Inheritance tax

[milliezoe]

I talked with my son at the weekend and we plan to sell him my bungalow and we will continue to live here and pay him a nominal rent I do not want my hard earned assets going to pay for my care home and punitive taxes on my death.
My question is am I doing the right thing ?

[merciasounds]

typical Labour attitude that funnygirl, you vote labour, but begrudge your money going to the govt. - How do you think the rest of us feel?

[joggerjayne]

millie ... how was the trip to London ?

[New Judge]

The question really is, if the taxpayer is to fund care for some elderly people, who would you rather they fund:

A person who has worked hard, paid his/her way throughout, paid tax and NI (and a multitude of other taxes every time some money changes hands) and made a little provision for their old age.

OR

A person who has spent a lifetime on taxpayer-funded benefits (whilst doing a little work "cash in hand", no questions asked, to get a little bit extra for Christmas); has paid no tax or NI, has had free prescriptions, spectacles, dental care and "social tariff" energy; has made no provision for their old age (because they are "disadvantaged") and has generally p'd their money up the wall.

Because, if we can only fund some people’s care, that is the question that needs to be answered.

(I’m standing by for the replies which go along the lines “Well what do you do for people with no cash – let them die?).

[joggerjayne]

I don't mind some of my money going to the Govt.

I know that there are things that need to be paid for ... schools, hospitals, armed forces, etc, etc.

I also realise that there are people worse off than me, who need to be supported. For some, it is no fault of their own. Others are simply blatant scroungers, who are taking the p!ss.

But, if we want to live in a civilised society, we have to accept that we must pay for these things.

However ... having paid ... it's a bit much when the Govt. comes back to the same bunch of us for another load of money when we die.

[funnygirl]

Mercia, the tories aren't any better!!!

[merciasounds]

I'd rather my money go to a Tory govt than a Labour one ANY day

[mccfluff]

or mercia get into fd and answer my q

apologies Milliezoe

[tamborine]

'funded son through law degree'......be careful not to incriminate him.

[bednobs]

seriously you have never got anything from the government?

What about my examples - GP, prescriptions, dentists, opticians pharmacists, schools, libraries, leisure centres, museums, family allowance, pension, unemployment benefit, parks - you never use or never have used any of them?

You turned down family allowance, pension and refused to send your son to school?
you paid for his law degree, but only so he could get a better job/ career (with higher wages) i presume?
I can see why you are grumpy about it, but if your son is going to buy your house then there will still be an "estate" to tax on your death!

[joggerjayne]

Maybe if you pay for private health cover, and send your kids to a private school, you should get tax relief ...

You are, after all, still paying for other people's families to have the benefit of those things for free.

[merciasounds]

what question Mccfluff?

[jake-the-peg]

You already get tax relief sending your children to public schools Jayne

Most of them are classed as charities. If they were not the fees would be higher

[123everton]

What does it matter how much tax you pay when you're dead?
I mean, what have you got to spend it on?

[craft1948]

My daughter was educated privately, we've had private health care since about 1970, her father paid for her university costs, none of my family have ever claimed unemployment benefits...........am I due a refund?

[Mctavish]

What about your old age pension - do you intend to refuse to accept that ?

[joggerjayne]

This is hypothetical, Jake ...

I don't have children.

[craft1948]

No.....I paid into that for 41 years............and I paid (unlike the public service sector) a bloody great wedge of my salary into a private pension scheme for 32 years.

[annie0000]

P.S. I'd be wanting my money back on that Law degree you funded, 'cos if my lawyer didn't know the rules on inheritence tax, I think i'd be going elsewhere.