Inheritance tax is unfair, and I don't personally care if the person owns £500 worth of assets or £500 billion. It leaves a bad taste in the mouth to tax death, but it plays so nicely into ideas of politics of envy.
Tax me when I'm alive, don't tax me and more importantly my family when I'm dead.
And rightly so. As Huskaris says, tax the fuck out of me while I'm alive to pay for your failed schemes and social engineering projects but if I have anything left at the end (wont be a problem with me...) let me decide who it goes to and keep your filthy crooked hands off it HM Govt.
I've paid tax all my life,like most people, and on virtually everything I have bought. So to have another lump off my already taxed assets just seems a tad unfair. Successive governments have frittered away countless billions during my lifetime, I think they've had enough.
Sadly not everyone is as honest as you lot, and the only way the government can get anything back is when the lawyers have no more opportunity to make money from their clients. I think that a million is about right, but there should be a sliding scale above that, ending at 75% for any assets over £100m.
Never seems right to tax income that's already been taxed, no matter the wealth of the taxpayer.
You buy a house for £100,000. 30 years later it's worth a million. That £900k profit hasn't been taxed in any shape or form...
It's a 100K risk, just like the stock market. Such profits are subject to capital gains tax here in the U.S., not familiar with tax laws in U.K. any more.
Never seems right to tax income that's already been taxed, no matter the wealth of the taxpayer.
You buy a house for £100,000. 30 years later it's worth a million. That £900k profit hasn't been taxed in any shape or form...
What about if you save some money in a high interest account and years later it's worth more. You have paid tax on your savings and on the interest so why again?
So this theoretical 900K profit would be taxed when? When the owner died? Or when the estate was inherited? Or both?
I believe when it is inherited only (but could be wrong). Or, if sold during the owner's lifetime, it would be subject to capital gains tax then (unless it was their main home, in which case it could all be relieved, subject to how long they occupied it).
Reportedly going to be reduced for million pound homes.
Anyone really think that is a good policy? Won't do anything for working people in our neck of the woods!
I wonder if this could be a cunning plan. Get people to switch their ISA investments, etc into a main property to reduce their inheritance tax bill. So the tax man will pocket huge gains from stamp duty on the purchase of the new £1mn house (and a smaller amount on the place they moved out of). Total take probably more than the inheritance tax would have brought in, while still looking good to the core tory vote. Sorted. Extra tax income now rather than some random tax take in x years time got to be good.
Reportedly going to be reduced for million pound homes.
Anyone really think that is a good policy? Won't do anything for working people in our neck of the woods!
I wonder if this could be a cunning plan. Get people to switch their ISA investments, etc into a main property to reduce their inheritance tax bill. So the tax man will pocket huge gains from stamp duty on the purchase of the new £1mn house (and a smaller amount on the place they moved out of). Total take probably more than the inheritance tax would have brought in, while still looking good to the core tory vote. Sorted. Extra tax income now rather than some random tax take in x years time got to be good.
Never seems right to tax income that's already been taxed, no matter the wealth of the taxpayer.
You buy a house for £100,000. 30 years later it's worth a million. That £900k profit hasn't been taxed in any shape or form...
What about if you save some money in a high interest account and years later it's worth more. You have paid tax on your savings and on the interest so why again?
Inheritance tax, IMHO is poor show.
The issue here is about giving a tax break on houaes
I quite like inheritance tax. If the government didn't tax inheritance then they would have to make up the shortfall elsewhere, most likely from green taxes or an increase of income tax. Instead, they tax you after you die, which is great because it doesn't matter what you think; you're dead
I quite like inheritance tax. If the government didn't tax inheritance then they would have to make up the shortfall elsewhere, most likely from green taxes or an increase of income tax. Instead, they tax you after you die, which is great because it doesn't matter what you think; you're dead
Not a tax I'm ever likely to have to pay, so I'll leave others to enjoy paying theirs.
Reportedly going to be reduced for million pound homes.
