| "Virtually impossible" to "under consideration" on 11:17 - Nov 20 by Swansea_Blue |
Everything is. Depending on who you work for, you sometimes get large payouts (£100k+) on from employer death in service schemes as well. It takes no time to wrack up an estate of £500k for an individual or £1m for a couple. Remember that a lot of this is involving people at or near the end of their careers, so a couple of professional people working all their lives and a nice house in leaf suburbia or a townhouse in a desirable city will have will have no problem hitting the thresholds. Undoubtedly there are a lot of people who aren't so luck of course.
There's a huge geographical bias in all of this too. The average price of a terrace in London is over £800k now, whereas in Burnley.... |
But for people who bought their first house, say, 60 years ago for maybe a few thousand pounds, it's an unearned gain, and the asset itself as a main residence will have been exempt from capital gains tax as they traded up. There's also nothing to prevent a bit of downsizing, enabling part of the proceeds to be a potentially exempt transfer. And there's always tax planning if people are that concerned.
[Post edited 20 Nov 2023 14:47]
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