This affects us as well as the wider world, so has a place here?
The DT 's front page says that us chaps have to die first or there'll be no offset against IHT!!
What next??
Um, what is DT? And what is IHT? ???
Tina.
So sorry -
IHT=Inheritance Tax - which so many can now be liable for just because their houses are at an inflated 'high'.
DT=Daily Telegraph.
Ah, got it. :) Though I guess that should be :( - not good news!
Tina.
For what it's worth, just checked with a bank 'adviser' - it seems that the chap had the house in his name only.
It's a good idea to make sure the house is owned on a Joint & Several basis. But transfers between spouses are supposed to be exempt, and the executors of a will can legally change it for a year after date of death so it isn't normally a problem. Although of course, some people (like my MIL) hate to change a will and would rather pay the tax.
Unless something's changed since I did my financial exams...
Either way, it's probably the most unfair of all the taxes and will never change with "New" Labour's hatred of the middle classes. I guess we need the money to spend on the PFI initiatives & Zionist crusades.
Off to vote now.
Or for health care and school fees... so much for new Labour!