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

[truman]

.......and judging by recent events, neither do unfettered capitalist ones.

 

We never saw what an unfettered system would look like,Brown and Darling decided to interfere....

[Justin Smith]

You'll be leaving all your estate to the government of the day or charity then, since you don't want anybody to be given unearned free money and you'd have no respect for them if you did leave it to them??

 

If I go before my wife she`ll get it all, because a marriage is a partnership, in all senses of the word.

If we have any kids they`ll not get much at all, but they`ll have been bought up not to expect anything. They`ll have been bought up to make their own way in the world and earn their own money.

If we`ve no kids and I go after my wife it`ll all go to charity, in fact I`ve already written my will to that effect.

Edited December 11, 2009 by Justin Smith

[Justin Smith]

Not so sure about that one as those that inherited that money can hardly claim with any legitimacy that they've got to where they have by their own hard work.

 

And how can any government claim to be in favour of a system of rewarding those that work hard with a system that disproportinately rigs the system in favour of those at the top of the pile?

 

For example I was just been watching the telly & saw an advert about how the government are 'cracking down' on benefit thieves and I wondered what a shame it is that the Government (and the press) aren't as censorious when it comes to the wealthy avoiding tax. I don't think people should fiddle benefits but nor should the wealthy avoid paying their fair share.

 

Absolutely.

[Anna Glypta]

I wouldn't worry about it. It is just a pre election gimmick aimed at pleasing a few council house dwellers into supporting a sinking government. Anyone with any money and a half decent acountant and lawyer can avoid the tax entirely.

 

Does anyone seriously believe that Tony Blair won't be able to pass on his millions to his kids?

[Justin Smith]

Anyone with any money and a half decent acountant and lawyer can avoid the tax entirely.

 

 

They should close those loop holes as a matter of urgency then.....

[eastbank]

They should close those loop holes as a matter of urgency then.....

 

 

nowt wrong with having a top drawer accountant....mines premier league...happy days

[Magilla]

You have not answered the question. All of the goods being inherited have already been taxed, at the time they were earnt.

 

But the tax was not paid by the people who inherited the asset, which is likely to have increased in value (if it's a house) over time. The taxes on the increased value have not been paid (by anyone).

 

How is it fair or appropriate to tax them again?

 

But they haven't paid the tax on the value of the asset as it stands now.

[truman]

But the tax was not paid by the people who inherited the asset, which is likely to have increased in value (if it's a house) over time. The taxes on the increased value have not been paid (by anyone).

 

 

 

Taxing who again, the person who paid the tax originally is dead?

 

Don't you think we pay enough tax...?

[Magilla]

Don't you think we pay enough tax...?

 

I do, but suggesting that inhertance tax is paying taxes twice over is delusional.

[slacko]

I'm not overly familiar with the Inheritance Tax and it's intricacies, but to me...

 

If I buy a house AND the land it's on AND I pay for it in full, it's mine.

In my view, I should be able to give it to who I please or leave it to who I please when I die and not have them have to pay for receiving it.

 

If I own something and pass it on to another, that's my affair.

So for that reason, Inheritance Tax, to me, seems morally wrong.

 

If we are talking about working hard for something, what work has the tax man done to warrant the Inheritance Tax?

 

Or am I missing something blindingly obvious?