Inheritance tax should be abolished? Watch

200428
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#21
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#21
(Original post by Quady)
The idea of dead people paying tax humours me.
You'd rather pay more while your alive would you?
I'd rather pay an penny in the pound during my life so that I can leave my kids a place to live, yes :yep:
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gamer91
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#22
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#22
(Original post by Quady)
Only need to pay it if they actually want the placeand its not like it affects 95% of people who die in the first place.
seems backwards to me, surely it should be the other way around, if somebody only wants the value of it, they should be taxed, whereas if the land itself is of value to them, then its fair for them to have it?
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Renner
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#23
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#23
It's not 40% of your "parents' life-time's work", it's 40% above the threshold, and the vast majority of people are under the threshold. Do you understand the difference? And quite frankly, when the education system is still churning out people who can't spell inheritance or use an apostrophe, I think the argument against reducing taxation is a rather weak one.
Chucking money at the system wont work, labour have proved that. What’s needed is to go back to the old ways of schooling
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paperclip
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#24
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#24
The top 50% of the population already own 99% of the wealth, lets make that worse!
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Big B
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#25
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#25
Lots of great opinions here thanks!

I know what people mean but I just can't get round being against it. I would personally prefer to pay more tax while alive then have my children loose out on what I leave them. Also every last penny thats left will be taxed when spent AND while being saved.

To the people saying that they believe in equality; wouldnt you rather the 40% went to those that NEED it, say, ngo AID organisations?
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Gremlins
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#26
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#26
If I had to redesign the tax system to take in roughly the same amount of tax as it does now, I'd cut income taxes and VAT, and up taxes on unearned income (like IT and capital gains), wealth, and land value.
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Quady
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#27
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#27
(Original post by sadie-kiki)
I'd rather pay an penny in the pound during my life so that I can leave my kids a place to live, yes :yep:
lets say your 80 when you die (a bit young)
lets say you have kids at 40 (a bit old)

your 'kids' would be 40, in reality they would probably be 50 wouldn't they?
If there's one kid are you going to bring them up so when they are 40 they are in a position where they need to to die to have a place to live thats worth over £300,000 (ie before tax even starts)?

If there is more than one kid then are you goign to bring them up so they will want to live together at 40?

Weird
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Quady
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#28
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#28
(Original post by Big B)
To the people saying that they believe in equality; wouldnt you rather the 40% went to those that NEED it, say, ngo AID organisations?
I'd be suprised if IT contributed more than the 0.7% of GDP international aid budget.
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200428
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#29
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#29
(Original post by Quady)
lets say your 80 when you die (a bit young)
lets say you have kids at 40 (a bit old)

your 'kids' would be 40, in reality they would probably be 50 wouldn't they?
If there's one kid are you going to bring them up so when they are 40 they are in a position where they need to to die to have a place to live thats worth over £300,000 (ie before tax even starts)?

If there is more than one kid then are you goign to bring them up so they will want to live together at 40?

Weird
I'm going to leave them a holiday home somehwere then. I like the idea of leaving something for the benefit of my offspring without my generosity being punishable.
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Big B
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#30
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#30
(Original post by Gremlins)
Do you understand the difference? And quite frankly, when the education system is still churning out people who can't spell inheritance or use an apostrophe, I think the argument against reducing taxation is a rather weak one.
I am so very very sorry for making a spelling mistake and miss a few apostrophes. I am SO sorry if I have offended you're obviously superior intelect.

