Due to the rise in life expectancy, the burgeoning cost of looking after the aged and reckless government spending, new laws will see ‘death duty’ applied when you reach 67.
It will no longer be called Inheritance Tax (IHT) but DDT (Double Death Tax) and it will come into effect next year to minimise the ability of most people to seek financial advice to try to avoid it.
A ministry spokesperson explained the new system: “The current IHT levels are far too generous and, with a little planning, most people can avoid it altogether. That’s simply not fair on the rest of the country, especially the living, so we are introducing DDT to even-out the situation.
“There will be no change to the current IHT allowances, but DDT means you will have to pay the tax before you die.
“But let’s face it, by the time you’re 67 there’s not much left to live for anyway, is there? You’ll be playing dominoes, knitting or slobbering away in a corner with dementia. And you will already have become a drain on the NHS.
“You will probably have to sell your house and downsize which has the added benefit of freeing-up housing as well as putting money in the government coffers. Have you any idea how much it costs to run a country these days? Especially inefficiently?
“Unmarried couples will be hardest hit and we envisage a flurry of marriages which is good for the economy, followed by a flurry of divorces which is good for the economy.
“The additional revenue DDT will raise will go towards the care of the elderly. And, er, other government projects.
“if you are already aged 67 or over, DDT will kick in immediately, but the chances are you’re already in a care home
sponging being looked after by the state so it will have no effect.
“If you are still in your own home then it may be time to think about downsizing and letting the younger generation have a chance.
“The entire process has been carefully designed to benefit the community as a whole. Er, well apart from those over 67, that is.”
Is inheritance tax a fair and just tax? Should old people be forced to pass on their goods and chattels? How old is old? Leave a Comment below.