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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.

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