Inheritance

[Shadow Play]

19 minutes ago, welshbairn said:

And what percentile of the population have that amount of wealth, would you say?

Last figures I am aware of was in 2016 when it was reckoned that 3.6 million households in the UK had total wealth of over £1M.

Remember it’s not saying £1M sitting in the bank but all assets.  So, any engagement rings, bracelets, watches, cars, pensions, life policies, etc all form part of that.

Edited March 21 by Shadow Play

[Shadow Play]

12 minutes ago, scottsdad said:

When will Stately Wayne Manor be yours anyway?

 That goes to the oldest brother…….

Just saying in another post it was reckoned 8 years ago that over 3 million households in the UK had wealth of over £1M. 

[welshbairn]

3 minutes ago, Shadow Play said:

Last figures I am aware of was in 2016 when it was reckoned that 3.6 million households in the UK had total wealth of over £1M.

Remember it’s not saying £1M sitting in the bank but all assets.  So, any engagement rings, bracelets, watches, cars, etc all form part of that.

So roughly the wealthiest 10%. In my world that means rich.

[vikingTON]

33 minutes ago, Shadow Play said:

At its very basic, the inheritance tax threshold for a couple is £325,000 each with £350,000 between them for their home.  Unless I’m missing something. 

Yes, you're definitely missing something. 

[Shadow Play]

23 minutes ago, welshbairn said:

So roughly the wealthiest 10%. In my world that means rich.

Not wishing to sound pedantic but it’s closer to 12.5%.  Maybe even higher as the figures are from 8 years ago.  I can only assume wage and wealth inflation would have increased the number.

In other words 1 in every 8 homes in the UK.  These are not my figures by the way.  I am just highlighting research.

ETA I think it may best for me to stress I’m pretty sure it’s not 1 in 8 homes in my street!

Edited March 21 by Shadow Play

[Melanius Mullarkey]

12 minutes ago, Shadow Play said:

Not wishing to sound pedantic but it’s closer to 12.5%.  Maybe even higher as the figures are from 8 years ago.  I can only assume wage and wealth inflation would have increased the number.

In other words 1 in every 8 homes in the UK.  These are not my figures by the way.  I am just highlighting research.

f**k them. They’ll all be Tories anyway.

[invergowrie arab]

Seems like the outing Tories in inheritance tax threads gets earlier each year.

[scottsdad]

30 minutes ago, Shadow Play said:

 That goes to the oldest brother…….

Only the upper classes favour the first born these days...

[DiegoDiego]

Timely thread as today my parents asked me if I would be willing to have power of attorney. You're recommended to have two, so it will be me and my brother. Imagining the shite that will come our way when our two sisters find out we were chosen over them is bad enough, if the will isn't evenly split (which is unlikely, but not Darvel beating Aberdeen unlikely) then I'll just use my share to get the f**k away from it all.

Mate of mine's mother died when he was a teenager. Used the money to put a decent downpayment on a flat which he fully paid off when he was about thirty. Some of his friends still tell him he's a lucky fucker. Aye, really lucky he lost his mum whilst still at school.

 

[hk blues]

7 hours ago, Sergeant Wilson said:

Sell upstairs.

He lived in a tenement. 

[Sergeant Wilson]

2 hours ago, hk blues said:

He lived in a tenement. 

 

[BFTD]

12 hours ago, welshbairn said:

So roughly the wealthiest 10%. In my world that means rich.

This is like that bloke on Question Time who was earning over £50K and was quite convinced more than half the country was earning more than him.

[Honest Saints Fan]

My parents wills are written to share everything equally between my brother and I. We get on well so I don't think they'll be any issue.

I got a will written a few years ago. Definitely worth doing and not that expensive in the grand scheme of things. It's all going to Ruggy when I die. He better no find another wife and spend it all.

[yoda]

13 hours ago, Shadow Play said:

Last figures I am aware of was in 2016 when it was reckoned that 3.6 million households in the UK had total wealth of over £1M.

Remember it’s not saying £1M sitting in the bank but all assets.  So, any engagement rings, bracelets, watches, cars, pensions, life policies, etc all form part of that.

Pensions aren't usually included as part of the taxable estate.

