The Labour Government

[Churchlawtonblue]

Inheritance tax is a funny one. Why do people get so worked up about it? You’ll be dead, you won’t know, that’s literally how it works.

The same reason that people work hard to help their children and make wills I guess?

 

[Churchlawtonblue]

A leg up in life when they are already middle-aged ?

Has it escaped you that you are basically asking for the same treatment as the Royal family?

Lol, you are pretty funny at times, that made me chuckle Kobayashi.

 

[bert38]

I think you kind of miss the point? Most people with kids want to give their kids the best possible leg up in life, and that means working hard all their lives so that they can leave something behind for their kids. Not leaving it behind so that the government can take what you've accumulated and fritter it on £11bn foreign aid schemes.

I haven’t missed the point at all. One of the biggest problems in this country is the wealthy hoarding money and passing that hoarded money on-whilst it gives a ‘leg up’ to those children fortunate enough to win the race to the egg everyone else is penalised-it’s a skewed system.

The overwhelming majority don’t pay it.

And you’re still dead.

Wasn’t it initially brought in an attempt to create some wealth redistribution? That’s what this country needs, not more austerity which impacts on the poorest most of all.

 

[Millwallawayveteran1988]

On assets they have already paid tax on.

unless they inherited it without IHT too!

 

[Churchlawtonblue]

unless they inherited it without IHT too!

How do you tell the difference?

 

[M18CTID]

A leg up in life when they are already middle-aged ?

Has it escaped you that you are basically asking for the same treatment as the Royal family?

As a 54 year-old who is about to inherit half of my dad's share of his house you could say that I'm conflicted on this topic! But I have to say that I agree with the bolded bit. None of us - once we reach a certain age - should really be relying on our parents financially. That said, most parents are likely to leave all or part of their estate to their kids and if I had kids I'd be doing the same. I also get the double taxation argument, but with the threshold being as high as £500,000 before IHT kicks in then unless you're leaving your estate to a dozen or more people then the beneficiaries are getting a fair old wedge tax-free.

 

[Jimmieblue]

A leg up in life when they are already middle-aged ?

Has it escaped you that you are basically asking for the same treatment as the Royal family?

You sound like a communist, how do you fancy a holiday in Moscow. Most people want to give their children a leg up, it’s human nature.

 

[BrianW]

I am afraid I am always puzzled when people go on about double taxation.

Every time I buy something that incurs VAT (or fuel duty or alcohol duty) I am double taxed as I have already paid tax on the money I am spending.

IHT is not double tax. For a start, most of my estate, when I die, will be my house, which has inflated hugely in price from about 64k to over 300k.I have not paid a penny in tax on that unearned increase in my nominal wealth. Not one penny.

Moreover, for anything I leave behind, I shall not be paying IHT. That will be my heirs and assigns, and they have never paid a single penny of tax on my property. So how, pray, is it 'double tax'? More like single tax with a very generous tax-free allowance.

 

[Dave Ewing's Back 'eader]

I think you kind of miss the point? Most people with kids want to give their kids the best possible leg up in life, and that means working hard all their lives so that they can leave something behind for their kids. Not leaving it behind so that the government can take what you've accumulated and fritter it on £11bn foreign aid schemes.

Well said, C-b! And I'd sub the word 'schemes' with 'scams'!

 

[bluenova]

You sound like a communist, how do you fancy a holiday in Moscow. Most people want to give their children a leg up, it’s human nature.

I'm trying to work out if this is satire?