IHT- how to avoid if you have enough wealth

GrannyGravy13

Every single penny I have has been taxed, I see absolutely no reason why it should be taxed again on my death.

Not quite. Your house will no doubt have increased in value over the period of your ownership without you doing a huger amount of work.

As I have said before we bought a wreck in Brixton in 1979. It was condemned and my DH spent the next 7 years renovating it. We sold it in 1968. If we still owned it, there is no doubt that we would have had to carry out repairs and decorations between then and now. But it is currently worth between £1.25m and £1.5m.

There is absolutely no way in which you or anybody else can say that we earned that money.

We didn't keep upsizing. We had friends who did and their initial purchase will have probably have grown even more but only part of that growth will ave been due to their hard work.

GrannyGravy13

Every single penny I have has been taxed, I see absolutely no reason why it should be taxed again on my death.

Very true.

Every single penny I have has been taxed, I see absolutely no reason why it should be taxed again on my death.

You can't just avoid it. Wouldn't want to anyway. Far better to pay tax on death than during lifetime!

Good post, M0nica.

Our estate will be liable to IHT and beyond giving children odd sums at various times, we are doing nothing to avoid it.

We have both had fortunate lives, passed our eleven plus, went to university with maintenance grants, had good careers and confortable retirements. All in a country where the rule of law prevails. We are quite willing for IHT to be paid on our estates after our deat. We received so much, we are happy to give back.

Our accountant is worth every £

It most likely would not have done, HMRC made errors in the handling of the case, yes, they are human and do make mistakes.