IHT- how to avoid if you have enough wealth

Chocolatelovinggran

Cadenza, bear in mind the singletons.
IHT starts at £500K and many, me included, will find their house takes them there( modest semi in the SE)
I am not complaining about this, merely reminding everyone that the £1 million sum ( which does sound as if it applies only to the wealthy) applies to couples, not the long - divorced.

Agreed.

The home bit is unfair not only by homes in South - nobody considers many homes that are worth far less than £350K.

To fix unfair IHT - raise the threshold for everyone.

Agree CLG.
It’s our house in the south that could eventually take us over the limit for IHT. I’m concerned about that. We’re not rich, we were both teachers, but we have some savings and we both inherited small legacies from our parents. We’re not liable for IHT now but I wondering if the budget will change IHT so that we become liable. For example, the additional amount for home owners could be abolished which would pull us into liability. This is a big concern for ordinary people such as ourselves.

Chocolatelovinggran yes 👍

Cadenza, bear in mind the singletons.
IHT starts at £500K and many, me included, will find their house takes them there( modest semi in the SE)
I am not complaining about this, merely reminding everyone that the £1 million sum ( which does sound as if it applies only to the wealthy) applies to couples, not the long - divorced.

Thank you to those who have wished me a lovely holiday.
It’s definitely a once in a lifetime trip.
We’re not avoiding IHT with this trip, as at the moment we don’t have enough to pay INT, but who knows what the budget in October might bring?

Are you really in the Galápagos Rondoallaturc?
Because I am and am on the Silver Origin. Which ship are you on? Or are you doing land/ferry holiday?

Having a fantastic holiday in Galapagos. The experts here say that things climate wise are improving and that without tourism which employs 80 per cent of young people the country would plunge into poverty. Sad that so many are eaten with jealousy. Raining on parade is a synonymous phrase for sticking in the knife and assuaging my resentments!

Mollygo

Does everything have to be a dig at Labour governments old and new?

I mentioned Kenneth Clarke, who was a Conservative, just in case you weren’t aware. I’m happy to share the blame where it applies to both.

I have never condoned some of the actions of the previous government, and I don’t understand the need to protect the current one from well deserved criticism.

Now you've mentioned Kenneth Clarke, Mollygo, it's made me think of who Keir Starmer reminds me of. It's been niggling me because I couldn't put my finger on it.

Yes, Kenneth Clarke in some ways, but probably no-one else will agree. A "Steady as you go" type demeanour.

Very few estates are liable for IHT, I guess that's partly because the vet wealthy knows how to avoid. Couples can have an estate worth £1 million and still have no liability.

Does everything have to be a dig at Labour governments old and new?

I mentioned Kenneth Clarke, who was a Conservative, just in case you weren’t aware. I’m happy to share the blame where it applies to both.

I have never condoned some of the actions of the previous government, and I don’t understand the need to protect the current one from well deserved criticism.

I knew someone would say that, which is why I said many had enjoyed high levels of it - it was gradually reduced before it disappeared altogether.

Does everything have to be a dig at Labour governments old and new?

Not all on GN or not, enjoyed the benefit of MIRAS. We had it for a few years from 1995

^In 1994 the rate of relief was reduced by Kenneth Clarke, with further reductions in 1995 and 1997. MIRAS was completely abolished in April 2000 by Gordon Brown, who argued it had become a middle class perk.

maddyone

Exactly David49.
Normally people who make disparaging comments don’t know what they’re talking about. I’m really impressed with what I’ve learnt whilst I’m here about conservative and the efforts to keep the whole area pollution free.
So yes, to celebrate our Gilden Wedding we decided to spend some of our money on a special holiday. I can thoroughly recommend it, and since it ensures the taxman won’t get his hands on the money we’ve spent, it’s a double plus for me.

You would normally add Galapagos to an Equador or Peru trip, the capital is Puerto Auroya, a lovely seaside town, good restaurants and harbour, the centre for diving and snorkeling Best of all is Isabella Island, my idea of paradise, pelicans and sealions fishing empty beaches. The wildlife you won’t see anywhere else, a unique experience I feel very lucky to have been.

