Inheritance tax

Paul Bacon · 10-08-2007, 07:42 PM

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?

gamesrater · 10-08-2007, 07:46 PM

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.

batch · 10-08-2007, 07:49 PM

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

Stoopid bloody government

Andy Jordan · 10-08-2007, 07:50 PM

Quote:

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.

BUT IT'S MY MONEY

arsenaltops · 10-08-2007, 08:00 PM

What's income tax in America Andy?

Isn't it something silly like %15 here?

san · 10-08-2007, 08:00 PM

Quote:

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

Stoopid bloody government

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.

Paul Bacon · 10-08-2007, 08:01 PM

Quote:

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

san · 10-08-2007, 08:02 PM

....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.

gamesrater · 10-08-2007, 08:02 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>

you pay 40% on your wage past a certain figure

Rob1981 · 10-08-2007, 08:05 PM

Quote:

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

Inheritance tax

Grab a beer, sit back and relax.

Inheritance tax