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Tomlad

Inheritance Tax

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As above, I'd be interested to hear peoples views.

I dared to mention at work that it might be a good thing. Apparently the majority view is that it is "disgusting"...

Grandad works hard all his life, he's earned every penny, why should he have to pay tax on it again, etc, etc.

Surely its needed to help pay for the massive numbers of retirees? Or perhaps that burden should fall entirely on the younger generation?

I should mention that the people I asked were nowhere near retirement themselves.

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As above, I'd be interested to hear peoples views.

I dared to mention at work that it might be a good thing. Apparently the majority view is that it is "disgusting"...

Grandad works hard all his life, he's earned every penny, why should he have to pay tax on it again, etc, etc.

Surely its needed to help pay for the massive numbers of retirees? Or perhaps that burden should fall entirely on the younger generation?

I should mention that the people I asked were nowhere near retirement themselves.

I vaguely remember that inheritance tax was brought in by the left wing to try and deprive the big landed estates of sopme of their land/money.

Now, it penalises the middle classes.

Of all the taxes this one shoul dbe illegal.

It's a theft from people for nmo reason other than they have died.

The tax man is a c***

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I vaguely remember that inheritance tax was brought in by the left wing to try and deprive the big landed estates of sopme of their land/money.

Now, it penalises the middle classes.

Of all the taxes this one shoul dbe illegal.

It's a theft from people for nmo reason other than they have died.

The tax man is a c***

Actually, there's a very good reason for inheritance tax. Think about this: would you like all future Olympic Gold Medal winners to be the sons and daughters of past Gold Medal winners? Now apply this to financial well-being.

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.....

It's a theft from people for nmo reason other than they have died.

The tax man is a c***

Yeah sure. After people die they should be entitled to full dole and disability payment as they clearly cannot work. They should also get a state funded mausoleum to live in as their present accommodation is no longer suited to their needs. As their kids have now suffered undue hardship they too should get a massive grant from the government to help them adjust to the new situation.

I think you are mixed up as to whom is the c***

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Actually, there's a very good reason for inheritance tax. Think about this: would you like all future Olympic Gold Medal winners to be the sons and daughters of past Gold Medal winners? Now apply this to financial well-being.

+1

other thread today bemoaning rentiers sitting on huge houses in London and milking tennants of rent. same deal.

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It only matters so much because access to land is so ridiculously expensive. Everybody is desperately trying to get the cold grasp of the rentiers off their own throats, and Granddad's old house offers a way to do that. If average house prices were allowed to fall back to sensible levels (<£80k) then IHT would be a pretty minor issue. Inheriting a house might be a nice little bonus (with or without a slice for the state), but it wouldn't have the life-changing implications it does now.

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I'm somewhat extreme in my views - but with the exception of dependants (you die with children under 16) and married couples (and I'm sure various other cases) I would set Inheritance Tax at 100% above a small threshold - with all gifts to Charities to be exempt. Means children have to actually stand on there own 2 feet instead of getting a middle-aged bailout from a parental home being passed down.

Maybe I'm too focused on those at the 250k upwards amounts and perhaps below a certain level it shouldn't apply, but it follows something of what Warren Buffet states (and he's giving 99.5% of hiw net wealth to charity) - Provide your children with enough money and opportunities that they can do anything they choose; but sufficiently little that they have to do something.

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As above, I'd be interested to hear peoples views.

I dared to mention at work that it might be a good thing. Apparently the majority view is that it is "disgusting"...

Grandad works hard all his life, he's earned every penny, why should he have to pay tax on it again, etc, etc.

Surely its needed to help pay for the massive numbers of retirees? Or perhaps that burden should fall entirely on the younger generation?

I should mention that the people I asked were nowhere near retirement themselves.

Most people have been brainwashed by the monied VI's about this. Given that property prices are back on the way down, inheritance taxes should/will hit only a small minority. As such there should be no reason for the masses to view it as they do (except for the aforesaid brainwashing).

Inheritance taxes are a great way to increase social mobility and prevent the formation of a plutocracy. Though it does seem we have a plutocracy in charge anyway, but repealing IT would simply make that problem worse.

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I think that when you are dead, it is the least painful time to pay taxes.

Inheritances are a blot on a meritocracy.

However, having said all this I think we should get rid of both inheritance tax and capital gains tax. Two reasons.

Too easy to avoid by the rich and secondly all the wasted costs in the avoidance industry.

So what would I do?

I would replace them with a Land Tax.

I would maintain (and increase - see other post) Inheritance tax; and replace Income Tax with a Land Tax.

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When you die think of it as selling.....so no to IT but yes to CGT.......such as houses, over and above the one you permanently lived in and stocks & shares etc....would not include cash as cash loses money. ;)

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As above, I'd be interested to hear peoples views.

I dared to mention at work that it might be a good thing. Apparently the majority view is that it is "disgusting"...

Grandad works hard all his life, he's earned every penny, why should he have to pay tax on it again, etc, etc.

Surely its needed to help pay for the massive numbers of retirees? Or perhaps that burden should fall entirely on the younger generation?

