It’s a iniquitous tax because it’s does not affect seriously wealthy people as they can take steps to avoid it and do .
They can put theories money into trust for their children and thereby avoid INT on it .
However for the average person the major asset is their house which constitutes the main part of their estate .
A semi detached ex local authority house in many areas is well over £325 k
That means 40% of everything over that goes straight to the taxman .
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It’s was once a tax on the very wealthy but now it is not it is a tax on thrift means the government quite literally takes what should go to peoples loved ones .
Yet the government has chosen give an exemption to one of the worlds richest men .
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As an aside, at least QE2 paid for the chapel she and her sister, husband and parents are buried in out of her own money.
Most people do pay for their burial plot out of their own money and its not cheap .
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When you are selected by god, taxes are for other people.
As that old bat in America ( Leanna Helmsley ) said Taxes are for little people .
She did eventually go to jail for tax evasion .
She left her dog $12 million in a trust fund
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What makes you think he’s not on the rich list ?
He’s about number 12
The newly-anointed King Charles III has an estimated net worth of $600 million, inheriting the nearly $28 billion in assets belonging to the Crown Estate plus Buckingham Palace, the Duchy of Lancaster, Kensington Palace and the Crown Estate Scotland after the death of his mother.
Isn’t there or used to be someing that if you left you wealth to a son/daughter 7year before you die they don’t have to pay inheritance tax? of course things may have changed or i might be entirely wrong
It’s still around @realspeed , but IIRC in relation to property, the original owner would have to pay the beneficiary the market value in rent to remain living there, which is then taxable income.
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maybe so but the amount payable in rent may not have to be the “market” rate, it may only be £1 a week or month
Alas, were it so. Probate tends to look into these things I’m afraid. There’s no hiding from HMRC on heat!!
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Is it not the case that one canot dictate from the grave? therefore if a written agreement has been drawn up and signed by both parties as to amount payable in "Rent"posibly HMRC would have to prove it was for tax avoidance in court and you can’t take dead person to court to give evidence in defence
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@realspeed , they’re not stupid. If it was that easy to diddle the system like that, everyone would be doing it by now and the 7 year rule would be obsolete.
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Very clever DM 
Loved that!
Bob Dylan, A sweetheart like you.
They say that patriotism is the last refuge
To which a scoundrel clings
Steal a little and they throw you in jail
Steal a lot and they make you king
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Of course they are not . Such a gift is called a ‘ gift with reservation .’
If you give your house away but continue to live in it you must pay market value in rent.
If you give away your assets to avoid paying nursing home fees this is tax evasion and the council may pursue you for reimbursement of costs .
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