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By Reg Smeeton · Posted
If you are in your eighties and you now live on your own in a £2m house that you bought for £63,000 in 1968 then of course you are entitled to live there as long as you can physically do so. But I also like to think of a local dad I know, a teacher, who lives with his wife and kids in a modern two bed flat in SE22 that they part-own (thanks to a contribution from wife's parents). The dad goes running in Dulwich Park every morning first thing, and told me wistfully how he sometimes looks out at all these huge unused gardens with rusting trampolines and empty bedrooms and wonders how the world came to this. -
And when that couple in their late 70's and 50's and 80's pop their clogs, the government will be back for an IHT tax grab at 40% of the value. For anyone in their 30's and 40's I would seriously suggest emigrating to Australia or Canada where there's on IHT -
London is changing to an older wealthier population, due to inflated property values pushing younger people out to other areas ( unless or until they inherit). It doesn’t mean that they are rich, you can be asset rich and cash poor. It’s not the best way to increase taxes but it’s not really looking at being fair. -
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