I should mention that the people I asked were nowhere near retirement themselves.

Grandad won't pay tax on it, because Grandad will be dead.

The recipient gets taxed because it's deemed as some of sort of income.

Looking at it that way, it's okay, I suppose. Better that than land tax, because then you really would be paying tax twice over.

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It's a progressive tax as without it people like the Duke of Westminster would own everything in the UK. It's an attempt at preventing a monopoly before future generations are even born and thus guaranteeing the slight possibility that they might get some of the pie. Like Capital Gains Tax, if you are having to pay it, you don't have any money worries. It's a shame that the very wealthy manage to find ways of avoiding it, like they do every other tax. Personally I'd scrap income tax, just like Thomas Jefferson wanted.

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It's a progressive tax as without it people like the Duke of Westminster would own everything in the UK. It's an attempt at preventing a monopoly before future generations are even born and thus guaranteeing the slight possibility that they might get some of the pie. Like Capital Gains Tax, if you are having to pay it, you don't have any money worries. It's a shame that the very wealthy manage to find ways of avoiding it, like they do every other tax. Personally I'd scrap income tax, just like Thomas Jefferson wanted.

Just seen titles - year MMX!

IGNORE THIS POST LOL

wrong thread and I can't get the full editor to work for some reason!

Edited by Tomlad

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Actually, there's a very good reason for inheritance tax. Think about this: would you like all future Olympic Gold Medal winners to be the sons and daughters of past Gold Medal winners? Now apply this to financial well-being.

:unsure: Can you explain that to me please :unsure:

Aren't all taxes just legalised extortion, the legalities being granted by the people making the laws ?

The powers that be have have power/wealth beyond our dreams and they use the taxation system to keep us all in out place and keep the system running in their own favour to their own liking.

Society needs some structure I suppose and social contributions are necessary. The only trouble with the current taxation system/society is....human nature :lol::lol::lol::lol:

Put me in charge and I'll sort it out....honest :lol::lol::lol::lol:

Edited by TheCountOfNowhere

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The inheritance tax is just like any other. The super rich use loopholes and creative accountancy to avoid it so it falls on the shoulders of everyone else to pay, even though it's supposedly aimed at the v.wealthy. Am I supposed to believe that all the major landowners in this country, i.e the ones that have squirreled away resources for generations are liable for it? If they're not then it's not fit for purpose.

Just get rid of if and introduce LVT, there's no reason to punish the relatives of the deceased.

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The tax free amount for inheritance tax is a LARGE amount to most people, more than enough for several children to become independent.

Most people will lose any inheritance to care charges; I don't hear a campaign for elderly care as a universal benefit.

But hey, why not take the thing to it's logical conclusion.

INHERITANCE OF DEBT!

That way loans could be secured on one's reproductive potential and children could be BORN into bondage.

Bring on the New Feudalism!

Edited by Laughing Gnome

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The tax free amount for inheritance tax is a LARGE amount to most people, more than enough for several children to become independent.

Most people will lose any inheritance to care charges; I don't hear a campaign for elderly care as a universal benefit.

But hey, why not take the thing to it's logical conclusion.

INHERITANCE OF DEBT!

That way loans could be secured on one's reproductive potential and children could be BORN into bondage.

Bring on the New Feudalism!

We all ready have that, it's called superannuation.

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It's a progressive tax as without it people like the Duke of Westminster would own everything in the UK. It's an attempt at preventing a monopoly before future generations are even born and thus guaranteeing the slight possibility that they might get some of the pie. Like Capital Gains Tax, if you are having to pay it, you don't have any money worries. It's a shame that the very wealthy manage to find ways of avoiding it, like they do every other tax. Personally I'd scrap income tax, just like Thomas Jefferson wanted.

Jefferson was a really wise geezer wasn't he? Never get sick of reading his writings.

Someone wrote about Warren Buffet and his views on inheritance tax. He doesn't believe in inherited wealth as it fosters mediocrity in his opinion.

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The inheritance tax is just like any other. The super rich use loopholes and creative accountancy to avoid it so it falls on the shoulders of everyone else to pay, even though it's supposedly aimed at the v.wealthy. Am I supposed to believe that all the major landowners in this country, i.e the ones that have squirreled away resources for generations are liable for it? If they're not then it's not fit for purpose.

Just get rid of if and introduce LVT, there's no reason to punish the relatives of the deceased.

The "loopholes" are available to everybody. It's just that the "rich" as you put it have more to lose. Most people are just too bone idle or ignorant to find out.

Having said that you are spot on with LVT-can't see it in my lifetime but I live in hope.

Edited by tomwatkins

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It's income to the person receiving it, so should be taxed in my view.

It is avoided by the super rich because they can and because they are greedy, self-serving egotists - it's how they got rich.

I am afraid that fairness is something that we will never see in our lifetimes.

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Its just another problem the frugal and savers cause.

If everyone MEWed and got into as much debt as they could get away with there wouldn't be a problem with inheritance tax. The economy would whirr merrily on.

I'm going to bequeath my debts to HPC.

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  • 146 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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