robcat101
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Aren’t they often taxed, one way or another?But how about the gambling side, why not tax winnings?
Aren’t they often taxed, one way or another?But how about the gambling side, why not tax winnings?
Aren’t they often taxed, one way or another?
Yes, this is not a relevant argument in my opinion. The Royal’s couldn’t sell any of the prize assets they “own”, so there clearly no point taxing them. We own them and they use them at our pleasure.I thought the Royalty properties and possession (like crown Jewels) were effectively state owned.
Aren’t many bets taxed? Given that the house normally wins, isn’t it better to tax bets, rather than winnings?Not on the winnings in the UK.
Win the lottery in the US and you will get a very large tax bill.
Aren’t many bets taxed? Given that the house normally wins, isn’t it better to tax bets, rather than winnings?
Shows the last time I put a bet on (when you used to be taxed)!It's done on the profits on a per Point Of Consumption Tax. It used to be the online ones got away with very little depending on where they were based.
Many moons ago before they made gambling tax free, you could opt to pay tax on the bet, to avoid paying tax on the winnings.It's done on the profits on a per Point Of Consumption Tax. It used to be the online ones got away with very little depending on where they were based.
What have they as individuals done to physically earn that inheritance?My friend’s dad died earlier this year. His estate was to be split between my friend and their sibling as per the instructions in his will.
My friends dad saved all his life, refused to go on holidays, only ever brought second hand cars, didn’t fix things like central heating when it failed in his house and relied on electric heaters. Wouldn’t even buy a new cooker when that gave up and just used a microwave.
He always saved his money for a rainy day saying you never know what might happen.
He had lived in the same house in a village not far from London for over 30 years and when the house was valued it was worth a considerable sum but well below the actual market value as it needed so much work doing on it.
Inheritance tax has now been calculated and they need to pay over £150,000 in tax.
My friend said he lived a miserable life really and saved and for what, for them to now lose a large chunk of their inheritance.
Ironically they would have been better off he had spent a lot of it and actually enjoyed his life.
So the government have got themselves a lovely chunk of cash for nothing!
Believe me my friend and her sibling are really bitter about it
What has the state done to deserve it?What have they as individuals done to physically earn that inheritance?
How the person who died chose to live their life and not spend is irrelevant.
Father in Law rents and has no intention of owning a property, buys a newer car and holidays regularly, what he leaves to anyone will be any money left and goods, so well under the inheritance limit, but he will have enjoyed his own money in the interim.
You could say that about any tax though.What has the state done to deserve it?
I guess that was his choice. In my experience, people are hardwired to be savers or spenders, so it’s often not in a persons nature to “chose” to blow money to avoid the tax man getting it. Ironically the tax man gets his cut one way or the other - if you spends it you pay tax/vat etc, but if you keep too much of it, you pay IHT. That’s life. (Unless you’re the Duke of Westminster).My friend’s dad died earlier this year. His estate was to be split between my friend and their sibling as per the instructions in his will.
My friends dad saved all his life, refused to go on holidays, only ever brought second hand cars, didn’t fix things like central heating when it failed in his house and relied on electric heaters. Wouldn’t even buy a new cooker when that gave up and just used a microwave.
He always saved his money for a rainy day saying you never know what might happen.
He had lived in the same house in a village not far from London for over 30 years and when the house was valued it was worth a considerable sum but well below the actual market value as it needed so much work doing on it.
Inheritance tax has now been calculated and they need to pay over £150,000 in tax.
My friend said he lived a miserable life really and saved and for what, for them to now lose a large chunk of their inheritance.
Ironically they would have been better off he had spent a lot of it and actually enjoyed his life.
So the government have got themselves a lovely chunk of cash for nothing!
Believe me my friend and her sibling are really bitter about it
Built roads, hospitals and schools.What has the state done to deserve it?
I'd suggest that if we had better roads, hospitals and schools there would be less resistance to paying more tax.Built roads, hospitals and schools.
With many taxes there's an element of choice.You could say that about any tax though.
Remember that the people who die aren’t being taxed, it’s the beneficiaries.With many taxes there's an element of choice.
The government has older people over a barrel really. Spend your money and then throw yourself on the mercy of the state to look after you. Or act responsibly to ensure you're not a drain on the state and the state will punish you financially for doing so.
Which is just about ok to a point, but I'm not sure the government should be entitled to any more than they already get.
I get what you’re saying, but the tax has to be raised somehow. How should the deficit be made up? Higher income tax? Higher VAT? It’s about spreading the burden fairly, and taxing a dead person is arguably fair, as they don’t need the money. If they don’t want the government to get it after they die, they can give it away beforehand. It’s fair in many ways. What’s unfair is the Duke of Westminster avoiding it.With many taxes there's an element of choice.
The government has older people over a barrel really. Spend your money and then throw yourself on the mercy of the state to look after you. Or act responsibly to ensure you're not a drain on the state and the state will punish you financially for doing so.
Which is just about ok to a point, but I'm not sure the government should be entitled to any more than they already get.
Remember that the people who die aren’t being taxed, it’s the beneficiaries.
It’s as broad as it’s long. You could say the estate is taxed then divided up.Remember that the people who die aren’t being taxed, it’s the beneficiaries.
If they don’t want the government to get it after they die, they can give it away beforehand. It’s fair in many ways.
To be fair, if there wasn’t a time period, it would make it quite easy to avoid IHT!Not if you drop dead unexpectedly...
The problem is that property prices are so crazy that your home can easily take you into the IHT bracket. If they weren’t, it’d just be a rich person’s tax (and I dare say we’d all be in favour of it!).
So true. Years ago, it was only wealthy people who had to consider IHT/death duties, now it's anyone with a house in this part of Sussex.
"Getting screwed" is a bit OTT. Paying some tax on receipt of hundreds of thousands of pounds worth of assets you did nothing to earn hardly makes you a victim.Yep and that seems to be demonstrated by this increasing chart. (Inheritance Tax statistics: commentary)
View attachment 1792081
It's likely to be the impact of property prices pushing estates (including primary residences) beyond £500k threshold for a single parent and £1M for two parents, which isn't hard depending on where you live in the country and that those parents might have brought the house for a relatively trivial amount in the past.
These are ordinary people that are getting screwed, not "mega" rich people by any stretch of the imagination.
Meanwhile, the Duke of Westminster IHT bill would have been nearly 50% of the amount of the entire receipt for the year, according to the papers.
"Getting screwed" is a bit OTT. Paying some tax on your receipt of hundreds of thousands of pounds worth of assets you did nothing to earn hardly makes you a victim.