10% Rule, am i missing something

[SaltyC]

I believe taper relief applies to any gift no matter what the value.

After all, if it didn't then you could give away multiple amounts of £324999 without incurring any IHT liability.

But yes, rocks everywhere - so best get advice from an expert and not somebody on the internet.

My explanation / understanding isn't good enough to explain. Only gifts Over £325000 count for taper relief before 7 years. Nit sure if all or only tge amount over the limit gets taper relief.
Easier sailing through a Ricky passage with mines in the channel.

 

[lustyd]

No, gifts over the allowance just mean the tax doesn’t come from the estate, it’s paid by the receiver of the gift.

 

[Sailing steve]

YouGov says only about 4% of people have to pay inheritance tax so probably academic for most of us.

The threshold for an individuals IHT liability hasn't changed from £325k since 2010.

With a significant increase in property values and a roughly 3000 point rise in the FTSE since then it'll become less and less academic for more and more people as time goes on.

 

[Egret]

Fair comment. I had been thinking of the married couple figure of £650,000 + £175000 possibly,

 

[lustyd]

The threshold for an individuals IHT liability hasn't changed from £325k since 2010.

With a significant increase in property values and a roughly 3000 point rise in the FTSE since then it'll become less and less academic for more and more people as time goes on.

IHT isn’t really a proper tax. Just like “supertax” it’s just a pantomime to convince the poor that the rich are being taxed. There are a few middle income folk that end up paying because they don’t know better but the rich don’t pay and the poor don’t pay. None of this is hard to avoid.

If you think the value of your property makes a difference then get some advice from a pro. Do you think BoJo paid IHT on the family properties?

 

[Bouba]

Does inherited wealth help anyone ?.....all in all I will say no....most recipients will just waste it (which is the best option), lose their incentive to work for themselves, or become financially successful but become entitled and unpleasant.
My advice....spend it !

 

[lustyd]

Does inherited wealth help anyone ?

Literally everyone in parliament.