Financial literacy

[Swanjaxs]

‘ might want to give their family and friends a little something when they pass’.

The first million quid is free. Your idea of a little something and mine is obviously different. Or it goes back to what I was saying at the start. People just don’t understand how it works.

4% of people pay anything. 96% of people are being left alone.

We have to improve understanding on this stuff.

That's you told J2J :lol:

 

[rockinj]

Just a slight correction 4-5% of Estates are effected. Not individuals

 

[LeonWasTheDog's]

‘ might want to give their family and friends a little something when they pass’.

The first million quid is free. Your idea of a little something and mine is obviously different. Or it goes back to what I was saying at the start. People just don’t understand how it works.

4% of people pay anything. 96% of people are being left alone.

We have to improve understanding on this stuff.

When you put it like that, it sounds mighty unfair on the 4%. They should be left alone too :lol:

 

[Jack2jack]

That's you told J2J :lol:

Should've kept me gob shut.
I'll stick to Engineering from now on.

 

[Londonlisa2001]

Just a slight correction 4-5% of Estates are effected. Not individuals

Yes, it’s estates.

Many die without an ‘estate’ of course (in other words too few assets to ever enter probate).

 

[Londonlisa2001]

I personally would dramatically overhaul the tax system, one of the first things I would do is create a NHS tax. Let’s see how many people think it’s “free” then

I don’t think anyone thinks it’s not paid for out of tax,

NHS tax sounds good though, let’s call it National Insurance…

 

[Swanjaxs]

Should've kept me gob shut.
I'll stick to Engineering from now on.

 

[Londonlisa2001]

Should've kept me gob shut.
I'll stick to Engineering from now on.

In all seriousness though when you said you’d like to pass on a little bit did you know that it will only be once you reach a million quid that there’s tax? And only then on the amount above a million?

Because according to reports today something like a third of people think they will suffer IHT despite hardly anyone actually paying it. And that’s a con from the government for making people think that.

 

[Jack2jack]

In all seriousness though when you said you’d like to pass on a little bit did you know that it will only be once you reach a million quid that there’s tax? And only then on the amount above a million?

Because according to reports today something like a third of people think they will suffer IHT despite hardly anyone actually paying it. And that’s a con from the government for making people think that.

No I didnt, I've been trying to follow this thread but got lost with all the technical stuff. Anyway thanks for the clarification.

 

[Swanjaxs]

In all seriousness though when you said you’d like to pass on a little bit did you know that it will only be once you reach a million quid that there’s tax? And only then on the amount above a million?

Because according to reports today something like a third of people think they will suffer IHT despite hardly anyone actually paying it. And that’s a con from the government for making people think that.

That's Prosser fecked then :lol:

 

[Pentyrchjack]

Well I have a large house in an relatively expensive part of London and no children so it’s difficult to see how it could have a more direct impact on me / my estate in due course and I don’t want to see it changed for reasons I’ve explained. I believe the thinking of this government at the moment across this and so many other areas makes for more and more wealth inequality and I simply don’t agree that it benefits anyone at all in the longer term.

I’m a firm believer in the notion of designing tax systems (or all government really) based on the veil of ignorance. If, prior to your birth, you designed a tax system not knowing what sort of financial and socioeconomic position you’d ever find yourself in, whether one of the majority that have a lot less or the minority that have a lot more, what would you do?

Designing systems that are disproportionately advantageous to the few would surely be the thing you’d avoid?

Have you thought about sharing your large expensive house with those less fortunate Lisa? I have taken in a few Ukrainian families over past 18 moths and it was a rich, colourful and rewarding experience for all.

 

[Robbie]

Time to throw the towel in now , my moan about my new HMRC Tax Code has gone way above my heads storage space .

Totally lost in Rules and Regs . The Adage Bullshite baffles Brains has beaten me , I give up , and I thought I was sharp .

How many genuine people are being conned and lied to over waffle and spin , losing money , not challenging Authority .

On Advice , I was lucky to be in the position to do it , got in touch with Goverment / Pension Dept told them their figures did not match up to my entitlement , £10 per month over a year I was being short changed , it was reviewed and they updated .


Hence my total distrust of any changes to peoples Entitlement due to them , legally gained over their working lives .

 

[PSumbler]

In all seriousness though when you said you’d like to pass on a little bit did you know that it will only be once you reach a million quid that there’s tax? And only then on the amount above a million?

Because according to reports today something like a third of people think they will suffer IHT despite hardly anyone actually paying it. And that’s a con from the government for making people think that.

The government and the media who fail continually to correct that particular narrative. Some of the big issues here is that financial advisers are heavily regulated (more than a large proportion of industries) and there is a level of mis trust of them because "Bob" in the pub knows better. Then you also add in the likes of Martin lewis who is seen as some level of god but has no financial advice qualifications.

For me you are spot on as far as IHT is concerned in that it impacts such a small number of people.

That said there are so many misunderstandings out there about tax and financial positions as a whole

 

[rockinj]

I don’t think anyone thinks it’s not paid for out of tax,

NHS tax sounds good though, let’s call it National Insurance…

No let’s call it NHS tax. Let’s be clear where money goes.

People do treat it differently because they can’t tangibly see where the money goes.

Free prescriptions in wales (which I disagree with) should at very least come with a receipt on costs.

 

[rockinj]

The government and the media who fail continually to correct that particular narrative. Some of the big issues here is that financial advisers are heavily regulated (more than a large proportion of industries) and there is a level of mis trust of them because "Bob" in the pub knows better. Then you also add in the likes of Martin lewis who is seen as some level of god but has no financial advice qualifications.

For me you are spot on as far as IHT is concerned in that it impacts such a small number of people.

That said there are so many misunderstandings out there about tax and financial positions as a whole

Good post, don’t get me started on Martin Lewis feck me. I’m not saying that some of what he says doesn’t have merit but the way he’s made himself self appointed guru grates eg switching isn’t always a great idea. You might save a tiny amount on your bill but at what price? You might have far inferior overall service or if it’s a financial product you might be out of market and have a massive opportunity cost. He just pontificates like he knows everything