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Tories to cut inheritance tax
Former Member
Posts: 1,876,323 The Mix Honorary Guru
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If you've work and saved £1 million then want to pass it on to your kids I don't see why the money should be taxed
When the money was first earned you paid income tax, when interest was paid in the bank tax would have been deducted. So when passing it on it gets taxed twice.
If the inheritance is in the form of a house then the very final mortgage would have been a lot more then the price of the house.
IF the tax is so fair why is the queen exempt from it?
I do think the bar should be raised a lot higher then it is at present ..
I simply think the mathematical fact the money is being taxed twice and there is even provision that say if you give your kids money now and die within 7 years the kids must back pay tax on the money is kinda morbid.
Not only is your current death taxed, but your future death is being taxed if it happens in the next 7 years ..
As it is dying is an expensive business with the cost of funerals, etc.
it's not a tax on your achievements, it's a tax preventing you from using your achievements to better your children over everyone elses financially
should be raised, to say 400-500k but not £1million
and remember it's anything over that amount not under it