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Where Taxpayers and Advisers Meet

corbyn and his plans for iht...

riccardob
Posts: 92
Joined: Sun May 29, 2011 10:02 am

corbyn and his plans for iht...

Postby riccardob » Sun May 12, 2019 12:46 pm

Hello,

Should we end up with the triumvirate of corbyn, mc donnell and abbott at no 20
what are their plans in terms of iht?
I have read about an emergency budget but none of the paowts mention actual plans
for iht plans.
My guess would be scrapping the 7 year rule for gifts. I was wondering if the experts on this forum feel that any of these rules could be made retrospective.

regards

AGoodman
Posts: 808
Joined: Fri May 16, 2014 3:47 pm

Re: corbyn and his plans for iht...

Postby AGoodman » Mon May 13, 2019 11:38 am

Possibly a reduction in the nil rate band, possibly abolishing PETs, possibly something else entirely or even nothing.

If PETs were abolished, the change is unlikely to be retrospective but there is no way to be sure. The likely worst case is that gifts made prior to the change would be set against any allowance when calculating tax on later gifts.

AnthonyR
Posts: 273
Joined: Wed Feb 08, 2017 2:33 pm

Re: corbyn and his plans for iht...

Postby AnthonyR » Wed May 15, 2019 2:06 pm

I'm not sure anyone (Corbyn included) knows what his plans are - however you can rest assured that if you are worried about IHT now it's likely to be worse under his rule.

In theory under his socialist government you can really just expect a 100% IHT with no reliefs, that way on death all assets revert to their rightful place, obviously being the state.
Anthony Rogers LLB CTA TEP
Fusion Partners LLP
anthony@fusionpartners.co.uk

riccardob
Posts: 92
Joined: Sun May 29, 2011 10:02 am

Re: corbyn and his plans for iht...

Postby riccardob » Thu May 16, 2019 6:14 pm

I'm not sure anyone (Corbyn included) knows what his plans are - however you can rest assured that if you are worried about IHT now it's likely to be worse under his rule.

In theory under his socialist government you can really just expect a 100% IHT with no reliefs, that way on death all assets revert to their rightful place, obviously being the state.
yes and then he can be left on his own in the UK when all the lights and those who produce and pay taxes have gone off...


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