or not: family looks out for family. The tax has been paid. You, my friend, should not have a say.
@@Nora.........earn your own money don't rely on handouts. These rich scroungers are insufferable! Take the money and keep quite. Many people are struggling to feed themselves and their kids, they don't want hear about people complaining they missed out on 100K and only got 500k in inheritance.
Not as rosie as he states. Here's one scenario : A single person with no children, owns a UK average house worth £290,000 and has £100k savings. Not a rich person by any means will have to pay (390-325)* 0.4 in inheritance tax = £26,000. Personally, I'll be paying £260,000 in IHT unless I get married or emigrate.
8 месяцев назад
Why should the people of this country pay inheritance tax when that prat of a King didn't pay a penny on his millions left to him. Uk 🇬🇧
Wow - my mum is house rich and money poor as she lived in London. All her life my parents struggled and the one thing they had was a house. They have 4 kids and looks like a decent chunk of what will be left will go to the government.
The biggest scandal around inheritance tax is HMRC demanding payment directly, but you can't pay untill Probate is granted which is in the hands of another branch of the burocracy that is even more dysfunctional than HMRC.
Inheritance tax is built on a quaint ye olde structure of married couple, children and house worth not so much. Basically not reality of todays world. The weaknesses are around family structure and house prices. You don't need to be super wealthy to pay IHT just unlucky with family structure and location.
It’s bonkers that this is a vote pleaser when so few people pay IHT. The RNRB needs reform though so siblings are included and not just direct descendants.
Needs reform. There should be a higher amount/allowance for those in London as properties are the highest than the rest of UK. All London homes are all above £325k. So all single home owners will have to pay. What is the point of owning a property, be poor & live on benefits!!!
My mother who was divorced from my deceased father has a pretty regular family house worth more than £500,000. She has 3 children and 3 grandchildren. So I'm going to be paying 40% tax on maybe a little over £100,000 of the money I receive, meanwhile Cuthbert who is an only child of a wealthy couple can pick up £1,000,000 tax free. Its that kind of inequality that needs to go. Also the Duke of Westminster inherited £8billion without paying any tax as his family set up a trust fund. Its a silly tax that only catches a few people in the middle.
It’s an unjust Tax, people work hard all their life’s and get taxed on money earned, money spent and even money saved. Other countries have abolished it completely. The Tax system is complicated too much as it is. So is this the whole U.K.? I thought it was £350k per person and £700k using a dead partners like a husband or wife’s Allowance. Didn’t know if you pass on a house it goes up to £500k.
@@mrscreamer379Or instead of being upset at someone getting a better deal maybe because his parents had a business who employed people for many years ha it so go we abolish it and everyone is on the same playing field. So the rich who have worked hard should give it up that’s a problem too why should they.
When my dad died several years ago. Died from sudden death my parents were not married. I was 8 The government took 40% of everything!! It went to probate and the solicitor charged £300 per hour letter / email 😢
One checkpoint as not sure 500k on residence is correct, it’s up to 500k as residence value is the tax free amount so if you left 500k in cash and residence was 100k tax free would be 425k the rest would be taxed still.
It’s a tax that needs to be abolished. It’s not the most affluent house holds who pay it! Example when the Duke of Westminster Died and his son inherited his estate the inheritance would have run into the billions he paid nothing of the sort.
Charlie Windsor did not pay any inheritance tax on the billions he was left by his mum. And no death duties paid on her estate either. A wonderfully corrupt place for the unelected aristocracy. And Charlie gets a £100,000,000 handout from the taxpayer every year too.
Be careful if you plan on getting married just to avoid paying IHT ..I know far more people lost everything in a nasty divorce than I know who have lost money paying inheritance tax
Ive just had a free chat with advisor Clare Sutherland and she has answered all my questions, especially about lasting power of attorney, IHT, wills and if a trust fund would help. Trust funds can be very expensive. Everyone's situation is different so I think speaking to a professional has helped me understand how I can protect and make it more straight forward for my children to pick up the pieces if I lose capacity and when Ive gone.