[mathematics]

When the wee man was born, Mrs Mathematics and I got wills drawn up. Did it through my union. Nice and easy: everything to the other half, or the wean if that boat over the Styx has already sailed.

[Shadow Play]

4 hours ago, yoda said:

Pensions aren't usually included as part of the taxable estate.

Sorry, I was meaning if, as many people do, you commute 1/4 of your pension at time of retirement for a lump sum payment.

 

[VincentGuerin]

Inheriting is also complicated by things like the gifting of money for deposits for a first home, which a lot of people seem to miss as a huge factor in how your life goes.

Yorkshiremen alert here, but my family were in no position to give me anything towards stuff like that, so I just had to save until my early thirties, by which point I'd met the missus and we combined funds to buy together. Worked out perfectly in terms of timing, as she'd been saving in the same way, and by the time we'd both saved what we wanted, we'd become sure enough of each other to want to buy a hoose together.

Prior to moving in with her, I'd moved around a bit and had shared rental flats. There was no other option.

I'm happy with my lot in life and I'm generally not one of these people who looks at others and envies wealth etc. I'm just not interested in the things attached to wealth. But the only time I've nearly lost in in relation to this was the time a mate of mine from school had a word with me when he said it was time to "grow up and stop moving from rental to rental". This fucking c**t got £30,000 from the bank of mum and dad to fire down on a house deposit in about 2008. That's good for him, but what really annoyed me in that moment was his complete lack of understanding of what life is like for people who are not handed money by their parents. That applies during life as well as when they kick the bucket.

He will never know what it's like to spend over a decade paying other people's mortgages while trying to squirrel away enough to get out of that trap. Compared to him, I've lost a fortune in savings and growth in the price of the homes we've bought, and that's a gap I'll never make up. I didn't just save for my deposit, I chucked away more again on rent in that period. People handed cash by their parents often miss that bit of the equation. And often the money you're chucking in the bin while saving is going to someone who was given money by their parents to buy the flat you're renting from them... Tell me I'm crazy, but that's completely immoral.

It's easy for me to say as someone who has inherited f**k all and will inherit f**k all, but I think in terms of the impact it has on social mobility there is a strong moral argument for implementing clear and strong inheritance tax, and strongly punishing those who try to avoid it. But in a society where laws are made by the wealthy, this will never happen.

Edited March 24 by VincentGuerin

[Granny Danger]

52 minutes ago, VincentGuerin said:

Inheriting is also complicated by things like the gifting of money for deposits for a first home, which a lot of people seem to miss as a huge factor in how your life goes.

Yorkshiremen alert here, but my family were in no position to give me anything towards stuff like that, so I just had to save until my early thirties, by which point I'd met the missus and we combined funds to buy together. Worked out perfectly in terms of timing, as she'd been saving in the same way, and by the time we'd both saved what we wanted, we'd become sure enough of each other to want to buy a hoose together.

Prior to moving in with her, I'd moved around a bit and had shared rental flats. There was no other option.

I'm happy with my lot in life and I'm generally not one of these people who looks at others and envies wealth etc. I'm just not interested in the things attached to wealth. But the only time I've nearly lost in in relation to this was the time a mate of mine from school had a word with me when he said it was time to "grow up and stop moving from rental to rental". This fucking c**t got £30,000 from the bank of mum and dad to fire down on a house deposit in about 2008. That's good for him, but what really annoyed me in that moment was his complete lack of understanding of what life is like for people who are not handed money by their parents. That applies during life as well as when they kick the bucket.

He will never know what it's like to spend over a decade paying other people's mortgages while trying to squirrel away enough to get out of that trap. Compared to him, I've lost a fortune in savings and growth in the price of the homes we've bought, and that's a gap I'll never make up. I didn't just save for my deposit, I chucked away more again on rent in that period. People handed cash by their parents often miss that bit of the equation. And often the money you're chucking in the bin while saving is going to someone who was given money by their parents to buy the flat you're renting from them... Tell me I'm crazy, but that's completely immoral.

It's easy for me to say as someone who has inherited f**k all and will inherit f**k all, but I think in terms of the impact it has on social mobility there is a strong moral argument for implementing clear and strong inheritance tax, and strongly punishing those who try to avoid it. But in a society where laws are made by the wealthy, this will never happen.

