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Inheritance Tax and Ed Milliband / Tony Benn.

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By *at69drive OP   Man
over a year ago

Hertford

It is interesting to note that Tony Benn put most of the family assets in trust to avoid paying additional inheritance tax and Ed Milliband used a deed of variation to reduce that payable by the family. I believe we all have a responsibility to protect the family assets and both of these tax reduction measures are entirely legal. What annoys me is that both of these individuals want us to pay additional taxes but fail to practice what they preach . Total hyprocites .

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By *iewMan
Forum Mod
over a year ago

Angus & Findhorn

don't vote Labour then

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By (user no longer on site)
over a year ago

Inheritance tax should be removed you are paying tax twice the person who died had paid their taxes so why pay again. Politicians are just puppets for the elite. Hence why when the working class have a chance to be better off through inheritance the government try to stop this. Rant stopped

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By (user no longer on site)
over a year ago

If you use legitimate ways of reducing your tax bill, which are not breaking UK law, then you are NOT committing a crime.

The challenge should not be on the individual, but rather on the tax system, which should be charged with fixing the holes in it's own system.

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By (user no longer on site)
over a year ago


"If you use legitimate ways of reducing your tax bill, which are not breaking UK law, then you are NOT committing a crime.

The challenge should not be on the individual, but rather on the tax system, which should be charged with fixing the holes in it's own system.

"

That makes much sense

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By *horltzMan
over a year ago

heysham

I read and hear a lot about people whinging about dodging / avoiding tax , and I for one would pay less tax if someone showed me how , as I suspect many others would ! Just saying

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By (user no longer on site)
over a year ago


"I read and hear a lot about people whinging about dodging / avoiding tax , and I for one would pay less tax if someone showed me how , as I suspect many others would ! Just saying "

Totally agree.

Anyone ever paid cash in hand to avoid VAT? just saying

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By *horltzMan
over a year ago

heysham


"I read and hear a lot about people whinging about dodging / avoiding tax , and I for one would pay less tax if someone showed me how , as I suspect many others would ! Just saying

Totally agree.

Anyone ever paid cash in hand to avoid VAT? just saying "

Perish the thought

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By *at69drive OP   Man
over a year ago

Hertford


"I read and hear a lot about people whinging about dodging / avoiding tax , and I for one would pay less tax if someone showed me how , as I suspect many others would ! Just saying

Totally agree.

Anyone ever paid cash in hand to avoid VAT? just saying "
. I usually. assume that if someone is prepared to cheat the tax man , they will also cheat me as well. Generally people will not be dishonest in one aspect of their life and honest in another

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By (user no longer on site)
over a year ago


"I read and hear a lot about people whinging about dodging / avoiding tax , and I for one would pay less tax if someone showed me how , as I suspect many others would ! Just saying

Totally agree.

Anyone ever paid cash in hand to avoid VAT? just saying . I usually. assume that if someone is prepared to cheat the tax man , they will also cheat me as well. Generally people will not be dishonest in one aspect of their life and honest in another "

This is very true. I pay my builder cash in hand.

I am a bank robber by trade.

I once stole a Snickers from WH Smiths as well

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By (user no longer on site)
over a year ago

All these big money earners are avoiding tax if you can't beat them join em

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By *eMontresMan
over a year ago

Halesowen

inheritance tax, stamp duty and tax on pension income are the three most vile and immoral taxes I can think of. As posted above, tax has already been paid on these and then you're taxed again.

There are legitimate ways in which anyone can minimise their tax liability, in the case of inheritance tax, assets have to be transferred 7 years (I think) before death. But most people in their dotage are disinclined to give everything to their heirs before dying.

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By *at69drive OP   Man
over a year ago

Hertford


"inheritance tax, stamp duty and tax on pension income are the three most vile and immoral taxes I can think of. As posted above, tax has already been paid on these and then you're taxed again.

There are legitimate ways in which anyone can minimise their tax liability, in the case of inheritance tax, assets have to be transferred 7 years (I think) before death. But most people in their dotage are disinclined to give everything to their heirs before dying.

"
. And the responsible ones need to keep it for care home fees etc .

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By *eMontresMan
over a year ago

Halesowen


"

. And the responsible ones need to keep it for care home fees etc ."

But again, if they've paid NI and income tax all their lives, and then income tax on their pension, why should they have to?

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By *at69drive OP   Man
over a year ago

Hertford


"

. And the responsible ones need to keep it for care home fees etc .

But again, if they've paid NI and income tax all their lives, and then income tax on their pension, why should they have to?"
. Excellent point . Society tends to penalise those who are responsible.

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By *angzMan
over a year ago

Manchester, London & sometimes Newcastle


"inheritance tax, stamp duty and tax on pension income are the three most vile and immoral taxes I can think of. As posted above, tax has already been paid on these and then you're taxed again.

"

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By (user no longer on site)
over a year ago


"If you use legitimate ways of reducing your tax bill, which are not breaking UK law, then you are NOT committing a crime.

The challenge should not be on the individual, but rather on the tax system, which should be charged with fixing the holes in it's own system.

