Tony Benn’s inheritance tax dodge – another leftie hyocrite exposed

Pipe smoking, tax dodging Marxist Tony Benn

Remember the patron saint of loony lefties, Saint Anthony of Wedgewood – Benn, previously known as Viscount Stansgate? Agreeable sort of bloke, pip smokers, great speaker, utterly daft opinions as one would expect from an aristocrat who is so deluded he thinks he understands the working class?

Got him now? …………….. Yeah, he was the one who was ever so keen on redistributing wealth from the rich to the poor, evertbody’s wealth ……………….except his own it turns out.

One think all lefties have in common is their hypocrisy, or if you are one of those people who thinks psychobabble is intelligent, their cognitive dissonance.

You see for all his screeching about how the evil rich should be taxed to penury and legal tax avoidance techniques should be criminalized with the death penalty automatically imposed on anyone guilty of being accused, Benn was no slouch when it came to protecting his own modest fortune from the taxman.

Not that I would blame anyone for using legal means to minimise their tax liability, its the hypocrisy of the wealthy Labour supporters I can’t stand.

from Yahoo finance:

A stalwart of the left, Tony Benn was a critic of tax avoidance measures. As an owner of expensive properties in London and the south of England, it seemed inevitable after his death in March that his family would face a hefty inheritance tax bill.

But now publication of the details of his will coupled with records held by the Land Registry suggests he took practical steps more than a decade ago to reduce the impact of this tax on his heirs.

After the death of his wife in 2000 , the couple’s children appear to have taken on part ownership of the family home, a valuable property in Holland Park, west London. This suggests that some planning had taken place to ensure the children inherited directly from their mother, as opposed to the more normal course of events where the first spouse to die leaves everything to the other, who in turn bequeaths everything to the children on his or her own death.

This latter course is especially the norm when the surviving spouse continues to live on in the property. Mr Benn sold the house only in 2011.

How did the transfer of ownership cut the family’s tax bill?

Assuming the couple owned their assets in equal parts, by giving away her share of the property straight to her children or other heirs, rather than her husband, Mrs Benn would make use of her own, personal tax threshold. In 2000 this was £234,000 per person (today it is £325,000).

If she had simply bequeathed her share to her husband no tax would have been payable by him, as assets passing between married couples are exempt. But, crucially, he would have had more assets to bequeath to his children at his own future death and the benefit of his wife’s personal IHT allowance would have been lost. More tax in total would have been paid.

Read full article and read how you too can dodge death tax legally:

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