Inheritance

As I understand it, if a single person has assets below £325,000, no Inheritance Tax is payable. Married people or people with a civil partnership need to have assets over £650,000 before IT is payable.

I certainly want to leave money to my children and grandchildren but I don't think it's unreasonable for Inheritance Tax to be payable above those amounts - it still leaves a substantial inheritance "pot". Not all young people are fortunate enough to have money left to them and I think it's right that some of the money goes back to the government for re-distribution. If it doesn't, some families just accrue more and more wealth by virtue of the hard work of previous generations, rather than their own hard work.

As Frank says, if money/shares, pushed total assets above those limits, I suppose they could be gifted to children before death. It must be tempting to do that though some might think it unethical. I imagine the tax people would be interested in large amounts of money being disposed of prior to death.

Bentley is simply a wind-up merchant. Extreme suggestions are best ignored.

Frank, good tips there about getting round IT. Ta!

I don't blame you bananas.
We have some people in our family with strange ideas on inheritance.
My mother in law outlived my wife and she passed away when my 2 daughters were 17 and 18.
Her estate was willed to my 2 daughters.
Some of my mother in laws relatives came around saying they were going to contest the will saying older more responsible blood relatives should have the money.
They even said it is dangerous putting 2 young ladies in charge of a substantial amount of money and they would get in to things like drugs.
They used some of the money to make their life a bit more comfortable at university. When they graduated they used the rest to buy a semi detached house each.
I never saw any signs of them buying drugs.

Frank

Are you mad bentley49?, or possibly you are Ivanhoe come back under another name! If you are serious, a complete load of rubbish, I like most want my estate to go to my children, who are finding it a lot harder today than my generation did. I intend to offload money to my children at a later stage, when they are more money savvy to avoid as much Inheritance Tax as possible. Both my husband and I were lucky enough to have inherited money from both sides of our respective families who worked damn hard, as well as what we have accrued ourselves. I regard myself as a custodian of some of this money to help future generations because everything is much more of a struggle now.

I recon someone is using a very big wooden spoon.

Of course it's ridiculous. He's just another wind-up merchant.

bentley49

What you are saying is ridiculous.
What incentive is there going to be for people to save etc if they know the money can not be passed on to their offspring?.

Frank

Eloethan

You don't have to use schemes to get around inheritance tax.
Money can get lost by parents paying bills for their children eg holidays,
restaurant bills, cars etc during their life time.
It would be difficult to check these things out.

Frank

Can you give your reasons for that statement bently

Inheritance Tax is the means by which a proportion of the money is distributed back to the government - provided people don't use various schemes to avoid paying it.

Two wind ups = same silly sod.

But he appears to have opposing views envious that's why I'm Can you imagine Frank not wanting all his pension

frank could be Bentley 49

Come on Gerry this is another attempt at a wind-up isn't it.

Not a lot to be said though is there? Is a person entitled to do what they like with their own, presumably earned, money? I say Yes. End of debate. If a limit is to be set, what a h**l of a spending spree well-off Oldies could have - might be just what the Chancellor needs to boost the economy!

Well, this should start an interesting 'debate'!!