"

........but there is a reluctance right across all parties to do so. They're all self serving parasites!

If the raving looney party have just one item in their manifesto, - to close all tax loopholes for the wealthiest in society, - I think they'd win the election!

........oh & cut taxes on alcohol with the spoils, - another winner!!

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By (user no longer on site)
over a year ago


"It is interesting to note that Tony Benn put most of the family assets in trust to avoid paying additional inheritance tax and Ed Milliband used a deed of variation to reduce that payable by the family. I believe we all have a responsibility to protect the family assets and both of these tax reduction measures are entirely legal. What annoys me is that both of these individuals want us to pay additional taxes but fail to practice what they preach . Total hyprocites ."
.

If people paid tax voluntary.... We wouldn't need laws.

The reason we have tax laws is guess what... Nobody would volunteer to pay tax.

It's not hypocritical to want a higher tax and then try and avoid it because that's the nature of the game.

Stamp duty is basically a capital gains tax but even more unfair as it penalises first time buyers and people who have yet to make capital gains.

Inheritance tax is not a tax twice, when you give your money to someone that person is getting an income and therefore tax applies, it doesn't matter if the person giving it has paid tax already on it, otherwise you could apply the same philosophy to anything.

Pension tax is the same, it's an income, they give you tax relief on the money in, which grows and therefore applies capital gains on it when taken as a income tax.

The only tax twice you pay is fuel when they charge you vat on the actual fuel tax.

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By (user no longer on site)
over a year ago


"It is interesting to note that Tony Benn put most of the family assets in trust to avoid paying additional inheritance tax and Ed Milliband used a deed of variation to reduce that payable by the family. I believe we all have a responsibility to protect the family assets and both of these tax reduction measures are entirely legal. What annoys me is that both of these individuals want us to pay additional taxes but fail to practice what they preach . Total hyprocites ..

If people paid tax voluntary.... We wouldn't need laws.

The reason we have tax laws is guess what... Nobody would volunteer to pay tax.

It's not hypocritical to want a higher tax and then try and avoid it because that's the nature of the game.

Stamp duty is basically a capital gains tax but even more unfair as it penalises first time buyers and people who have yet to make capital gains.

Inheritance tax is not a tax twice, when you give your money to someone that person is getting an income and therefore tax applies, it doesn't matter if the person giving it has paid tax already on it, otherwise you could apply the same philosophy to anything.

Pension tax is the same, it's an income, they give you tax relief on the money in, which grows and therefore applies capital gains on it when taken as a income tax.

The only tax twice you pay is fuel when they charge you vat on the actual fuel tax."

.......tobacco?

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By *eMontresMan
over a year ago

Halesowen


"

Stamp duty is basically a capital gains tax but even more unfair as it penalises first time buyers and people who have yet to make capital gains.

Inheritance tax is not a tax twice, when you give your money to someone that person is getting an income and therefore tax applies, it doesn't matter if the person giving it has paid tax already on it, otherwise you could apply the same philosophy to anything.

Pension tax is the same, it's an income, they give you tax relief on the money in, which grows and therefore applies capital gains on it when taken as a income tax.

The only tax twice you pay is fuel when they charge you vat on the actual fuel tax."

Not so. Income tax is paid prior to purchasing/paying a mortgage. Stamp duty is a tax on moving house.

You are correct on pensions, though if you piss all your wages up the wall, then you'll qualify for housing benefit and other state benefits.

Similarly inheritance tax, why should you pay tax on the value of a gift someone gives you (and on which they've paid tax on the income they used to purchase it)? If you derive an income from the gift, then it would attract income tax, which is bad enough in itself.

But I agree, yes VAT on fuel is applied after fuel duty, thus it's a tax on a tax.

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By (user no longer on site)
over a year ago


"It is interesting to note that Tony Benn put most of the family assets in trust to avoid paying additional inheritance tax and Ed Milliband used a deed of variation to reduce that payable by the family. I believe we all have a responsibility to protect the family assets and both of these tax reduction measures are entirely legal. What annoys me is that both of these individuals want us to pay additional taxes but fail to practice what they preach . Total hyprocites ..

If people paid tax voluntary.... We wouldn't need laws.

The reason we have tax laws is guess what... Nobody would volunteer to pay tax.

It's not hypocritical to want a higher tax and then try and avoid it because that's the nature of the game.

Stamp duty is basically a capital gains tax but even more unfair as it penalises first time buyers and people who have yet to make capital gains.

Inheritance tax is not a tax twice, when you give your money to someone that person is getting an income and therefore tax applies, it doesn't matter if the person giving it has paid tax already on it, otherwise you could apply the same philosophy to anything.

Pension tax is the same, it's an income, they give you tax relief on the money in, which grows and therefore applies capital gains on it when taken as a income tax.

The only tax twice you pay is fuel when they charge you vat on the actual fuel tax.

.......tobacco?

"
.

Yes and alcohol. There all double whammy tax's.

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By (user no longer on site)
over a year ago


"

Stamp duty is basically a capital gains tax but even more unfair as it penalises first time buyers and people who have yet to make capital gains.