I posed this question as an opportunity to have a healthy debate, not to be corrected grammatically and quite frankly insulted
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Quady
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#31
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#31
(Original post by gamer91)
seems backwards to me, surely it should be the other way around, if somebody only wants the value of it, they should be taxed, whereas if the land itself is of value to them, then its fair for them to have it?
I don't overly disagree.
I'd put IT as a 'capital gain' - if someone didn't sell they I wouldn't (personally) tax them on it. But then again I really don't care about the hundreds of thousands my parents are leaving me, I'm self sufficent.
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Angelil
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#32
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#32
I am utterly against inheritance tax. You are taxed enough while you are alive without what you pass on to your children being taxed further after you are dead. YOU, and only you, should have the right to choose where the money goes - not have the government stick their hands into the grieving family and go 'right, we'll have that' - especially when families are already having their grief compounded by letters from companies still coming through the door with the deceased's name on them, and may have already had unwanted financial burdens as a result of the death through funeral costs and through incremental hospital car parking fees if the loved one has been ill (my mother paid £5 for the privilege of watching her father die - nice This is not to mention all the car parking charges that her sisters and mother built up in the final weeks of his illness.). To all those who say they agree with inheritance tax - has your family actually been affected by it? I am guessing not. As an earlier post on this thread said, it's not about greed - it's the principle of having something taken from you when you are already taxed enough in life and should retain the right to decide where your assets go after you die.
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Tory Dan
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#33
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#33
Yes its a completely unfair tax, it steals from people who have done well for themselves to reward the lazy and the unambitious. Taxation is tyranny.
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Quady
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#34
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#34
(Original post by Angelil)
To all those who say they agree with inheritance tax - has your family actually been affected by it? I am guessing not.
Wrong for me and I think someone else indicated their parents estate was £1m+ and they were for it. Its in the hands of politicians and they get affected by it. Cameroon will be hit by it when he goes even if he gets to jack it upto £1m.
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Angelil
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#35
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#35
Estimating the value of your parents' estate on an internet forum is not the same as actually being hit by inheritance tax. I'm assuming the person who made that comment hasn't yet...
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Arrogant Git
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#36
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#36
(Original post by Big B)
Is it just me or is inherratence tax just the worst of all taxes. It is so morally wrong. Im not saying this because I'm selfish and want all my parents money, it itsnt that in the slightest. I just really dissagree with the government taking 40% of your parents life-times work for NO reason. I would rather give it to a deserving charity then the government.
It's by far the best tax- it's the only tax you never, ever have to pay!

The fact is, inheritance tax is highly moral, meritocratic and fair. It stops children getting an unfair advantage in life based on who their parents or grandparents or great-grandparents were. It dismantles the idea that power=lineage. Be grateful that society lets you keep 40% of your unearned windfall.

P.S. If you want to give your money to charity, be my guest.
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D R E A M Z
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#37
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#37
(Original post by paperclip)
The top 50% of the population already own 99% of the wealth, lets make that worse!
The top 50% of the population don't pay inheritance tax.

They give it as a gift to their heir 7 years before they die (unless they die early)

As always it's the middle class who get ****** sideways by labour's tax system.
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gamer91
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#38
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#38
(Original post by Quady)
I don't overly disagree.
I'd put IT as a 'capital gain' - if someone didn't sell they I wouldn't (personally) tax them on it. But then again I really don't care about the hundreds of thousands my parents are leaving me, I'm self sufficent.
seems fair for capital gain, but the land/house thing is a bit weird, how do you stop that being used as a tax dodge by the (selfish) rich, I guess some sort of threshold is the only way, although I guess their should be bandings dependant on the type of property (i.e £300k of house should not be equivalent to £300k of farmland)

although in comes the question of second homes, and multiple offspring, I'm not really sure where I stand on this, I despise second homes which are completely unnecessary, although is it fair the offspring should have to pay tax because of their parents own multiple property's, part of me says that one family only need one home, yet why should they be punished for their parents frivolousness.
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paperclip
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#39
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#39
(Original post by D R E A M Z)
The top 50% of the population don't pay inheritance tax.

They give it as a gift to their heir 7 years before they die (unless they die early)

As always it's the middle class who get ****** sideways by labour's tax system.
There are limits to how much you can give anyway. And it's not a perfect system but abolishing inheritance tax would make it much much worse. Loopholes within the tax system need to be closed and tougher penalties for tax evasion imposed.
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Edenr
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#40
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#40
I assume the government is going to start taking on portions on people's debts when they die too?

No, didn't think so.

Inheritance tax is unadulterated grave-robbing.
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