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Martin Lewis: Inheritance tax will you pay it? A quick myth-buster to explain how it really works

Frames Martin Lewis: Inheritance tax will you pay it? A quick myth-buster to explain how it really works

Description Martin Lewis: Inheritance tax will you pay it? A quick myth-buster to explain how it really works

Comments Martin Lewis: Inheritance tax will you pay it? A quick myth-buster to explain how it really works

93 of people will not pay it br4 will pay a modest amount Comment from : @stephfoxwell4620

I dislike taxes for one main reason: the government requires individuals to calculate their own taxes and imposes heavy penalties for mistakes While I have no problem paying taxes as a US citizen, it seems strange to me that I have to do the paperwork when the government already has all the necessary information Comment from : @Particamuwowo

The grave robber tax, unbelievable! Comment from : @West-c2u

Thank you! ❤ Comment from : @jennygrim2057

Final point: if after all that your estate is still so big that inheritance tax is due, well that seems only fair, right? Comment from : @davidnash4393

Liable, surely? Not eligible Comment from : @ianbarnes961

If a parent and child own a home together as joint tenants, when on passes it automatically goes to the otherbrIf it's a little above the £1M does the child still pay any IHT? Comment from : @aw3839

This seems like the worst period Even the markets are very unpredictable started investing recently when the market prices were a bit high, today i am more than 60 down I don't have a full-time job; instead, l'm self-employed with a variety of sources of income Regardless of how much money I generate each month, I maintain the same budget and adhere to my means tested lifestyle i need to change Comment from : @ThaisSiegel

How can you pay tax for something that my father already paid his whole life by farming Just because he left it for me I must pay for tax for a farm that paid taxes over a hundred and fifty years No way I'll pay Comment from : @natambali

So my husband leaving me has cost me, or rather, my children, £500,000🤦🏼‍♀️😐😖 Comment from : @ChrissieTimms

Every house iin London costs atkest £500,000 brThe value will double to 12 million  in 10 years brbrThis is £200,000 more than the 1 million allowance for a couplebrYou have to pay £80,000 inheritance tax BEFORE getting the house Comment from : @neso3559

Wrong @MartinLewisbrbrEvery house inherited in London will have to pay 40000 or more in inheritance tax brbr A house costs atleast 600,000brThis is more than the 500,000 allowancebrYou have to pay 40,000 for every 100,000 brthat is above 500,000 Comment from : @neso3559

Some changes are expected in April 2025 to do with long term residence of 10 years out of last 20 Would be nice to get that explained Comment from : @luckyshaqqq

Seems strange that not many pay inheritance tax and as it causes so much anguish why have it at all ? Comment from : @richardmills6505

This is another reason why marriage is on the decline An absolute criminal system Corruption in plain sight! Comment from : @The_Baby_Christian

I personally think no one should pay inheritance tax up to around one million pounds or more for each person and that includes farmers because we should all be treated the samebrMartin has given a simple account of inheritance tax if you don't get divorced but be careful if you get remarried again because I've known plenty of people that have lost all of their children's offspring inheritance because their next partner have given it to their offspring instead so please make sure you make your own individual Will ( without your partner by not giving your estate to each other)with a good solicitor and give copies to your children if you would like your children to have their half of your estate?brSome Will's are gained using fraudulent methods and are hard not to prove even in very costly court room situation because anyone can obtain a Will for next to nothing and say it's real I'm afraid😢 Comment from : @davidpayne3938

Didn't crime gangs used to go around to businesses and demand a percentage of their earnings to 'protect' their business from outside robbery, they are called criminals right?, so how is the government taking a percentage of your inherited stash ANY different from organised crime gangs? Comment from : @Gamer-dude247

My uncle paid IT and he was a bus driver! Comment from : @peterdale7896

So inheritance tax on farms 11 months (or more) ago was 'a thing' with the previous TORY government Comment from : @007JHS

