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Where Taxpayers and Advisers Meet

Corbyn IHT grab

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

Corbyn IHT grab

Postby riccardob » Tue Jul 02, 2019 11:19 am

Hello,

I have read articles in the press explaining Corbyn's plans for IHT above a lifetime treshold of 125k and the rest taxed at income tax rates every year.
I don't understand the concept, how can a house be taxed at income tax rates every year if its value fluctuates?

I am not an expert but his ideas are inconceivable from the point of view of policing fluctuations in property values and taxing this every year.
What do the experts on here think of the proposals from an enforecement point of view?

Regards,

pawncob
Posts: 4352
Joined: Wed Aug 06, 2008 4:06 pm
Location: West Sussex

Re: Corbyn IHT grab

Postby pawncob » Tue Jul 02, 2019 12:08 pm

We tend not to comment on statements which include either of the words "pie" or "sky".
With a pinch of salt take what I say, but don't exceed your RDA

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

Re: Corbyn IHT grab

Postby riccardob » Wed Jul 03, 2019 11:59 am

I was only quoting reports in the press. It isn' t something I made up.
Today's news is that Mc Donnell is already planning for the head of HMRC.

someone
Posts: 383
Joined: Mon Feb 13, 2017 10:09 am

Re: Corbyn IHT grab

Postby someone » Wed Jul 03, 2019 2:50 pm

Haven't seen it but I'd assume gifts are taxed in the year they are made.

So give your kid 125k on the day they are born and 12k p.a. for 20 years until they finish univ and start work. That's not far off the current IHT limit but you can do it per kid.

(kids should ensure they are born to parents with lots of spare cash)


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