Budget 2024

Do you think the rich won’t find another way of avoiding this? Whilst your average person will get fucked over because they don’t have financial advisors to tell them to get a cayman island account. £325k is not a massive amount anymore when you consider the average price of housing, those figures need to be reassessed over the years it’s been 15 years since it was frozen, I’d suggest the average house price was considerably less then.
True, but if we're talking about leaving your estate to your children then that 325k becomes 500k if you leave your property to your children. So for a married couple leaving their home to their children, they actually have £1 million between them to play with before Inheritance Tax kicks in. That's a decent wedge whichever way you look at it.
 
That’s plainly untrue. The public sector gives us health, education and security. These all generate money in some guise or other.

What the right typically dislike is inefficiencies in the public sector. Ie they want to measure outcomes on money invested whereas the left measure outcomes on, erm, I’m not sure actually. What should we measure outcomes on? Happiness?
The public sector costs a lot more to run than finances it generates. I'd like you to demonstrate otherwise, good luck with that. Privatisation is a good indicator of the Tory mentality but that's a different debate. Public services are a necessary evil as far as the they're concerned.
 
True, but if we're talking about leaving your estate to your children then that 325k becomes 500k if you leave your property to your children. So for a married couple leaving their home to their children, they actually have £1 million between them to play with before Inheritance Tax kicks in. That's a decent wedge whichever way you look at it.
Could you explain the maths here? I am baffled by this post.
 
Could you explain the maths here? I am baffled by this post.
I've probably over-simplified it if anything. Some more meat on the bones here:

"When a spouse or civil partner dies and does not use their full NRB or RNRB, the unused percentage of those allowances can be transferred to the estate of their surviving spouse or civil partner. This means that a couple who are married or in civil partnership will have a potential combined tax free allowance of £1 million. This is provided that they own a property worth at least £350,000, which they leave to their direct lineal descendants and their estate does not exceed £2million. Please note that if someone has sold, given away or downsized to a less valuable home before they die their estate may still be able to claim the RNRB if they qualify under the downsizing provisions."
 
Could you explain the maths here? I am baffled by this post.
If you own your own property and have children and assets less than £2m you get an additkonal £175K residence nil rate band for IHT, so that's £500 K nil rate band and if you are married or civil partnership it then goes to you wife/ parnter on your death ( and vice versa ) so £500k x 2 = £1 million before any IHT to pay.
 
IHT threshold is £500k on property and you can pool yours with your spouse, so effectively £1 million.
Cheers. It’s the allowance the OP was talking about. It sounded to me like, with a little alchemy, the actual cash available magically transformed!
 

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