You are wrong @Martin Lewis brbrEveryone who owns a home in London will pay inheritance tax brAny 3 bed house in London will cost at least 600,000 todaybrIn 12 years it will double to 12 millionbrbrThe inheritance tax threshold does not rise in line with inflationbr Every house inherited in London will pay inheritance tax on 200,000 ( the portion above 1 million for a couple )br40 is £80,000 inheritance tax to be paidbrbrIn case of a house inherited today right now from a single person, brInheritance tax applies on 100000 ( the portion above 500,000 for a single person )br40 is £40,000 inheritance tax due Comment from : @neso3559

"Inheritance Tax is a Voluntary Tax" Comment from : @davidhorn6008

Easy way to avoid inheritance tax; don't inform them when you die And don't inform them of what you have while you are alive brThe system works by people informing on themselves Comment from : @henrytwigger2245

Who pays the tax ? The estate or the recipient after receiving their inheritance ? Comment from : @stewatparkpark2933

And let's not forget how the global economy plays into all of this Economic instability, inflation, and market fluctuations can further complicate matters and add to people's financial worries Comment from : @Sanchyfab

So what happens when your Dad has inherited some money and already paid tax on it? Can he give the money to his sons or does it get taxed again? brSo confusing Comment from : @jimhellyeah8021

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got talking about investment and money I started investing with $120k and in the first 2 months , my portfolio was reading $274,800 Crazy right!, I decided to reinvest my profit and gets more interesting For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family Comment from : @BEAUTIFULDIANAFRANCIS

Inheritance tax is completely unjust Someone works, pays tax on the earnings and saves out of what's left to invest in things for their family to benefit Having any part of what they leave on death stolen by government is plain and simple robbery No ifs No buts I'll never fall into that bracket but I don't see any justification for IHT to exist It's come about because of the politics of envy Comment from : @johnj4860

Why would anyone save, invest and buy for their future, as the lottery winner stated “SPEND SPEND SPEND” live life to the full stuff this greedy government Comment from : @misspatriotic

IHT - the tax that scoops up the tax avoidance proceeds of rich people who were never on PAYE gets my vote Comment from : @trevormj

Tax laws can be so complex, and it’s super helpful to break them down like this Understanding how different policies can impact our finances is crucial for making informed decisions Comment from : @IamJonny-o4v

Thank you Martin As usual you bring sanity to an insane world Comment from : @Petermcpete

The worst of the so called news!!??papers turn bulls own inflicted on oz😢😢😮😮😂😂 Comment from : @MichaelKing-e1g

Leave everything to charity & you pay no tax, we got our wealth from the system so give it all back to the system end of Comment from : @WayneClarke-n7b

What about if an only child Inherited a property but there is no will? Comment from : @ambermcivor1456

Tax the rich They earned it Comment from : @poontang8035

Applicable to a very few people Comment from : @YaseenPatel-o1d

Lawyers are laughing 😂 Comment from : @YaseenPatel-o1d

How has this changed in this weeks budget please? Comment from : @PJ-om2wq

I am from Ethiopia am ferhiwot feleke Comment from : @FelekeFerhiwot

fabulous thanks :) Comment from : @louisedavey3603

What about divorced single women who want to pass their home to their 4 children, is it still 500k? Comment from : @dharmacharinipasadanandi7110

It's not inheritance tax brbrIt's DEATH DUTY that's what it is Comment from : @maxhobby1701

This video was made none months ago?brIsn't it possible for greedy Reeves to make changes to these allowances? Comment from : @ant7936

Thank you Comment from : @bharatvaidya10

Hypothetically as a divorced or single person the maximum I am allowed to leave including the value of my property is £500,000 and this is only the case if I have a direct descendant, otherwise £325,000 I can see many more people being dragged into this tax given the price of property these days, and the divorce rate Comment from : @anneive710

Inheritance tax…Either ditch it or fix it because there are loopholes that has existed for centuries that has enabled the upper class to prevent them paying itbrThis has caused the great divide in wealth in the UK Comment from : @maxthemagition

