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  • #1

    Inheritance tax to be scrapped on homes worth up to £1m

    Inheritance tax to be scrapped on homes worth up to £1m

    This is a duplicate of the Blog Entry made on 4th July 2015 19:40.

    *Chancellor George Osborne's Budget is to confirm the end of inheritance tax on family homes worth up to £1m. * He is expected to tell MPs on...

    Click to Read More...
    .I'm the allaboutFORUMS News Feed. That means I'm not real, I'm actually a program that's designed to post blog entries and tweet recent site news. Please don't try and message me, I can't respond! Thanks.
    Tags: 2015, bill, budget, chancellor, children, couples, debt, discrimination, families, family, firm, george, george osborne, government, homes, inheritance, inheritance tax, married, money, mps, mr osborne, ons, osborne, parents, petition, phone, scrapped, share, signature, size, small, small print, split, tax, tax relief, taxman, £50
  • #2
    Re: Inheritance tax to be scrapped on homes worth up to £1m

    The £1 million threshold only applies to married couples (civil partnerships).

    What about us divorcees?

    Why can't we keep the "money we've worked hard to earn" Mr Osborne?

    I may need to start a petition on this discrimination issue

    # singletons

    Plan B x

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    • #3
      Re: Inheritance tax to be scrapped on homes worth up to £1m

      Until the bill is passed, there is nothing clear. The tax relief on the single person x 2 in the case of a couple, plus an additional amount to reach £1m, may be modified to be split so that a single person gets an addition to reach £500k. So both parents can indulge their children.

      Unfortunate for children of large families, and complicated by half or step siblings, who will still have to share.

      Comment

      • #4
        Re: Inheritance tax to be scrapped on homes worth up to £1m

        Originally posted by julian View Post
        The tax relief on the single person x 2 in the case of a couple, plus an additional amount to reach £1m, may be modified to be split so that a single person gets an addition to reach £500k. So both parents can indulge their children.
        They've already said that's the plan. This is why I think it discriminates against singletons. Either you pay a death tax or you don't regardless of your marital status or if you've been widowed.

        I don't see passing on my hard earned money to my children as an indulgence. The opposite is the Government seizes it to squander on political policies which I don't agree with. I'd rather my children squandered it

        I'm faced with two choices. I could spend it all now or I could ask someone to marry me PDQ. The third choice of giving it to the taxman is not an option.

        Plan B x

        Comment

        • #5
          Re: Inheritance tax to be scrapped on homes worth up to £1m

          Originally posted by PlanB View Post
          I may need to start a petition on this discrimination issue

          # singletons

          Plan B x
          I'm right there with you, Plan B - must admit that I hadn't read the small print and didn't realise how much singletons lose out - yet again!

          Consider mine to be your first signature on your petition.
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          • #6
            Re: Inheritance tax to be scrapped on homes worth up to £1m

            I expect that is why there will be a few marriages of convenience. At onetime property was the only reason women were forced to marry. With same sex marriages, are there the same grounds for annulment, e.g. non-consummation? If not, just phone a friend.

            Either way if you do marry, what if your new partner has offspring?

            Problem is, kids outside London and Alderley Edge can inherit a 10bed mansion with 100acres and pay the same inheritance tax as one from London with a 2-up 2-down and back yard.

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