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Should inheritance tax be scrapped?
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Do you agree with Stephen Byers?
I think inheritance tax is pretty much a tax on death, most people work hard all their lives and want to leave something for their children and upon death you're taxed.
I think it's particularly bad for people in areas such as outer London where house prices mean that the level you pay the tax is about the same as if you own a 3 bedroom house.
If a person has woked all their lives they've already paid tx on their earnings, I don't see why the same money should be taxed twice just because you want to pass it on to a spouse or child.
http://news.scotsman.com/politics.cfm?id=1222592006
Byers calls for end to inheritance tax 'penalty'
NICOLAS CHRISTIAN
A FORMER Cabinet minister who remains close to Tony Blair called last night for inheritance tax to be scrapped.
Stephen Byers said that the controversial tax, which is levied on all estates worth more than £285,000, was "a penalty on hard work, thrift and enterprise".
Writing in the Sunday Telegraph, the Blairite MP and former transport secretary added: "Inheritance tax should be abolished."
Byers, who resigned in 2002 after a series of controversies at his department, is a close ally of the Prime Minister and a fellow north-east MP.
He warned that soaring house prices threatened to bring millions more within the "net" of inheritance tax, which was originally designed to target the very wealthy rather than ordinary families.
Scrapping inheritance tax would enable Blair's successor to show that New Labour's middle-class electors had not been forgotten, he added.
"We know that Tony Blair will stand down at some stage before the next election," he wrote.
"The danger for Labour in electoral terms has always been that when he departs from Downing Street, voters will feel that the pragmatic and modernising approach of New Labour has gone with him.
"The challenge for his successor is to demonstrate that this is not the case and to show that they are in touch with the British people.
"[The abolition of inheritance tax] would show that New Labour is prepared to look again at the tax system to ensure that it is grounded in fairness and reflects the modern world in which we live."
Byers also suggested that rises in "green" taxes could fund the move. The Treasury estimates that inheritance tax will raise £3.6bn in the current financial year.
The number of people who have been forced to pay inheritance tax has more than doubled since 1997, leading to charges that the government has used it as a stealth tax.
Some 37,000 people paid the tax last year, up from 18,000 in the year that Labour came to power, according to government figures.
I think inheritance tax is pretty much a tax on death, most people work hard all their lives and want to leave something for their children and upon death you're taxed.
I think it's particularly bad for people in areas such as outer London where house prices mean that the level you pay the tax is about the same as if you own a 3 bedroom house.
If a person has woked all their lives they've already paid tx on their earnings, I don't see why the same money should be taxed twice just because you want to pass it on to a spouse or child.
http://news.scotsman.com/politics.cfm?id=1222592006
Byers calls for end to inheritance tax 'penalty'
NICOLAS CHRISTIAN
A FORMER Cabinet minister who remains close to Tony Blair called last night for inheritance tax to be scrapped.
Stephen Byers said that the controversial tax, which is levied on all estates worth more than £285,000, was "a penalty on hard work, thrift and enterprise".
Writing in the Sunday Telegraph, the Blairite MP and former transport secretary added: "Inheritance tax should be abolished."
Byers, who resigned in 2002 after a series of controversies at his department, is a close ally of the Prime Minister and a fellow north-east MP.
He warned that soaring house prices threatened to bring millions more within the "net" of inheritance tax, which was originally designed to target the very wealthy rather than ordinary families.
Scrapping inheritance tax would enable Blair's successor to show that New Labour's middle-class electors had not been forgotten, he added.
"We know that Tony Blair will stand down at some stage before the next election," he wrote.
"The danger for Labour in electoral terms has always been that when he departs from Downing Street, voters will feel that the pragmatic and modernising approach of New Labour has gone with him.
"The challenge for his successor is to demonstrate that this is not the case and to show that they are in touch with the British people.
"[The abolition of inheritance tax] would show that New Labour is prepared to look again at the tax system to ensure that it is grounded in fairness and reflects the modern world in which we live."
