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Tories to cut inheritance tax

Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
in Politics & Debate
What it says on the tin.

Nice to see they're back to looking after their own.

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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I don't believe in inheritance tax - I think it's a tax on one's life achievements .. it's a government's last ditch attempt to bleed people dry on their death.

    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?
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    DG, some people who no doubt will stick their oar in any minute will have you believe that it is unfair for anyone to earn that much money and to have accumulated that much, that despite being dead and having paid more taxes than anyone else all their lives they still owe the government and the deadbeats of society a lot more.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I'd rather they cut income tax tbh.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    I think any decent person wants to give their kids the best start in life possible ...

    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.
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    Former MemberFormer Member Posts: 1,876,323 The Mix Honorary Guru
    DG wrote: »
    I don't believe in inheritance tax - I think it's a tax on one's life achievements .. it's a government's last ditch attempt to bleed people dry on their death.

    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?

    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
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