ContinueWe use cookies to ensure that you get the best experience on our website; if you continue without changing your settings - or dismiss this message - we'll assume that you are happy to receive all cookies on www.theconferenceforum.co.uk

The Conference Forum

Return to front page

Newest article: Re: George Michael by PaulioToday 08:32Today at 08:32:27view thread

Oldest article: We're on our way by Kingfield Ender'30/9 15:42Sat Sep 30 15:42:43 2017view thread

MenuSearch

Next thread: Strictly by slack14/10 20:27Sat Oct 14 20:27:07 2017view thread

Re: Bad news, GC

By Slim Jim12/10 19:06Thu Oct 12 19:06:26 2017In response to Re: Bad news, GC

Views: 528

1. The deceased is taxed on income, then distribution, and I don't think the same money should be taxed twice, even if it's post death. However, I don't think we'll agree and it's pretty irrelevant to the discussion so I'm happy to let it lie.

2. Forgive the semantics, but I would say VAT, Stamp Duty etc. are taxes on consumption, not distribution. If you gift money, it's not taxable (unless it falls foul of current IHT legislation). If you invest money, it's not taxable, until any income or capital gain that may arise. If you pay a tradesman, it's not taxable (they get taxed on their income).

3. Maybe, but is that really a problem, especially if the benefits are a fairer system? Everyone has a Personal Tax Account now, so it just needs an extra field to record how an individual's Nil Rate band has been utilised.


There are already many reliefs for IHT in current legislation (eg 100% Business Relief, spousal exemption), so these could just be claimed by beneficiaries if eligible, rather than the estate.

This isn't a fully costed proposal, and I'm sure the white paper will result in numerous amendments, but I just think the idea is fairer than current system.

reply to this article | return to the front page

Next article in this thread: Re: Bad news, GC by Meerkat12/10 19:21Thu Oct 12 19:21:34 2017

Previous thread: FAO of Lee Hughes & Luke McCormick by Sicknote15/10 12:28Sun Oct 15 12:28:18 2017view thread