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Inheritance tax.
- Thread starter pete01
- Start date
It's a good point, but is specifically - like the Lottery, and ISAs - set up so as not to be.
So, in answer to your question, no.
And if they were, I suspect many - myself included - would rethink whether we'd hold them.
But its un earned income thought you said tax should be paid on that ... I must have miss read that
But its un earned income thought you said tax should be paid on that ... I must have miss read that
The subject under discussion was IHT.
You can try to string this out for page upon page if you like, but it won't be with me. I answered honestly in post 152
ok so its basically a case of you want tax paid on un earned income that doesnt apply to you, but any unearned income that does apply to you then you are happy for this to be tax free . Glad thats cleared upThe subject under discussion was IHT.
You can try to string this out for page upon page if you like, but it won't be with me. I answered honestly in post 152
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The issue with IHT that people don't like is that while the person is alive they are free to give their assets as they like without tax. But sensible people don't want to give assets that they might need to use for their elderly care. So they are punished with IHT, as a result of trying not to be a burden on the state.
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I wouldn't mind that set up Haha selfish git I am
And there lies one of the problems you look after your money don't squander it . Want to give family a good start in life but may have to use the majority of that money on care . Where as you see people basically same jobs opportunities in life etc who have spent it on whatever and get the care for basically free. Pre emptied that and made sure one helluva substantial figure will not be touched in anyway for that.
When it comes to inheritance, I tend to think the other way. Whether £1 or £100,000,000 is left to family, there should be zero tax on any of it.
I don't have kids, but let's say I did. I've worked hard all my life, managed to buy a nice property that's appreciated quite a lot in value. I've also accrued quite a decent investment portfolio.
Why should any of that be liable for taxation if left to my kids? It's money and/or value that only exists through my previous endeavours over past decades.
Everyone can always make a case for why certain things shouldn't be taxed. People could argue that there shouldn't be income tax, because why shouldn't somebody keep every penny they have worked hard for.
There are various arguments that handing down generational wealth is bad for the country.
Say that happens.
Say your kids are lazy tw@ts, but don't spunk all of it.
What endeavour or graft did they put in, when the time comes to pass on "their" wealth?
I don't have any issue with families where, generation after generation, they live off inherited wealth. And I don't think it's right from generation to generation to say 'thank you, we'll take x% in taxes.'
I agree with some taxes, but ones like CGT and IHT, nope. Never.
At the risk of "doing a Gassy", then, justifying your opposition to IHT via
It seems then that a lot of what side of the debate we all fall on is our personal morality and ethics.
doesn't square with
It seems then that a lot of what side of the debate we all fall on is our personal morality and ethics.
So deliberate deprivation of assets. This can be investigated and clawed back if the person needs care in later life and IIRC there are tax implications too if the giver still lives in the property after giving it away
