What is death tax and how it works in the UK. This is just a high level explanation of what it means but it doesn't cover the exact figures and calculations done by the tax office.
Real inflation is more like 5-10% (based on the methodologies bureaus of statistics used themselves in the 1990s). Probably higher. Inflation is a hidden tax though, as it's the government creating money out of thin air, to spend, which lowers the value of the existing money supply (inflation).
@@wreagfe i agree and you are right - that was a very conservative estimate on my part. As you stated its probably way higher. I agree that its a hidden tax and has little to do with keeping the currency strong - as is always proclaimed.
@@EthanFromLondon What do you mean? High class need high income taxes as they don't work. Inheritance tax also can be high as they can figure out how to put their assets in a trust. I don't see sense in your comment, but happy to learn.
The more I listen to your videos on such matters, the more I like you. While I'm proud of my British ancestry, why anyone in this day and age would keep assets, or invest in fixed assets such as real estate in the UK, is beyond me. I think it's everyone's moral responsibility, to legally structure their personal assets, to safeguard them as much as possible, against taxation over-reach, wherever you happen to live. As always, the best way to stimulate the economy, and to allow people to achieve personal wealth and independence, is to leave money in the hands of people. Penalizing those who have worked and earned money, by forcefully taking it off them, to redistribute and reward those, who have not worked for it, has never been a recipe for building a strong economy and nation. Doesn't do much for building people good character either. Just my opinion.
The UK is one of the best countries to live in. It's a small country so wealth can accumulate faster, services are very high quality. Everything "just works" from restaurants to bureaucracy.
You are right, but it’s not just left wing politicians, it’s all politicians. We have the highest tax take since the Second World War under the tories. We have central government, local government, devolved government, politicians with huge expenses and pensions, local councillors with big salaries and pensions, devolved politicians with big salaries, expenses and pensions. And all these institutions waste tax money like it’s water because they know there’s a never ending river of money coming in from the hard working population. We basically have a legalised’mafia’ running the country, with their ‘snout’ in every money trough available. And that’s good old Britain today!
The trouble with the whole tax sytem in the UK is the thesholds of what is consered wealthy haven't changed for so long more people are now being taxed at higher rates.
You forgot to mention that inheritance tax doesn't apply to the first £325000 of the estate. In reality, it's a very small percentage of people that ever pay this tax.
@@EthanFromLondon I live in London myself. That £325000 certainly hasn't kept up with house prices anywhere, least of all London. I just thought it fair to mention the threshold at which the tax starts.
@@EthanFromLondon unfortunately the employees pay :(, if you are a freelancer you can get away with many things here. Housing is over the roof and ppl cannot find any to live in Athens. Too many tourists and ppl airbnb them
Ethan I agree with most of what you said on this topic but you forgot to mention that IHT is only levied on estates with assets of over 1 Million pounds (if a couple use their full allowances).
Not true. I paid a lot of tax when I sold my mother’s place and it wasn’t 1 million. And this couples bla bla bla! What about singles? This is total BS created by the greedy communists
Threshold is £1/2m for a single person leaving a property to a close family member. I do agree with you though that it’s a very unfair tax on people that have worked hard to build wealth throughout their lives……and don’t get me started on private Care fees for the elderly!!!
If you know your time on earth is about to end, can you give your stuff away before the fact? I am guessing no, since governments usually have things like that covered 😑
The thieves are called ‘politicians’. These are a group of people who do what they want irrespective of what the people might actually want! And voting for different politicians will change absolutely nothing……it’s a ‘legalised mafia’
I agree it has always been the same throughout history - just with a different name. The modern equivalent is the debt slavery. Putting young people into high debt for their basic need of a roof, a car to get to their job and we let them pay back their education costs for the next 20 years after studying - basically making them work for free, which by definition is slavery. The biggest lie told in my economy lectures, which the entire field is based on is the „free market“. There are stakeholders that are so big, that have budgets bigger than whole countries, that there is no competition for a market situation of supply and demand to occur. Add to that collusion between oligarchical monoliths and the free market is nothing more than a fairytale told - to keep the slaves in check. Telling them that hard work pays of and they can compete with these giants if they provide superior products.
I should add this doesn't just apply to young people but to everyone. People are greedy and want things things thing! When they can't afford the latest Phone or Clothes they run to the bank to borrow money but complain when they have to pay it back. As for the student debts - why does everyone in the west want to have an office job and a degree? They are doing nonsense degrees like a PhD in the Spice Girls and then want to be handed a job on a plate. No one wants a blue collar job and there is a massive shortage of them. People need to stop blaming the system and look at their own actions.
![mgk - Sun to Me (Zach Bryan Cover) [Live from Cheshire Cottage]](http://i.ytimg.com/vi/_ZnbTEs4O6U/mqdefault.jpg)
Great point ethan! Add to that 2 % inflation every year and the taxation gets to nearly 100%
Real inflation is more like 5-10% (based on the methodologies bureaus of statistics used themselves in the 1990s). Probably higher.
Inflation is a hidden tax though, as it's the government creating money out of thin air, to spend, which lowers the value of the existing money supply (inflation).
@@wreagfe i agree and you are right - that was a very conservative estimate on my part. As you stated its probably way higher. I agree that its a hidden tax and has little to do with keeping the currency strong - as is always proclaimed.
The reason after 10 years in the uk I have not bought a house nor do I intend to.
Good little video Ethan 👍👍
High class people are terrified of "newly rich", inheritance taxes and high income taxes are excellent ways to keep them from "climbing up"
It’s the other way around
@@EthanFromLondon What do you mean? High class need high income taxes as they don't work. Inheritance tax also can be high as they can figure out how to put their assets in a trust. I don't see sense in your comment, but happy to learn.
