The Government Is Coming For Your Last Chance At Financial Security #inheritancetax
Channel: Work In Progress
Date: 2024-02-07

This is going to be a contentious subject. There was a time when only the rich had to pay inheritance tax and I know there are lots of angry people out there who will say, ‘serves you right for having money’. but inheritance tax is going to affect the most modest of households now. £375,000 or even £500,000 isn't that much when you look at how expensive life is these days.

House prices have risen at an alarming rate since the pandemic, artificially pushed up by inflation and other issues, and a house that may have fallen well under the threshold, may now exceed the allowance, and with the average house price in the UK now at £355,000, that means the Government is going to be coming for whatever you may have hoped to pass on to your own children or grandchildren or your disadvantaged relatives to help them get through life. 

Given that the Government will take almost half of everything you have over that limit if you gift your home, that means they are getting lots of your money to fritter away on whatever it likes. Because as we know, the Government can’t handle money. 

Here are some articles I mention and a few that I don't:

https://www.which.co.uk/news/article/inheritance-tax-receipts-have-surged-do-you-need-to-worry-about-a-bill-ajbZB6Y7Rw5W

https://www.blandy.co.uk/about/news-and-insights/insights/what-is-the-purpose-of-inheritance-tax-iht#:~:text=In%20simple%20terms%2C%20the%20receipts,discourage%20behaviors%20and%20redistribute%20wealth.

https://www.telegraph.co.uk/money/tax/inheritance/forget-economics-moral-imperative-scrap-inheritance-tax/