I think it only kicks in at 1 million anyway, and I wouldn’t disagree to it being raised to say 5 million, as it’s entirely possible from a regular person to get a well paying job, and have invested and saved their way to that figure by retirement.
But scrapping it entirely removes one of the only ways that we do tax billionaires. One of the last thing I’d want is billionaire generational wealth.
There are a bunch of adjustments, chief among them that if you inherit spouse to spouse then it isn’t taxed and if spouse 1 passes away without using their inheritance tax amount then you get to use their inheritance tax amount too when you pass away, effectively doubling the limit. Among others, like allowances around your primary residence.
The best thing you can do for your loved ones is leave a Will and a clear paper trail, trust me.
I think it only kicks in at 1 million anyway, and I wouldn’t disagree to it being raised to say 5 million, as it’s entirely possible from a regular person to get a well paying job, and have invested and saved their way to that figure by retirement.
But scrapping it entirely removes one of the only ways that we do tax billionaires. One of the last thing I’d want is billionaire generational wealth.
It kicks in at £325,000, plus any additional adjustments.
I really thought it was higher to be honest. That’s even worse. Fully support it being raised, but not removed.
There are a bunch of adjustments, chief among them that if you inherit spouse to spouse then it isn’t taxed and if spouse 1 passes away without using their inheritance tax amount then you get to use their inheritance tax amount too when you pass away, effectively doubling the limit. Among others, like allowances around your primary residence.
The best thing you can do for your loved ones is leave a Will and a clear paper trail, trust me.