retired_jshendel

Listening to the radio over the past week or so this has been branded around all over the place. I know what it is and the criteria for paying etc, but why should people pay it when you have already been taxed on it once?

retired_may0gan

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.

retired_gitfresh

Surely it should be classed as a "gift" (do you have to pay tax on them?) rather than as income.

Stoopid bloody government

retired_kimmymarlo

BUT IT'S MY MONEY

retired_mickey5ca

What's income tax in America Andy?

Isn't it something silly like %15 here?

San

Hate to break it to you, but yes you can pay inheritence tax on gifts, if the person making the gift dies in the next 7 years.

retired_jshendel

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

San

....or if the gift is a sham to avoid inheritance tax, you end up paying full inheritance tax on it regardless of when the gift was made.

Yeah...boo sucks and all that.

retired_may0gan

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

you pay 40% on your wage past a certain figure

mattsaunders

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