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Tories review inheritance taxes
Former Member
Posts: 1,876,323 The Mix Honorary Guru
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Yet more Tory promises of tax cuts which of course would mean less in services i presume. Apparantly it is still only a small proportion of the population that is effected by this tax, i.e. the rich. Are the tories just claimining they'll cut the riches taxes?
Or is this just an attempt to grab a few votes? 'The tax-cutting plans have been described as targets rather than promises'
Yet more Tory promises of tax cuts which of course would mean less in services i presume. Apparantly it is still only a small proportion of the population that is effected by this tax, i.e. the rich. Are the tories just claimining they'll cut the riches taxes?
Or is this just an attempt to grab a few votes? 'The tax-cutting plans have been described as targets rather than promises'
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Inheritance tax is immoral anyway.
Personally I think it sucks you can't sell a house to clear the tax debt.
You can, and have to. The estate's assets pay for the inheritance tax, and if the estate's assets have to be sold to do thsi then so be it.
but its fair that for the stupidly rich, when they die, some of their money gets taken, and gets redistributed, when to all intensive purposes, the child hasnt earnt that level of wealth
i just think the current threshold is far too low, and it should be progrssive, like above £300k its only 10% or something, and works its way up to about 50 or 60% by the time the person is a multimillionaire
I might be wrong, I don't know all that much about taxation to be quite honest.
But don't forget that it is the ESTATE that is taxed, not the beneficiaries.
howd you think the government got so much artwork for museum, the former upper classes of this country of course whom were the intedned targets when this tax was introduced!
It is unfair on aristocratic families who have estates and stately homes to maintain, but then again, why should they be allowed to live off the success of distant anscestors?
replace 'success' by tyranny........
ps when you quote me, please don't edit the quote and add a typo (SUCESS) :rolleyes: I have standards to maintain
the problem is difference between fairn giving and excesses
like bill gates for example, his kids, will never ever have to work in their lifetimes, so theyll be living off unearned income, if he left em enough money to set up a business have a nice big house etc etc fine but $50 billion, i dont need that
even if that aint uK it jsut an example of above that point
Inheritance is a bonus that cannot be relied on as a source of income or fundamental right. Of course it's not pleasant to have to talk about money when someone close has died, but the principle of inheritance tax is wholly fair imho.
Whether they get bored and get a job is not really relevant.
thats why a progressive inheritance tax starting from the average middle class up starting low and getting higheris fair, as at the end result, most offspring will get a fair share
i think about the first 400k should be tax free, then works its way upwards, after that point
everyone gets a more equal start that way, thats my purpose for inheritance tax
400k cf. 263k?
If people want to leave money to relatives, they have a whole lifetime to do so.
and it might give less to the taxman, but its fairer, it aint that complicated, just like income tax, and it gets the richer people
inheritance is firstly there to take and redistrubute wealth from the to-be rich, to everyone
any money left in will to charity, or schools or hospitals etc shouldnt be counted
If your goal is wealth redistribution, you should tax inheritance at 100%. Not a vote-winner though!
well the revenue raised from people who do own enough assets to have inheritance tax on them, can be used to help everyone as a whole...
and have a threshold system, means a lot is tax free still, so it acts like a cap meaning people still have lots left over
here a quick example
current system is 40% over £263k
so if the estate is worth £283k
its 40% of £20k so they only pay £8000 in heritance tax
whilst someone who has a huge estate worth £10,263,000 pays 40% of £10 million, so £4million
leaving them with £6,263,000
i wouldnt want 100% in principle, cause we aint in a communist system, people look after thier families and whoever they want as well the whole of the nation
The Tories are absolutely right.