JoshW
Well-known member
2xw said:mikem said:Up until the 1960s most people expected to live with their parents until they could afford their own place (or qualify for council housing).
Into their 30s? My nan and grandad lived with their parents when they got married at 19, and after first child, but they got a council house in early 20s, and my other side was well off so not sure what age people expected to move out? Of course, on average they also expected to inherit a decade earlier...
Only takes a quick look to see that houses are now 'double' the price they were in the 60s compared to the average wage at the time.
Lack of social housing is an absolute travesty and contributes towards this.
Owning a house is an absolute pipe dream as a single person nowadays for most people my age.
Cantclimbtom said:Given "fiscal creep" (a certain amount money not worth the same as it used to be) the inheritance/gift laws/amounts that were originally intended to redistribute wealth locked up in super rich landed-estates, now apply to inheritance of many ordinary people's estates. Average house price in London is now ?514K and inheritance tax threshold at ?325K. The idea that your house can simply pass to your kids may not work out that way.
Good. Inheritance tax should be higher, and loopholes of trusts should be closed asap (I'd imagine most of the super rich landed estates manage to avoid any inheritance by using these).
If the only thing inherited was the house in London the inheritance tax charge would be ?75,600. ?75k for an average house in London sounds alright to me. And this is if the only thing inherited is the house, other things inherited could easily offset this amount (not to mention any life assurance and pension sums where the lifetime allowance is just over a cool million before being taxed at all - and that's in a registered trust, lots moving to non-registered where it falls outside of the lifetime allowance and is for all intents and purposes not taxable).