Doodledog Yes, working parents do the same things (run the house, bring up children) but do a full-time job on top grin. Looking after babies is one thing, but when they are at school, it is very different.

Most working parents take maternity leave, so do a lot of the baby care (I loved it, and didn't find it anywhere near as hard as work), and many work part-time until their children go to school at four, maybe when they are at nursery or playgroup. Others stay at home for the first four years, which still means they can work for long enough to pay for a full pension.

A woman may have many pregnancies to recover from yielding only 4 live births - just saying there is no one size fits all in family size, years at home.

I understand the argument from many aspects. I'm out.

A bit harsh maybe Doodledog each family unit has its own particular set of problems. There needs to be some freedom left to plan family life. NI credits for being a housekeeper? People are actually paid to run a house for the elderly- it’s a job. The working partner should have less stress as the non working person usually does most of the physical work and planning.

ronib

Doodledog just like to point out that my husband couldn’t wait to get to work for a rest. There’s a great myth about being a stay at home parent. It’s very hard work.

Yes, working parents do the same things (run the house, bring up children) but do a full-time job on top . Looking after babies is one thing, but when they are at school, it is very different.

Most working parents take maternity leave, so do a lot of the baby care (I loved it, and didn't find it anywhere near as hard as work), and many work part-time until their children go to school at four, maybe when they are at nursery or playgroup. Others stay at home for the first four years, which still means they can work for long enough to pay for a full pension.

Anyway, I'm not talking about how hard it is, I'm talking about who pays for it. Many people who say they have worked hard for what they have, including for the money gained by their house prices, have actually had public money in the form of high levels of MIRAS to offset their mortgages, and in some cases decades of NI credits so they can be at home all day in an empty house.

Doodledog just like to point out that my husband couldn’t wait to get to work for a rest. There’s a great myth about being a stay at home parent. It’s very hard work.

David49

My first wife never worked after the first child was born, she did my business admin and raised 3 lovely daughters. My second wife is the opposite always worked - nursing, had 4 children, paid for childcare, still works at 65.

Whatever you choose is OK

Of course whatever you choose is ok. It is not ok to expect others to fund your choices though. If only one of a couple pays in, but two take out (in the form of healthcare, education, use of facilities, protection from the police, armed forces etc etc) who is expected to pay for the other? Those who do work, and are already covering their own contributions? The paying one will be covering his or her own dues, not those of the non-paying partner.

Have a fabulous time, maddie.

Let us know what you see maddyone 🙂

What is the weather like Maddyone ?

Exactly David49.
Normally people who make disparaging comments don’t know what they’re talking about. I’m really impressed with what I’ve learnt whilst I’m here about conservative and the efforts to keep the whole area pollution free.
So yes, to celebrate our Gilden Wedding we decided to spend some of our money on a special holiday. I can thoroughly recommend it, and since it ensures the taxman won’t get his hands on the money we’ve spent, it’s a double plus for me.

Galapagos is very expensive to visit, they do ration access and have banned large cruise ships, overcrowded, NO definitely not. No high rise, many visitors stay on small boats, under 20 passengers and travel from island to island by sea.

If you do stay on land roads are almost empty, the wild life is hardly impacted, but visitors make a big contribution to the cost of keeping it that way.

Everywhere is suffering from over tourism, places concerned must set boundaries before they lose them. The amount if ships out there all doing same itineraries have made me think twice about booking as I feel a bit guilty about it all.

Dinahmo

Maddyone - not meaning to rain on your parade but the Galapagos Islands are now suffering from over tourism.

I think that’s exactly what you are doing.
Never mind, we’re having a wonderful time.

My first wife never worked after the first child was born, she did my business admin and raised 3 lovely daughters. My second wife is the opposite always worked - nursing, had 4 children, paid for childcare, still works at 65.

Whatever you choose is OK