posted on Mar, 26 2012 @ 03:37 PM
Lets talk about inheritance tax too while we are at it.
The house my folks paid for, if i lets say we take a house above the nil lmit at 325k i get the house no problem.
If they left me a £500,000 house the tax bill will be £70,000, 40% on what ever is over 325k.
Ive been svaing hard for 5 years and i have barly 20k to buy my own house, so i would have to sell their house unless they left me some money as well
and yup you guess it it taxed.
parents earn cash, cash gets tax, banks give bad interest rates on savings, then when they use your saving for a deposit to buy a mortgage on their
own house they get a very unpleasant long term interest rate on their mortgage. So at this point the parents are taxed on income, taxed on the
saving, while not earning enough interest to beat inflation and then have to get taxed and interest while they earn to pay off the mortgage for 20+
Why do i have to know get taxed all over again with the inheritance taxes?
My parents planned and worked their lives out for me, because they love me, love is taxable now? jee thanks.
oh and renting while you are young and saving for a mortgage is near impossible for the average UK guy these days.
They want us slaved for ever, while the middle men, banks and government spend my lively hood on blowing up a guy 9000 miles away. shweeeeeeet thanks
oh and im hungry too.
edit on 26-3-2012 by Biigs because: (no reason given)