Inheritance Tax - Thieving B******S

[number8]

How can the government (any government) justify the imposition of inheritance tax. Of all taxes this is the most evil and insidious tax there is.

[geofbob]

I would agree that there aspects of Inheritance Tax that are unfair - but that probably applies to most taxes. But to call the Government "thieves" is just ridiculous - who do you think benefits from this tax? You, along with the rest of the UK population benefit. The fact is that if inheritance tax was abolished tomorrow, the loss to the Exchequer would have to be made up through some other tax or taxes - and don't let the Tories kid you that taxes would be appreciably lower if they got into power.

[Will__]

well yes that's a fair point, but I really think inheritance tax is ridculous - at least, at the 40% rate that more than �240,000 requires.
For this simple reason: Tax me to do anything I want, anything. That affects me, fine. But DON'T tax me to die. That affects the people I'm leaving my money to, not me.
And that's not fair. That's my 40%'s worth, anyway. Thieving b********s is right, 'cos they're stealing from the dead, not taxing the living.

[sft42]

If you have more than �240,000 left when you snuff it you should have been taxed more when you were alive!

[Will__]

Well, we're arguing the relative merits of death tax, not socialism vs. capitalism. Take for example a family that bought their house in the 60's or 70's (before property was insanely over-valued), and then the parents die. The house is now worth �310,000. They leave it to their 2 children. Whether or not they want to, they probably have to sell the house just to pay the fing tax bill.
Utter madness. If they're going to follow an arcane law, at least update it.

[lisaj]

Yes, along with :

The fact that expenditure on roads and public transport is far lower than the net income from road and petrol tax.

The fact that VAT is a "value-added" tax introduced many years ago to replace a sales tax, but is now charged on everything.... as a sales tax.

The fact that National Insurance is charged irrespective of your use of the NHS, state education system, or (a somewhat doubtful, and worthless even today) future state pension.

The fact that saving are taxed, just in case not spending your money and thus not paying VAT would decline the govenment some income.

The country, and the "thieving b@st@rds" who run it are screwed. You're absolutely right...

[lisaj]

And geofbob.... I'd argue that the highest earners and therefore the people who pay most tax push their kids through private schooling, have private healthcare, and receive local benefits via council tax. They probably don't want needless wars, and aren't interested in domes, millenium or otherwise. Cynical? sure :-)

[number8]

I have private medical insurance, long term disability insurance, my child is at private school and I have two personal pensions - I pay the higher rate of income tax. Quite frankly, I feel if anything I should be paying a lower tax or no NI. Why should I pay for those who don't look after their futures? Why should I pay for those who can't be bothered to work? Why should my hard earned go toward spurious causes? (the disabled black lesbian pygmy outreach programme - purlease). Yes, this a rant, but when I open my payslip at the end of each month and see the difference between gross and net and the amount of NI I pay, it makes me want to weep. Oh yes, and because my private medical insurance is a perk, I get taxed on it!!!!!!!!!!!!! What the hell is that all about. And then when I die, my child will be screwed out of 40% of what she is entitled to (and yes, she is entitiled to 100%), and by careful tax planning and giving her the house when I retire, that is exactly what she is going to get. Rant over.

[darth vader]

scubaboy, see an accountant and get a will sorted. It is possible to avoid your child paying any inheritance tax as long as you get an accountant to sort things out. ps crappy law yes, it was ok when house prices were nowhere near the 240k mark but most houses ARE these days

[number8]

Agreed - thank you.

[bazwillrun]

You should look into setting up a Trust. Thats what me and all my family does. The tax liabilities are far more favourable. Look at Cherie Blairs recent property purchases. Whilst all those theiving b*******rds that govern us are taking advantage of it they will not change the laws on it. If it affects them in a big way they wont dare change it. They are all at it, they all put their assets in trust Why dont they advertise Trusts to Joe Public? the last thing they really want is you making lots of money, lots of money equates to lots of power, power to control your life the way you want, which means they have less control over you. The more time you are consumed with worries about your everydaylife the less time you have to get on their backs. The less money you have the more control they have over you. TRUSTS... thats the way to do it