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

[Cyclone]

When you say "get good advice" from an accountant, what do you mean?

Are you proposing avoidance of tax or straight evasion?

 

Evasion would clearly not be "good" advice.

[truman]

Inheritance is a wealth creation tool for those who inherit the money, that`s for sure. I think we should remember that increasing inheritance tax would mean a cut in income tax, .

 

Where's your proof of this? IHT raises less than 1% of the Revenue's income..they're hardly going to alter income tax to take this into account..

[TJC1]

Where's your proof of this? IHT raises less than 1% of the Revenue's income..they're hardly going to alter income tax to take this into account..

 

I'd have to agree with you here mush, this IHT is a revenue red herring.

 

---------- Post added 28-10-2015 at 11:33 ----------

 

it's ideological. Poor people are annoyed because some 'rich' people supposedly arent being taxed enough.

 

Fair enough, but don't dress it up as sound economics.

[gomgeg]

But you are arguing the opposite, that kids should get a free ride in life due to inheriting all their parents wealth.

 

Where is the "self responsibility" in that?

Because my kids have been brought up to be responsible. They've worked since leaving education, own their own properties without tax credits, housing benefits or any of the other benefits that seem to now be the norm.

And their kids who have left education work.and I would sooner anything we have worked for that's left after we've gone to go to them rather than subsidise the work shy.

I was responsible for my kids when they were young, they're responsible for their kids etc, and we're all responsible for the genuine vulnerable people, but as far as I'm concerned I couldn't care less about the feckless lot.

[exxon]

Because my kids have been brought up to be responsible. They've worked since leaving education, own their own properties without tax credits, housing benefits or any of the other benefits that seem to now be the norm.

And their kids who have left education work.and I would sooner anything we have worked for that's left after we've gone to go to them rather than subsidise the work shy.

I was responsible for my kids when they were young, they're responsible for their kids etc, and we're all responsible for the genuine vulnerable people, but as far as I'm concerned I couldn't care less about the feckless lot.

 

Spot on. A family who work hard, make sacrifices, save, start businesses, invest do it for their family. Why shouldn't they be able to pass it on to them rather than some work shy bunch who sit in the bookies all day spending their social security handouts?

[Justin Smith]

With regards to why should some children inherit and others not, it's not an accident if birth. If I work and save for my children it's no accident and they're a continuation of me. It's not my problem if other parents either cannot or will not do the same for their children.

 

Of course it (whether a child gets to inherit hundreds of thousand of pounds or sweet FA) is an accident of birth, to argue otherwise involves imagination in overdrive. But that`s perfectly normal, people believe what they want to believe, whether it`s logical or not.

 

Incidentally, straight question, apparently we`re in a time of great austerity because we have to balance the books, do you think tax credits should be reduced so that the inheritance tax threshold can be increased ?

 

I`d be interested to hear the answer to this question I posed earlier.

[RonJeremy]

Did I ever mention evasion? the answer would be NO as that would be illegal. Tax planning is merely getting good advice on knowing what your potential liabilities are and arranging your affairs to minimise them. Writing a will is the best way of knowing and planning for what happens to your estate once you die. How on earth is this controversial? Only on Sheffield forum do people prefer to maon instead of helping themselves.

 

I entirely agree. Tax avoidance is a sensible thing to do. Only a fool wouldn't do it.

Writing a will however doesn't in itself help with tax planning/avoidance.

[Justin Smith]

So what do you think "my true colours" are ?

 

:hihi::hihi:

 

Not sure what that means. Yellow perhaps ? Is that the Lib Dems ?

 

---------- Post added 28-10-2015 at 13:35 ----------

 

I entirely agree. Tax avoidance is a sensible thing to do. Only a fool wouldn't do it.

Writing a will however doesn't in itself help with tax planning/avoidance.

 

Unless it`s aggressive tax avoidance, Gary Barlow MR HYPOCRITE springs to mind here.

Edited October 28, 2015 by Justin Smith

[RonJeremy]

"There is growing speculation that in the upcoming Autumn

Statement, Chancellor George Osborne will announce that

the threshold for Inheritance Tax, currently £325,000, will be

increased to £1 million. This would mean that only people

inheriting £1m or more would be eligible to pay 40% on

anything over that amount. With this in mind, to what extent

do you agree or disagree with each of the following

statements?

This is good - people should not be taxed on money they

have spent their lives saving up"

 

It's what wins elections.

 

 

https://d25d2506sfb94s.cloudfront.net/cumulus_uploads/document/4r5cfe3d82/YouGov-survey-Financial-Services-autumn-statement-results-Inheritance-tax-141118.pdf

 

http://www.theguardian.com/commentisfree/2015/apr/14/everyone-hates-inheritance-tax-labour-fairer-rates

I understand that this is going to happen and that it will only be (dead) millionaires that pay iht.

[Justin Smith]

I'd have to agree with you here mush, this IHT is a revenue red herring.

 

---------- Post added 28-10-2015 at 11:33 ----------

 

it's ideological. Poor people are annoyed because some 'rich' people supposedly arent being taxed enough.

 

Fair enough, but don't dress it up as sound economics.

 

It isn`t, I might not be rich, but I`m not poor, not by most people`s definition anyway.