Cut inheritance tax, I'll pay more tax so some kids can get a free house

[Justin Smith]

How much is the change in inheritance tax threshold going to actually cost? You've made up "billions" haven't you?

 

a very good question. And probably an insignificant amount.

 

I must confess I didn`t get round to researching it, not that anyone knows for sure anyway. But it doesn`t actually matter if it`s "only" millions, that fact is it`s patently unfair to give tax breaks to the more wealthy whilst at the same time cutting tax credits to working less well off families. Alternatively, if the government is really totally focussed on bringing down the debt, why are they cutting inheritance tax anyway ? It`s illogical and inconsistent.

 

---------- Post added 27-10-2015 at 11:21 ----------

 

Its an asset which has already been taxed. Why tax it again?

 

As has been discussed the principle of double taxation is a almost universal to all tax. And anyway, it`s not the people who actually paid the income tax who`d be paying any inheritance tax, it`s those who have been left it. In my view tax on unearnt income should be regarded entirely differently to in income tax, and, if anything, should be at a higher rate.

Edited October 27, 2015 by Justin Smith

[TJC1]

I must confess I didn`t get round to researching it, not that anyone knows for sure anyway. But it doesn`t actually matter if it`s "only" millions, that fact is it`s patently unfair to give tax breaks to the more wealthy whilst at the same time cutting tax credits to working less well off families. Alternatively, if the government is really totally focussed on bringing down the debt, why are they cutting inheritance tax anyway ? It`s illogical and inconsistent.

 

---------- Post added 27-10-2015 at 11:21 ----------

 

 

As has been discussed the principle of double taxation is a almost universal to all tax. And anyway, it`s not the people who actually paid the income tax who`d be paying any inheritance tax, it`s those who have been left it. In my view tax on unearnt income should be regarded entirely differently to in income tax, and, if anything, should be at a higher rate.

 

Then it's a triple tax, or even a quadruple tax....If you think about it.

[exxon]

 

From your kids point of view, why should they get lots of free untaxed money for doing nothing when other kids get nothing.

 

 

It is because we work to provide for our kids.

[truman]

I must confess I didn`t get round to researching it, not that anyone knows for sure anyway. But it doesn`t actually matter if it`s "only" millions, that fact is it`s patently unfair to give tax breaks to the more wealthy whilst at the same time cutting tax credits to working less well off families. Alternatively, if the government is really totally focussed on bringing down the debt, why are they cutting inheritance tax anyway ? It`s illogical and inconsistent.

 

---------- Post added 27-10-2015 at 11:21 ----------

 

 

As has been discussed the principle of double taxation is a almost universal to all tax. And anyway, it`s not the people who actually paid the income tax who`d be paying any inheritance tax, it`s those who have been left it. In my view tax on unearnt income should be regarded entirely differently to in income tax, and, if anything, should be at a higher rate.

 

Do you own your home Justin? Or do you rent?

[exxon]

My question would be why should a child in Sheffield inherit the family 3 bedroomed semi-detached house in a nice area without paying inheritance tax when a similar child in a similar house in Oxford would pay so much inhertance tax that they might have to sell the property because they couldn't afford to live in it?

[max]

As has been discussed the principle of double taxation is a almost universal to all tax. And anyway, it`s not the people who actually paid the income tax who`d be paying any inheritance tax, it`s those who have been left it. In my view tax on unearnt income should be regarded entirely differently to in income tax, and, if anything, should be at a higher rate.

 

That's not strictly true; it's the estate of the deceased which pays the tax. After this payment, by an estate not a person, the residue is then handed over to the inheritors.

 

No-one pays tax, it's a victimless tax and the most just tax imaginable.

[Justin Smith]

Do you own your home Justin? Or do you rent?

 

I own my own home and my shop come to that, is that relevant ? Other than to prove I`m not a hypocrite ?

 

---------- Post added 27-10-2015 at 13:48 ----------

 

My question would be why should a child in Sheffield inherit the family 3 bedroomed semi-detached house in a nice area without paying inheritance tax when a similar child in a similar house in Oxford would pay so much inhertance tax that they might have to sell the property because they couldn't afford to live in it?

 

I don`t think anyone should inherit a house in any area without paying tax on it. Does that answer your question ?

But if you`re saying that, at the moment, some do pay tax on the inherited home and others don`t, the tax is only chargeable on the amount over the threshold, so why is that unfair anyway ? Why should any "child" expect to keep living in his/her parents home anyway ?

[exxon]

Why should any "child" expect to keep living in his/her parents home anyway ?

 

I would have thought that a 17/18 year old child living in the family home could expect to carry on living in that home should his parents die. It seems in your tawdry world he/she should be flung out into the street.

[999tigger]

My question would be why should a child in Sheffield inherit the family 3 bedroomed semi-detached house in a nice area without paying inheritance tax when a similar child in a similar house in Oxford would pay so much inhertance tax that they might have to sell the property because they couldn't afford to live in it?

 

Because for fairness then estates are based on £ values not numbers of bedrooms.

 

In most cases where one parent dies the house would transfer through survivorship to the other parent free of tax.

 

In the situation where only one parent remains, then they should be taking legal advice to ensure some reasonable tax planning and to avoid the situation you suggest. The property could be put in a trust or they could be given a life interest.

 

The people more likely to kick them out would be the mortgagees want their money back or the other beneficiaries wanting their share of the estate.

[truman]

I own my own home and my shop come to that, is that relevant ? Other than to prove I`m not a hypocrite ??

 

Didn't say you were a hypocrite...if you want the tax to be fair then everyone should pay it.. why have a limit below which nothing is owed?