With house prices now and inflation, it think it will become more of an issue for current middle earners. Its a popular policy to reduce it for the simple reason it is a tax on a tax, any wealth generated will have tax paid on it from the start. It is not a `let the wealthy keep more money` policy to reduce IHT, but of course it will have no bearing on the poorest, who just need more money in their pocket today
I'm going to be liable for it, but I've had it with this government and this is not a vote winner for me. There are ways to avoid or lessen the blow with IHT. You just need a good financial adviser.
How is it not the perfect tax? Only dead people pay it, and only the richest at that! I cannot even conceive of the scenario where someone is a major victim of this. To have lost money to it you have to be receiving many hundreds of thousands of pounds!
But it shouldn’t mean that you are driven to pay a financial advisor, just how many times are we expected to be taxed for anything during our life time! It infuriates me that we we get taxed, time and time again on that we have worked hard for.
Thank you for sharing. In cross border inheritance between England and Spain what happens if defendants have NOT paid UK and Spanish inheritance taxes? What happens if defendants pass away from the vaccines? Does everything go to the claimant (legal English and Spanish heir)?
Regardless of your estate size the mortality of taxing someone who has been left money or assets by someone who has passed is immoral. They were taxed on income their whole life and desperate politicians bring in MORE tax cause you wont care when your dead
These issues are mind boggling, especially if you are not financially minded, or savvy. The whole death thing, and how to negotiate this mine field, frankly terrifies me.
So when second parent passes then IHT is paid at 40% on anything over £1 mill assuming they have passed the property over to their offspring (explicitly stated in a will for example).
The problem is its not a fair tax. Why? In the financial advice industry it's nicknamed 'the voluntary tax'. Because with the right financial advice you can largely avoid this tax. Therefore the very wealthy usually do. They know its coming and have the wealth to be able to plan for it whilst having money on tap for the here and now. It tends to be the middle classes that get stung for this tax. Those who have looked after their savings, invested a bit of money, and have seen the value of their properties go up dramatically over the years. The left like to point to the numbers that very few pay this tax and can't understand why people hate it so much. But this just shows a lack of understanding that we are a very moral bunch in the UK and whilst we are gonna get dragged into it or not we think it's wrong to get taxed again on money which has already been taxed to high heaven.
But the huge gain potentially made in property value, say family home, house, hasn't been taxed before. Buy house for 100k , 30 years later it's worth 600k, none of that money has been taxed.
It's not that wealthy can avoid it, it's that they take advice and many middle-class individuals don't take the right advice. It's really easy to take sensible steps and avoid silly pitfalls. I was a financial adviser for over 30 years and this was bread-and-butter. Most people imagine that they can give their property to their children to avoid IHT while still living in their house. They don't want to give away capital in their lifetime in case they need it. You can't have it both ways... Keep it and pay the tax, or give it away. OR, take out insurance equal to the inheritance tax bill, write that in trust for your family and then keep your capital. So many options...
@@friendlyhorseuk7220 yet the house has the same utility as when it was purchased, so has it really gone up in value if equivalent shelter has the same value? Should all that value be taxed now? Why don't you advocate capital gains tax on housing then, instead of this unfair death tax?
@@adamp6320 capital gains tax is already charged on gains made on houses that aren't a persons main home . I think IHT exempt allowances are generous already at 325k + potentially an extra 175k on a home so up to 500k tax free. Also I don't accept the term death tax, . Dead people don't and can't pay tax. The tax is paid by the beneficiaries , not the deceased
More people will pay this tax if they live on their own. (Wealth they have already paid tax on). It is taxed at a marginal rate of 40% which is twice as much as CGT.
Martin, I LOVE you & your videos! The tax system is really unfair in this country, especially for a lot of Lower/Middle class British people. Have you heard of a RU-vidr called,"Gary Economics?". Please search him out as he is on a public quest to try and change some of the ways people are taxed in this country. You both could be a force to reckon with! ❤
Fair to say that atm only ~4% pay the tax. What we have though is a boomer generation that is coming to the stage in life where there are more popping off. This generation more than any have benefitted from increased asset values much of which is still stored in investments and property. That 4% is going to rise significantly in the next 10-15years. I doubt the govt is going to want to throw that out. What I expect to see is a raising of the threshold to ~425k for cash & 750k inc property.