All understood My question is , why should it be 40? This is always , in my mind outrageously high Why is it not the same as capital gains tax 24? That would seem fairer As the estate is a capital gain???? Comment from : @stiffywatson2

What about leaving your inheritance to your siblings?? Comment from : @falling_leaves2997

Taxing the dead 💀, fuckin disgusting Comment from : @mdex1

Yes Martin, but thieving reeves is going to mess it all up by changing the thresholds and the reliefs so she can steal families wealth! Comment from : @grandmoffmiranda7909

Hills Isle Comment from : @DonnaLewis-n2n

Thank you Martin But what if labour change all these rules You will lose it all Comment from : @butlerpa100

If Martin didnt make it clear enough , go and ask your local MP how they scam the system brNever heard of a MP paying inheritance tax , theyve given most of there wealth away years before the grim reaper come knocking at the door brTo prove its true , why do you think there kids are paying the care home fees , thats because they had the ££££ millions gifted to them years ago to avoid such taxes !!!! Comment from : @ICHall-og5zk

Thanks Martin This really cleared up the misunderstanding we had about inheritance tax and gave us peace of mind Comment from : @rustybuck6805

Jaron Meadow Comment from : @EdwardLee-r8l

Marlin Ramp Comment from : @GaryWilson-b8j

Abolish that bloody IHT! Comment from : @HenryLaw19891024

4 not a lot, try telling that to the roughly 25 million people that have simply been robbed Comment from : @jamesholmes4256

I'm still confused My mother is now 90 yrs old She has savings of around £40,000, which she has decided she would like to transfer to my bank account before her death That would be my full inheritance if she passed away, so it is below the amount to pay inheritance tax But if I receive the full amount now & she were to pass away in the next 7 yrs does the nil to be paid still stand or would I still be liable for inheritance tax? Comment from : @EDDIEM0NS00N

Joanne Isle Comment from : @TracyStoker-o6m

If sons / daughters/ grandchildren inherited an estate upon a death in the UK, would they have to pay any capital gains tax? Comment from : @NerissaThak

Bauch Stravenue Comment from : @LesterBorn-j2m

52338 Kenny Burg Comment from : @BethuneAnnabelle

I never knew a wife or husband can use the other’s £500,000 allowance - giving a total of £1,000,000 - before the kids have to pay IT 😮 Comment from : @HaMashiachSaves

54922 Michael Park Comment from : @BauerDonahue

Did king Charles pay inheritance tax? Comment from : @robertyoung8785

Your stats of 4 are historic, so not an accurate representation of the future number that are going to be pulled in to it because of rising property pricesbrIt's the typical trick of the left to claim it wont affect many people just because it hasnt up until now Comment from : @sonofsomerset1695

Until they change the rules thanks Martin Comment from : @DavidAllen-fo4jl

Huel Heights Comment from : @LindaLopez-g9q

How about if you left you wife and kids a 2 million house and they want to continue living in it ? Comment from : @zlatysmola

Thank you for kindness to let us know thank you again 😊 Comment from : @marieroberts8287

Madeline Glens Comment from : @CarterThomas-x3u

Brilliantly helpful as ever Comment from : @davidknight5110

Just wandering how much inheritance tax King Charles paid Comment from : @dumitrunistreanu1024

No I will not pay inheritance tax because i will be dead! Comment from : @goonspotter713

All change under the Marxist state of Starmerstan and thieving Reeves Comment from : @alangordon3283

Ruecker Prairie Comment from : @CharlesMartin-k7h

Sage Mall Comment from : @DavidHernandez-o2h

Just goes to show - almost everyone freaking out about it - probably shouldn’t be… Comment from : @MattyB1970

I can't belive that the people would allow this 40 Gone With house prices as high as they are , i think it would be much more than the 4 that they say Comment from : @baits9301

I wonder if these rules still apply now that Labour is in Comment from : @leehowson440

Why isn’t ML the actual chancellor instead of the clowns we have had Comment from : @grahamshedd

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