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Social Care and Inheritance Tax.


spider9
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Good to see the Government tackling this issue, but if Inheritance tax is to be used to pay for the care in England, will that mean there will be a different tax policy for Scots - or will people living up here be subsidising (once again, some might say!!!) the poor Southern folk because their Inheritance tax will go up as well, yet only those in England will benefit?
Or will Westminster increase the grants to Scotland to cover this anomaly?
Or will Inheritance Tax threshold be held at the same level as it is now in Scotland, so only the English pay for their own improvements?

Oh, the complications!

Social care

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spuds

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spider9

The point I was possibly trying to make,and perhaps not making it very clear, was when funds, equity start to run out if not extremely well managed. And that is the key words 'well managed', because no matter what I thought previously, or was advised to do, its just isn't coming to form or near expectations.

No matter what I attempt now, it always seems to be a case of catch 22, or "you don't fit the criteria". And this just doesn't apply to me solely, because there are many others in the same trap or bewilderment.

Throughout my working life, I paid what was due, and a little more beside. Now it would appear in retirement, I am being told I have to possibly pay even more, to cover other peoples or government shortfalls?.

How many people who are due to retire, or have retired, have had to continue work, because they would not manage otherwise. These are people who have paid into the system, and are still having to. Because the system is no longer providing for their needs?.

The other point you raised, which I find rather confusing,"It wasn't, presumably, so that your kids (who, if they follow your attitude,would already be planning their retirement) could inherit your savings". Can you clarify this?.

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spider9

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Quickbeam

The simple point I was making to you was that your 'if only I'd known' premise is daft - we would all be OK if everyone had such insight!

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spider9

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Spuds

You had said your 'preparations' were so that you would not be a burden - not that you were intending to pass on to your kids - so you did just that.

No problem, you are where you intended to be, I presume?

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bumpkin

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Consider a completely different way of imposing Inheritance Tax if we must have it at all. Instead of a blanket starting point figure for everyone £320k I think. Why not a percentage system i.e. first 60% (Example only) is tax free and tax is paid on the remainder. This would automatically account for the huge differences in property values throughout the country. Clearly it could not be that simple, just an idea to maybe create a fairer system.

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