I think you're spot on with this. My brother and I fall into this category because our Dad saved his hard earned money, but mainly due to property price rises. The house we will inherit is a 4 bed detached and by no means grand but worth around £750k currently. With property prices as they are, it's hard to think only 4% will pay going forward. There are ways such as inheritance tax isa's you can invest in that avoid the tax because they invest funds in small businesses.
Good point. The future is a foreign country though. Property value has certainly accelerated rapidly but so has the time folk live with chronic conditions. I can see a situation where very many ordinary houses in the South East go above all thresholds, yet have been effectively been mortgaged to pay for Care. My Mum died recently at 96 and a close relative is still living in Care at 103. It all gets complicated.
I'm still confused. My mother is now 90 yrs old. She has savings of around £40,000, which she has decided she would like to transfer to my bank account before her death. That would be my full inheritance if she passed away, so it is below the amount to pay inheritance tax. But if I receive the full amount now & she were to pass away in the next 7 yrs does the nil to be paid still stand or would I still be liable for inheritance tax?
Martin didnt mention anybody who was Single with No kids or Divorced & no Kids.. If you have assets & fall into this criteria over £325K i(including property) then you are paying IHT at 40%. Maybe visit a Financial Planner & look at putting the property into a Trust (& then live 7 yrs).
that doesn't work unless you pay rent to the Trust. The Trust will be a 45% taxpayer paying tax on the rent and will then pay capital gains tax on the uplift in value when the property is finally sold.
@@mikeowen1819 Hence why people should go to a Financial Planner.. What about Gifting the house to a Charity instead. If the rest of the assets are below 325K would that work. Again, this is only simple if you have kids or Married. Nor so if Divorced or Single.
Excellent simple explanation from Martin. It is deliberately made to sound complex by the sharks and vultures who call themselves financial advisors, tax advisors, and similar. As Martin says, only those with substantial wealth are exposed to significant inheritance tax, and if they can't work out what's best for them, then they should seek advice. The government can always introduce new legislation, so even the most thorough tax planning could be rendered ineffective. Lots of people will make themselves stressed and ill worrying about money when they actually have plenty and could relax and enjoy their life. Those who need to be concerned are those with no assets, renting, in debt, and not skilled in playing the system. These are the people who end up as alcoholics, on anti-depressants, and ultimately dying young. Sad so many people obsess about money who don't need to and who could enjoy themselves. Martin is a good guy because he debunks the scaremongers and helps people to stop worrying and helps people to avoid being ripped off.
Unfortunately with inflation, especially house price inflation, many people find themselves caught out by IHT unexpectedly. Giving from spare income is the most efficient - and underused- means of reducing IHT liability. Keeping records is helpful; form IHT 403 contains a simple layout for this
I’ve been told by a ‘financial’ person that your wife/partner has to be a British citizen for this exemption to apply (my wife is not). Is this correct? I’ve never been able to verify it personally.
Inheritance tax may apply to estates above a certain value. However it does apply apply to the most wealthy. The “royal” family does not any inheritance tax and receive tax allowances on Duchy income.
I can't belive that the people would allow this . 40% Gone . With house prices as high as they are , i think it would be much more than the 4% that they say .
When my father died 27 years ago the inheritance tax allowance was not used as everything was passed to his wife my mum. So would the tax allowance for my father from 27 years ago before at the rate that was in use at the time of his death or is it at the new rate of £500,000. As it is now plus the £500,000. For tax exemption as all proceeds will be going to her three children and six Grandchildren
What gets me is i have been living with my partner for 20 years, i have worked 33 years and recently i was out of a job redundancy and i could not claim for anything no benifits even for dentists doctors etc because my partner was earning more than £16 grand a year, so you get nothing if your not married and get nothing when they pass (if they go before you do)
I have some good friends who have been together since University 30 years+. When they reached the point where they could afford to buy they got married because it improved their tax situation.
