"Inheritance Tax should be abolished"

Disagree completely. We need taxation for out public services.

It's also vital for a meritocracy.

Disagree completely. We need taxation for out public services.

It's also vital for a meritocracy.

Disagree. It is a difficult one as I think there is a reasonable instinct to leave your kids something. And a family home is an emotional matter whatever your wealth. This said I think everyone should have to work for their living and inheritance tax is one of the levellers of the unfairly large financial inequality in the uk.

However it's not so much of a leveller when there is an easy way to avoid inheritance tax. You can use 'gifts' to give your family members (or anyone you wish for that matter) a portion of their inheritance early and reduce your estate in order to pay less tax.

Agree 100%.

Income should be taxed once. The government shouldn't get another crack at your wallet just because you had the misfortune of dying.

Don't know the detail of this but believe there are some restrictions in terms of timing and amount of the gift. Certainly wouldn't be against a review of what is fair and reasonable.

Inheritance Tax is the most unfair of all taxes, and the one that makes the least sense.

You've paid tax on it in the first place, possibly several times over.

Consider a house:

A person has paid income tax and NI on their earnings to pay for the mortgage. They've paid stamp duty on the house itself. After they've died, why should their estate have to pay again so that a person can transfer their own property to whomsoever they wish?

We are talking about the rightful property of individuals, which the state is taking away to give to others. Why? Why was what they had taxed twice before not enough?

When gifts are made during the lifetime, the state does not benefit in anything like the same way - so why is it that death suddenly attracts these enormous taxes?

You haven't paid anything on it. The people who owned it before you did.

You're getting a huge amount of money or assets passed on to you. It's only right and fair that you pay tax on it.

There are indeed restrictions, but if someone knows they are going to die or merely wants to create a safeguard then they can plan well in advance to make these gifts to avoid as much inheritance tax as possible. This certainly seems to make inheritance tax a little redundant and arguably therefore doesn't level the playing field, as only those who don't take advantage of these ways to get around it have to pay up more.

Mind you, it potentially means you have to give your little blighters your wealth well before youre certain you want to lose control of it. It would be easily solved too by a sensible capital gains tax on gifts.