Inheritance tax

mattsaunders · 10-08-2007, 08:05 PM

jesus, i didn't realise it was 40%

only on anything over £300,000 though. less than that is tax free.

San · 10-08-2007, 08:05 PM

Quote:

Originally posted by Paul Bacon:
<BLOCKQUOTE>Originally posted by gamesrater:
you're not taxed on it twice. you're dead. the person receiving the money pays tax because its income. you pay tax on all income. you're an idiot.

So why is it taxed higher at 40%, compared to normal tax you pay on your wage for example </BLOCKQUOTE>

erm, you pay tax of 40% on everything you earn above a certain threshold. Trust me - the IHT threshold for any tax to be payable is considerably higher.

Currently no IHT is paid on the first £300k or so. Additionally, there are certain things that are exempt from IHT - like transfers to spouses.

retired_jshendel · 10-08-2007, 08:08 PM

Quote:

Originally posted by Rob1981:
<BLOCKQUOTE>Originally posted by Rob1981:
jesus, i didn't realise it was 40%

only on anything over £300,000 though. less than that is tax free.

that's inheritance tax obv, not wages. i think the 40% threshold for your salary is about £31,000 </BLOCKQUOTE>

I arent gonna reach that anytime soon

Inheritance tax

Grab a beer, sit back and relax.

Inheritance tax