Threads like this highlight the disparity between people who are fundamentally the same but whose life experiences and personal circumstances are quite different.

We live in a society where one third of adults have less than £1,000 of savings and could be in severe financial difficulties if they encountered any sort of personal financial emergency and yet many others recognise that personal wealth of £1m is neither unusual or excessive.

 

[BFTD]

It's always stunning when you meet someone who genuinely doesn't understand the concept of poverty. Usually a Tory MP suggesting that people should just ask their parents to help out when their broo money is sanctioned, or get a low-interest loan from the nice man who helps manage their family's money.

Never sure if it's actual or wilful ignorance - I used to assume it was always the latter, but there does seem to be a class of people who cannot envisage a life when there isn't always a pool of money from relatives (dead or living) that can be used.

[Florentine_Pogen]

4 hours ago, VincentGuerin said:

Inheriting is also complicated by things like the gifting of money for deposits for a first home, which a lot of people seem to miss as a huge factor in how your life goes.

Yorkshiremen alert here, but my family were in no position to give me anything towards stuff like that, so I just had to save until my early thirties, by which point I'd met the missus and we combined funds to buy together. Worked out perfectly in terms of timing, as she'd been saving in the same way, and by the time we'd both saved what we wanted, we'd become sure enough of each other to want to buy a hoose together.

Prior to moving in with her, I'd moved around a bit and had shared rental flats. There was no other option.

I'm happy with my lot in life and I'm generally not one of these people who looks at others and envies wealth etc. I'm just not interested in the things attached to wealth. But the only time I've nearly lost in in relation to this was the time a mate of mine from school had a word with me when he said it was time to "grow up and stop moving from rental to rental". This fucking c**t got £30,000 from the bank of mum and dad to fire down on a house deposit in about 2008. That's good for him, but what really annoyed me in that moment was his complete lack of understanding of what life is like for people who are not handed money by their parents. That applies during life as well as when they kick the bucket.

He will never know what it's like to spend over a decade paying other people's mortgages while trying to squirrel away enough to get out of that trap. Compared to him, I've lost a fortune in savings and growth in the price of the homes we've bought, and that's a gap I'll never make up. I didn't just save for my deposit, I chucked away more again on rent in that period. People handed cash by their parents often miss that bit of the equation. And often the money you're chucking in the bin while saving is going to someone who was given money by their parents to buy the flat you're renting from them... Tell me I'm crazy, but that's completely immoral.

It's easy for me to say as someone who has inherited f**k all and will inherit f**k all, but I think in terms of the impact it has on social mobility there is a strong moral argument for implementing clear and strong inheritance tax, and strongly punishing those who try to avoid it. But in a society where laws are made by the wealthy, this will never happen.

3 hours ago, Granny Danger said:

Threads like this highlight the disparity between people who are fundamentally the same but whose life experiences and personal circumstances are quite different.

We live in a society where one third of adults have less than £1,000 of savings and could be in severe financial difficulties if they encountered any sort of personal financial emergency and yet many others recognise that personal wealth of £1m is neither unusual or excessive.

 

2 hours ago, BFTD said:

It's always stunning when you meet someone who genuinely doesn't understand the concept of poverty. Usually a Tory MP suggesting that people should just ask their parents to help out when their broo money is sanctioned, or get a low-interest loan from the nice man who helps manage their family's money.

Never sure if it's actual or wilful ignorance - I used to assume it was always the latter, but there does seem to be a class of people who cannot envisage a life when there isn't always a pool of money from relatives (dead or living) that can be used.

Just a wee addition to VG's post.  My situation is almost identical and I have always liked to think I am not materially / consumer driven and that I try hard not to  begrudge those who have been lucky to have been handed a better set of 'life cards'.

However, the one time when I struggled to keep the heid was when my daughter was at uni and she moved into a flat in Edinburgh which had been bought for her pal by her parents, but they were only keeping it for the duration of her course. There were 5 students in this place, I'm positive they didn't apply for an HMO licence, and four of the students were covering the mortgage.

Blood pressure was through the roof for a few days.

Edited March 24 by Florentine_Pogen