Funnily enough that’s what I inherited when my dad died
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Average house price has more than doubled over the last 25 years. If you've paid off your mortgage and you're sitting on 100%+ profit you haven't earned a penny of that money. Nor paid tax on it.
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wowee thats a whole lotta dough!
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I absolutely aspire to being left a fortune by a previously unknown relative. Happy to pay tax on it.
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Inheritance Tax is the only reason why I have no assets or children. I mean, what would be the point?
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A rich lady once told me RE inheritance tax: “we’re taxed dry when we work and taxed dry when we die!” I didn’t know enough to argue otherwise. I’ve since learned you can leave behind £325,000 tax free. Many people leave behind debt and their family can’t afford their funeral.
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It's more than that. £1million between a couple now due to the residence nil rate band. Inheritance tax is a largely voluntary tax. There are plenty of legal ways to avoid it/most of it.
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I hope you didn't squander on cigs and satellite TV the way that the working classes generally do.
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