Prepare for a Great Tory Tax Givaway

[masquesmog]

Not at all but ultimately whatever you own outright, especially property, then you should be free to do as you choose in the event of death

..... because I bought my first property in London in 1983 and lived there, my kids are likely to inherit far more than if I had bought and stayed in M'Bro during this time. We all have no problem with inheritance tax.

 

[Redwurzel]

..... because I bought my first property in London in 1983 and lived there, my kids are likely to inherit far more than if I had bought and stayed in M'Bro during this time. We all have no problem with inheritance tax.

This not typical (its probably a good area of London) but its example where a 40% tax to me is justified - Kids still get 60% of the inheritance plus they could get the first £1m in full - so if you left £2m they would get £1.6m.

 

[masquesmog]

This not typical (its probably a good area of London) but its example where a 40% tax to me is justified - Kids still get 60% of the inheritance plus they could get the first £1m in full - so if you left £2m they would get £1.6m.

Yes, as I've said, I know how the system and the numbers work.

The point I am trying to make is that, mostly through property increasing in value, people like me have "made" in some cases may times in excess of the inheritance tax thresholds. We were lucky.

It isn't a problem for me or anyone I know to pay inheritance tax.

Abolishing inheritance tax benefits a tiny percentage of the population.

 

[jam69]

It should be scrapped or at least see the threshold significantly increased, but isn’t this just the standard Tory policy to throw out when things are going to ****?

Why? And who picks up the tax shortfall

 

[1finny]

Completely the opposite. Inheritance is a massive driver of inequality. The narrative on it needs to switch from people thinking it is a tax on the person dying when it is really a tax on someone receiving unearned income. I have done nothing to contribute to the value of my parent's estate so why should I be able to receive it tax free.

I would completely change the rules so inheritance tax is based on what the recipient receives and not the estate. There can be a personal tax free allowance, maybe £100k and everything above that (for life) is taxed like income.

I’d scrap inheritance tax
And make it very simple
When you die - everything you have goes back to the state.
No more living a life off the back of history

Now that is levelling up

 

[Laughing]

I’d scrap inheritance tax
And make it very simple
When you die - everything you have goes back to the state.
No more living a life off the back of history

Now that is levelling up

Whilst I largely agree with the sentiment. It's v ery socialist. It's probably a huge vote looser. Most folks are concerned about them and theis and not society.

 

[1finny]

Whilst I largely agree with the sentiment. It's v ery socialist. It's probably a huge vote looser. Most folks are concerned about them and theis and not society.

haha - mebe that’s why I’m not a politician
it’s ‘fair‘ tho