4 ms·
> The little people without access to great lawyers and accountants got absolutely hammered when it got applied to them. In the tax year 2021 to 2022, 4.39% of
by helsinkiandrew 2y ago
> The little people without access to great lawyers and accountants got absolutely hammered when it got applied to them.
In the tax year 2021 to 2022, 4.39% of UK deaths resulted in an Inheritance Tax
Inheritance tax only kicks in above £325K of assets. If inheriting your parents home the threshold increases to £500K (and increases again to £1M if both parents die).
That's hardly hammering the little people.
https://www.gov.uk/inheritance-tax https://www.gov.uk/inheritance-tax
https://www.gov.uk/government/statistics/inheritance-tax-liabilities-statistics/inheritance-tax-liabilities-statistics-commentary https://www.gov.uk/government/statistics/inheritance-tax-lia...
- Ntrails 2y ago> That's hardly hammering the little people. Agree. It hits the (upper) middle, as with most of the tax code afaict. I rarely resent paying tax until I see how little people earning multiples of me get away with paying.
- flir 2y agoThere are always unintended consequences. (This isn't an argument for not having an inheritance tax, it's an argument for being clear-eyed about the trade offs). In the case of inheritance tax, it has resulted in a lot of British cultural treasures being shipped to the US to be auctioned.