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Re: Bad news, GC

By Slim Jim12/10 17:43Thu Oct 12 17:43:48 2017In response to Re: Bad news, GC

Views: 562

1. The deceased's earnings are taxed twice, once on income, once on distribution.

2. The recipient is the individual who receives the legacy, the estate is what pays the legacy.

For example, if the deceased dies with one beneficiary, that beneficiary currently receives the full nil rate band free of tax, but if there are 4 beneficiaries they only receive 1/4 of the nil rate band each.

If an IHT allowance was given to each individual, then all would receive the same amount free of tax. Fairer IMHO. If one then receives an additional legacy from, say, a maiden aunt then this second legacy would all be subject to IHT as the individual's nil rate band has already been utilised.

The deceased is then not taxed twice, and individuals are subject to tax on their own income, rather than being grouped with others.

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