Inheritance tax is not a tax twice, when you give your money to someone that person is getting an income and therefore tax applies, it doesn't matter if the person giving it has paid tax already on it, otherwise you could apply the same philosophy to anything.

Pension tax is the same, it's an income, they give you tax relief on the money in, which grows and therefore applies capital gains on it when taken as a income tax.

The only tax twice you pay is fuel when they charge you vat on the actual fuel tax.

Not so. Income tax is paid prior to purchasing/paying a mortgage. Stamp duty is a tax on moving house.

You are correct on pensions, though if you piss all your wages up the wall, then you'll qualify for housing benefit and other state benefits.

Similarly inheritance tax, why should you pay tax on the value of a gift someone gives you (and on which they've paid tax on the income they used to purchase it)? If you derive an income from the gift, then it would attract income tax, which is bad enough in itself.

But I agree, yes VAT on fuel is applied after fuel duty, thus it's a tax on a tax."
.

Yes it's a tax on moving but effectively it's a tax on making money on moving and hence why I said it's in a way a capital gains tax!

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By *ouple in LancashireCouple
over a year ago

in Lancashire


"It is interesting to note that Tony Benn put most of the family assets in trust to avoid paying additional inheritance tax and Ed Milliband used a deed of variation to reduce that payable by the family. I believe we all have a responsibility to protect the family assets and both of these tax reduction measures are entirely legal. What annoys me is that both of these individuals want us to pay additional taxes but fail to practice what they preach . Total hyprocites ."

you may want to do some research before picking names out of the air..

just a thought..

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By *at69drive OP   Man
over a year ago

Hertford


"It is interesting to note that Tony Benn put most of the family assets in trust to avoid paying additional inheritance tax and Ed Milliband used a deed of variation to reduce that payable by the family. I believe we all have a responsibility to protect the family assets and both of these tax reduction measures are entirely legal. What annoys me is that both of these individuals want us to pay additional taxes but fail to practice what they preach . Total hyprocites .

you may want to do some research before picking names out of the air..

just a thought.."
. These are two examples which are well documented . What further research would you like me to do.

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By *ouple in LancashireCouple
over a year ago

in Lancashire


"It is interesting to note that Tony Benn put most of the family assets in trust to avoid paying additional inheritance tax and Ed Milliband used a deed of variation to reduce that payable by the family. I believe we all have a responsibility to protect the family assets and both of these tax reduction measures are entirely legal. What annoys me is that both of these individuals want us to pay additional taxes but fail to practice what they preach . Total hyprocites .

you may want to do some research before picking names out of the air..

just a thought... These are two examples which are well documented . What further research would you like me to do. "

perhaps quote someone who didn't leave the house of commons in 2001 and is still alive in your 'both of these individuals etc..'?

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By (user no longer on site)
over a year ago


"inheritance tax, stamp duty and tax on pension income are the three most vile and immoral taxes I can think of. As posted above, tax has already been paid on these and then you're taxed again.

There are legitimate ways in which anyone can minimise their tax liability, in the case of inheritance tax, assets have to be transferred 7 years (I think) before death. But most people in their dotage are disinclined to give everything to their heirs before dying.

. And the responsible ones need to keep it for care home fees etc ."
.

Houses put into trust can still be used by the local authority for payment if they feel you've deliberately hid assets.

The fact of the matter is, once you've put assets into trust they actually no longer belong to you but to the trustees.

Exactly the same as handing your house over to your kids 7 years before dying to avoid inheritance tax, I would strongly advise people to think twice or be very very confident in your kids!

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By *at69drive OP   Man
over a year ago

Hertford


"inheritance tax, stamp duty and tax on pension income are the three most vile and immoral taxes I can think of. As posted above, tax has already been paid on these and then you're taxed again.

There are legitimate ways in which anyone can minimise their tax liability, in the case of inheritance tax, assets have to be transferred 7 years (I think) before death. But most people in their dotage are disinclined to give everything to their heirs before dying.

. And the responsible ones need to keep it for care home fees etc ..

Houses put into trust can still be used by the local authority for payment if they feel you've deliberately hid assets.

The fact of the matter is, once you've put assets into trust they actually no longer belong to you but to the trustees.

Exactly the same as handing your house over to your kids 7 years before dying to avoid inheritance tax, I would strongly advise people to think twice or be very very confident in your kids!"
. Good point about the care home fees . However a lot of people would trust their kids a lot more than they trust the government .

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By (user no longer on site)
over a year ago


"It is interesting to note that Tony Benn put most of the family assets in trust to avoid paying additional inheritance tax and Ed Milliband used a deed of variation to reduce that payable by the family. I believe we all have a responsibility to protect the family assets and both of these tax reduction measures are entirely legal. What annoys me is that both of these individuals want us to pay additional taxes but fail to practice what they preach . Total hyprocites ."

Both of them used the Tax laws as they were written - nothing illegal or even questionable about it!

If you don't like the Taxation system, then don't complain about those who use it compliantly, and don't moan to us - go and lobby your MP, with clearly defined financial and fiscal reasoning, and get the laws changed!!!

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