Anyone really think that is a good policy? Won't do anything for working people in our neck of the woods!
I wonder if this could be a cunning plan. Get people to switch their ISA investments, etc into a main property to reduce their inheritance tax bill. So the tax man will pocket huge gains from stamp duty on the purchase of the new £1mn house (and a smaller amount on the place they moved out of). Total take probably more than the inheritance tax would have brought in, while still looking good to the core tory vote. Sorted. Extra tax income now rather than some random tax take in x years time got to be good.
You think the govt's that clever ?
The Govt. possibly not. Some of the cone-heads that beaver away in the vaults of HM Treasury, quite likely. And then there's all the VAT on the vast new Range Rover that would be needed to blend in with the new neighbours and on all the furniture, etc needed to fill the newly acquired house? Could be a nice little earner all round - for the taxman.
I quite like inheritance tax. If the government didn't tax inheritance then they would have to make up the shortfall elsewhere, most likely from green taxes or an increase of income tax. Instead, they tax you after you die, which is great because it doesn't matter what you think; you're dead
It's likely to be paid for by a reduction in the tax relief that high earners get on pension contributions. Far preferable from a personal point of view.
So what happens when Junior inherits the house having never worked a day in his life hence never paying a bean in income tax?
Well, presumably, in that scenario, Junior can't afford the upkeep, council taxes, etc, has to sell the house and buy a smaller one generating two further tranches of stamp duty - another £60,000 odd of lovely money straight into the HMT coffers. (Which will pay for Junior's benefits for a few years anyway.)
So what happens when Junior inherits the house having never worked a day in his life hence never paying a bean in income tax?
Most people have children in their late twenties and most people die 75+ , so junior won't be so junior by the time he cops the family fortune, excepting tragic events.
Well, presumably, in that scenario, Junior can't afford the upkeep, council taxes, etc, has to sell the house and buy a smaller one generating two further tranches of stamp duty - another £60,000 odd of lovely money straight into the HMT coffers. (Which will pay for Junior's benefits for a few years anyway.)
Or, in reality, our lucky junior rents it out to some stretched family, and lives off the rent...
Well, presumably, in that scenario, Junior can't afford the upkeep, council taxes, etc, has to sell the house and buy a smaller one generating two further tranches of stamp duty - another £60,000 odd of lovely money straight into the HMT coffers. (Which will pay for Junior's benefits for a few years anyway.)
Or, in reality, our lucky junior rents it out to some stretched family, and lives off the rent...
In which case, for the first time in his life, Junior will be paying a hefty slice of tax on his income and he won't be getting benefits anymore. Still a win-win for the Treasury.
It's another good policy from the Conservative government
For the vast majority of people like myself it gives comfort in the fact you are looking after your family and the taxman only taxes after £1m, what's not to like other than an excuse to bash those nasty Tories ...
It's another good policy from the Conservative government
For the vast majority of people like myself it gives comfort in the fact you are looking after your family and the taxman only taxes after £1m, what's not to like other than an excuse to bash those nasty Tories ...
There are plenty of things to not like.. I certainly would rather my kids (and others like them) were looked after now, when they really need it, rather than having to wait until they are 50 or 60. Skewing they system towards big houses encourages people - me - to sit in big houses right up to the day they die (because if I flog my house and downsize, my cash pile does get taxed).
Comments
Tax me when I'm alive, don't tax me and more importantly my family when I'm dead.
Successive governments have frittered away countless billions during my lifetime, I think they've had enough.
Inheritance tax, IMHO is poor show.
Or, in reality, our lucky junior rents it out to some stretched family, and lives off the rent...
In which case, for the first time in his life, Junior will be paying a hefty slice of tax on his income and he won't be getting benefits anymore. Still a win-win for the Treasury.
For the vast majority of people like myself it gives comfort in the fact you are looking after your family and the taxman only taxes after £1m, what's not to like other than an excuse to bash those nasty Tories ...