Posthumus Tax

SPUGGIE J · 16-08-2005, 16:25

If it was bad enough that life only garuntee's death and taxes now the twallies in London want to be "allowed to raid estates from beyond the grave and force children to pay huge tax bills left by their dead parents".
The idea being muted is that they do not pay council tax to ease financial strangulation on them. Now a lot of these people will have worked all their lives paying tax NI etc and yet they are in the situation of being "skint" this is not on.

If its bad enough having to endure the death of a parent the greiving and their funeral without some arogent prat from the council coming along and saying for example; Sorry about your loss but you owe us £25000 for unpaid council tax. This does not include interest or charges and you have 28 days to pay or we will institute legal action to which we will ask for you to pay our costs". What the hell happened to looking after the grey brigade in their twilight years? Where has/is the money going that should be theirs by rights? I have my own inclination but will leave as is for the present as that would be an argument of its own.

garinda · 16-08-2005, 16:31

Most of the Royal family don't have to pay inheritance tax, which is very nice for them, as usual.

SPUGGIE J · 16-08-2005, 16:37

Why the donald should they be diferent from the rest of us? Them not paying Inheritance tax explains why they have so much wonga. They say money goes to money by donald duck the're right!

Tealeaf · 16-08-2005, 17:01

What the hell is this republican drivel? You lot are guilty of high treason and are no better than the bearded tea-towel wearing mad mullahs intent on turning this country into an Islamic caliphate. For your information, HRH the Prince of Wales paid over £5m in tax last year; his estate is run as a successful buisness and not only that his work through the Princes's trust has resulted in the formation of thousands of small enterprises throughout the land, all contributing to the economic prosperity of this country.

SPUGGIE J · 16-08-2005, 18:08

Everyone is entitled to an opinion which does not make me a "republican"
Yes Chick pays tax , so does owd Lizzy both at basic rate, its those that don't and the money spent on hangers on thats the problem. Golf mad Andra is a good example along with Princess Pushy. I'll admit I hate Chick But I've nowt againts Granny LIz, so does this make me a " bearded tea-towel wearing mad mullahs intent on turning this country into an Islamic caliphate"? A republican would get rid of em all but I believe that Lizzy Owd Phil Chick and Billy boy should be the only ones at that level, well maybe playby Harry as well. There is a lot of money paid by the tax payer which no doubt you are so can you justify this expenditure (I know Lizzy pays a lot from her own purse as does Chick) on the extended minor royals.

Debbie J · 17-08-2005, 08:03

They might pay towards the cost of the hangers on but the actual workers at the palace (maids kitchen staff e.t.c) are among the lowest paid in the country.

Bazf · 17-08-2005, 12:18

Where did the money come from in the first place the humble peasent, they may bring in tourist dollars but so does Madame Tussauds.
The Queen's Civil List has been fixed at £7.9 million per annum until 2011.Prince Philip is the only other member of the Royal Family to receive annuities from the Civil List, of £643,000. The annuities of other members of the Royal Family who carry out engagements on Her Majesty's behalf are provided by the Queen from the Privy Purse the member of the Royal Household who is responsible for managing the Sovereign's finances says Revenues presented to the Sovereign are currently in the region of £8m per year. So 16 and a half million a year for being Queen not a bad job.

garinda · 17-08-2005, 13:19

Quote:

Originally Posted by Tealeaf

What the hell is this republican drivel? You lot are guilty of high treason and are no better than the bearded tea-towel wearing mad mullahs intent on turning this country into an Islamic caliphate. For your information, HRH the Prince of Wales paid over £5m in tax last year; his estate is run as a successful buisness and not only that his work through the Princes's trust has resulted in the formation of thousands of small enterprises throughout the land, all contributing to the economic prosperity of this country.

It's only because of us, tea-towel wearing Republicans, that this lovely middle class family, you call 'your Royal family', pay any tax at all, and that's only in the last couple of years.

It was the same public pressure that stopped every Tom, Dick and Princess Alice receiving money from the public purse via the civil list.

Off with their heads.

Tealeaf · 17-08-2005, 13:36

Bloody hell. I end up defending one queen and I get attacked by another.

garinda · 17-08-2005, 13:39

Quote:

Originally Posted by Tealeaf

Bloody hell. I end up defending one queen and I get attacked by another.

Kiss my hem. you loyal peasant.

vorlon24 · 17-08-2005, 14:40

Back to the topic - if someone dies with debts, then these are paid from the deceased's estate. If there is not enough money to pay all the creditors then the deceased is declared bankrupt at death.

That's all there is to it - this is not something new. If someone has debts, howsoever caused, they should repay them, and a lot of Inheritance Tax planning is done on this basis - deliberately create a debt on the estate so that less tax is payable on death.

garinda · 17-08-2005, 14:43

Quote:

Originally Posted by vorlon24

Back to the topic - if someone dies with debts, then these are paid from the deceased's estate. If there is not enough money to pay all the creditors then the deceased is declared bankrupt at death.

That's all there is to it - this is not something new. If someone has debts, howsoever caused, they should repay them, and a lot of Inheritance Tax planning is done on this basis - deliberately create a debt on the estate so that less tax is payable on death.

It is a valid part of the thread, not everyone is eligble to pay inheritance tax.

vorlon24 · 17-08-2005, 14:49

If your estate is worth more than £275,000 after debts have been paid (05/06 tax year) then you are liable (or eligible, if you prefer!) to pay IHT

garinda · 17-08-2005, 14:53

Quote:

Originally Posted by vorlon24

If your estate is worth more than £275,000 after debts have been paid (05/06 tax year) then you are liable (or eligible, if you prefer!) to pay IHT

Taking ito account the average price of houses this will affect an awful lot of people, rather more so in Royal Tunbridge Wells than Accrington.

vorlon24 · 17-08-2005, 14:59

Quote:

Originally Posted by garinda

Taking ito account the average price of houses this will affect an awful lot of people, rather more so in Royal Tonbridge Weels than Accrington.

A lot of people are likely to get hit without necessarily realising it.

If you have a £300k house with a £150 mortgage on it, you would think that you are ok.

However, if you have a policy in place to repay the mortgage on death (as do a lot of people), you could suddenly find yourself liable. Without going into detail, it could very well happen, as although inter-spouse transfers are exempt from IHT (and if the house is jointly owned then you would be ok then as well if only one dies), the second death will create the liability, as there is no 'debt' now to repay.

There is a way of mitigating this, but you should seek legal advice about this first!

And where exactly is Royal Tonbridge Weels?