Inheritance Tax Pledges - The Triumph Of Hope Over Expectation
I did not watch the much of the pre election jousting on TV
, in point of fact, the intelligent person watches very little television. But gathered from this client and that enquirer and of course listening to the wireless, that one of the big things was a pledge to reduce the level at which inheritance tax would become payable would be increased to a million pounds - was it ever going to happen?
In the respect of having to fail to honour an electoral pledge the convolution being deliberate, the failure to win an outright majority on May 6th was but a blessing in disguise well folks, my hands are tied, if we are having to go into some sort of marriage with these other people, we have to make some sacrifices, and you see my brethren, the promises we made on inheritance tax are the price worth paying for the good of the country etc etc.
Going back one step, I made a point of listening to Moneybox on Radio 4, and a section of the exchange relating to inheritance tax [during the TV debates] was played on the radio show during which I remember Mr. Cameron saying its rewarding those families who have done the right thing.
Thats what does it for me, the phrase the right thing. The rich would take care of themselves I am here concerned about ordinary men and women going about their business who at the peak of their careers would be worth a million or 2 trust me, that is not any where as high a figure as it appears especially considering the price of property in the south of England. Those families who have done the right thing, who have saved forgone the second (or third holiday) a year or ran the car for 5 years or even longer rather than get rid of it at the end of the third year have got to contend with inheritance tax by another name after all a rose by any name would still smell sweet. This tax is means testing.
Means testing rears its ugly head when it comes to pension credit [and its bastard cousin, winter fuel payment] an acknowledgement by the state that one needs a minimum amount of cash to keep body and soul together, the other occasion we meet the monster of means testing is when it comes to paying care home fees. These are disincentives to saving! Those individuals who have done the right thing would find that the reward of their hard work is depleted while those who by omission or bad fortune are able to limbo under the means test bar get a free ride.
The rich would take care of themselves, put Joe and Josephine public must wonder what the sense in saving is, if they would just have been well off on their death beds if theyd spent the cash. There must be a way to prevent this criminal and corrosive penalty to personal responsibility.
The current sentiment being I hear the government is broke, but my money would do far more good in my family than in the treasury,.
by: Maximum Inheritance
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