You're the best Ethan, I subscribe every word.
thank you ,great video !
Very good point
In Spain we have inheritance tax of 40% too. Many people can't pay the outregous tax so they give up their inheritance.
The more I listen to your videos on such matters, the more I like you. While I'm proud of my British ancestry, why anyone in this day and age would keep assets, or invest in fixed assets such as real estate in the UK, is beyond me. I think it's everyone's moral responsibility, to legally structure their personal assets, to safeguard them as much as possible, against taxation over-reach, wherever you happen to live.
As always, the best way to stimulate the economy, and to allow people to achieve personal wealth and independence, is to leave money in the hands of people. Penalizing those who have worked and earned money, by forcefully taking it off them, to redistribute and reward those, who have not worked for it, has never been a recipe for building a strong economy and nation. Doesn't do much for building people good character either. Just my opinion.
The UK is one of the best countries to live in. It's a small country so wealth can accumulate faster, services are very high quality. Everything "just works" from restaurants to bureaucracy.
Denmark, its 15%, but in general our income tax is higher.
But there is ways around, like in uk.
You are right, but it’s not just left wing politicians, it’s all politicians. We have the highest tax take since the Second World War under the tories. We have central government, local government, devolved government, politicians with huge expenses and pensions, local councillors with big salaries and pensions, devolved politicians with big salaries, expenses and pensions. And all these institutions waste tax money like it’s water because they know there’s a never ending river of money coming in from the hard working population. We basically have a legalised’mafia’ running the country, with their ‘snout’ in every money trough available. And that’s good old Britain today!
The trouble with the whole tax sytem in the UK is the thesholds of what is consered wealthy haven't changed for so long more people are now being taxed at higher rates.
Amazing.. 😮
Couldn’t agree more. Basically the government wants you to work for free for them.
You forgot to mention that inheritance tax doesn't apply to the first £325000 of the estate.
In reality, it's a very small percentage of people that ever pay this tax.
I guess you don’t know flat and house prices in London then. This amount only buys you a small studio apartment
@@EthanFromLondon I live in London myself. That £325000 certainly hasn't kept up with house prices anywhere, least of all London. I just thought it fair to mention the threshold at which the tax starts.
proper tax planning is essential. good video
Hi Ethan, this is insane! I live in Greece, the taxation on income is 45% and in goods 24%. No death tax though!!! 😅😅😅
Yes but no one pays tax in Greece. That’s why all the houses are unfinished
@@EthanFromLondon unfortunately the employees pay :(, if you are a freelancer you can get away with many things here. Housing is over the roof and ppl cannot find any to live in Athens. Too many tourists and ppl airbnb them
Ethan I agree with most of what you said on this topic but you forgot to mention that IHT is only levied on estates with assets of over 1 Million pounds (if a couple use their full allowances).
Not true. I paid a lot of tax when I sold my mother’s place and it wasn’t 1 million. And this couples bla bla bla! What about singles? This is total BS created by the greedy communists
I believe there is a threshold for inheritance tax on property. Taxes are too high in the UK. I agree with you.
Threshold is 350K and you can’t even buy a studio flat for that in London
Threshold is £1/2m for a single person leaving a property to a close family member. I do agree with you though that it’s a very unfair tax on people that have worked hard to build wealth throughout their lives……and don’t get me started on private Care fees for the elderly!!!
40%? Cmon, they are gangsters nothing more
Death tax is outrageous!
And I thought sweden was bad.
That is a disgrace,in oz no inheritance tax (yet) except on residual super funds ,I think t is 30%,but houses etc are left alone
If you know your time on earth is about to end, can you give your stuff away before the fact?
I am guessing no, since governments usually have things like that covered 😑
Meanwhile, in Greece, Greeks complain...
isnt anything being done to destroy this system? are the people just too comfortable with their lives to not do a single damn thing?
The thieves are called ‘politicians’. These are a group of people who do what they want irrespective of what the people might actually want! And voting for different politicians will change absolutely nothing……it’s a ‘legalised mafia’
Except the Royal family. They don't need their wealth get diminished.
Here in Canada the Tax system is a ripoff .
Slavery, feudalism, now this. Not much difference, but great marketing if you are vulnerable to it.
PS: this is not capitalism.
I agree it has always been the same throughout history - just with a different name. The modern equivalent is the debt slavery. Putting young people into high debt for their basic need of a roof, a car to get to their job and we let them pay back their education costs for the next 20 years after studying - basically making them work for free, which by definition is slavery. The biggest lie told in my economy lectures, which the entire field is based on is the „free market“. There are stakeholders that are so big, that have budgets bigger than whole countries, that there is no competition for a market situation of supply and demand to occur. Add to that collusion between oligarchical monoliths and the free market is nothing more than a fairytale told - to keep the slaves in check. Telling them that hard work pays of and they can compete with these giants if they provide superior products.
I should add this doesn't just apply to young people but to everyone. People are greedy and want things things thing! When they can't afford the latest Phone or Clothes they run to the bank to borrow money but complain when they have to pay it back. As for the student debts - why does everyone in the west want to have an office job and a degree? They are doing nonsense degrees like a PhD in the Spice Girls and then want to be handed a job on a plate. No one wants a blue collar job and there is a massive shortage of them. People need to stop blaming the system and look at their own actions.
What a stupid, stupid, stupid tax. Britains should take up their pitchforks and revolt!
Thats why I hold the vast majority of my wealth in BTC.
Try finding it government.
Good luck.
Invest into Ukraine, we don't have such stupid things
You can't be serious....
@@SA-rz6fj why not?
Don’t go anywhere near Eastern Europe. They will take your stuff and there is nothing you can do about it. It’s still 1700s there.
lol rather invest in their blood brothers Russia
@@tutotutot5193 you don't know what you are talking about