Byers also suggested that rises in "green" taxes could fund the move. The Treasury estimates that inheritance tax will raise £3.6bn in the current financial year.
The number of people who have been forced to pay inheritance tax has more than doubled since 1997, leading to charges that the government has used it as a stealth tax.
Some 37,000 people paid the tax last year, up from 18,000 in the year that Labour came to power, according to government figures.
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Comments
But yeah, I'd say decrease it myself, to a lesser amount, or rather, one in line with the amount, like the Lib Dem's income tax thingy.
if i had a family
or a rich family
and if i were set to inherit millions
i would probably be bothered... as it is... i'm not.
So what if they've "worked all their life" for it- their benefactors haven't.
Oh, and the boundaries haven't changed, which is the problem. They haven't risen with inflation, which means many "normal" estates are now in the tax bracket.
Stephen Byers is a cunt anyway.
Why?
Personally I think inhertiance tax should be scrapped. Why should someone have to pay tax on something they inherited?
If your estate is big enough to come under the threashold, even now, then you have enough money to give some back to society. It isn't like you can take it with you, after all, and it isn't "punishing" hard work because the benefactors haven't raised a finger for that money.
Tax on inheritance is far more justifiable than tax on many other things that nobody gives a toss about. It's funny how people rail about taxing the inheritance of spoilt little brats, but don't bat an eyelid about tax on tampons.
If you're going to whine about the tax, at least understand how it works.
The tax is not 100%, so you would not end up with "nothing". The trustees of the estate may have to sell the estate's assets in order to meet the tax liabilities, but the benefactors would receive the significant surplus in a nice fat cheque. Inheritance tax is 40%, and 60% of £300,000 is still a nice big pile of free money.
The tax is only applicable if the estate's capital assets are over the threshold anyway, and for most people even now they are not because of debt.
And 37,000 estates paying the tax shows that it is still only the wealthy who are paying the tax, which is how it should be.
Interestingly though, girls do pay VAT on a shiny purple mach 3 ladies razor:D
You don't know that.
Why?
I'm sorry, but I don't understand why people should have to pay tax for stuff that they inherited. Or are the Government trying to screw us as much as they can?
I KNOW! Fucking arse monkey rapist donkey shits.
or something.
So its ok to be forced to sell my family home to have to cover inheritance tax as thats the only thing of value and the only we have, one piece of property? No, its bullshit and i shall whine all i like.
I do know that.
The estate is only liable for the tax is the net assets are valued over £285,000. That means after debtors have been paid off, such as mortgagors.
If you've got £300,000 in assets you're rich.
Inheritance tax has been around for 300 years, and it is designed to keep cash in circulation by preventing rich families hoarding wealth.
I fail to see the problem with it. The people who worked for it are dead, they can't take it with them, and I don't see why little Henry and Henrietta shouldn't pay for schools and hospitals with some of their huge pile of free money.
Do you have the same issue with income tax? If not, why not? With income tax the Government are taking something you actually worked for, not a windfall you haven't raised a finger for.
I suspect that you in fact lack understanding.
What it would be acceptable, and what kermit has already suggested, is to see the tax threshold raised. Maybe you should go for that
If there is more than one benefactor you'd have to sell it anyway, ffs.
That's just crap.
Yes, it is. And it directly and disproportionately affects the people least able to afford it.
Unlike inheritance tax, which just means some spoilt little stockbroker's child gets a cheque with one less zero on it.
I think you've missed my point here. What I'm trying to say is that for all you know, the person inheriting the businness or whatever it may be, could've actually helped the other person (the person they're inheriting it from) in building it up.
It is a tax on the inheritance of personal assets.
but what about any money?
I'm not sure what your point is.
The tax is only liable for the portion of the assets over £285,000, as this is the threshold. So if, for argument' sake, your house was worth £385,000, the estate would only need to pay 40% of the £100,000, not 40% of the whole lot.