Deltic21
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Absolutely! So many other developed countries can get by without it and it is a pernicious tax on people who have worked, saved and invested all their lives. It destroys legacies and can leave the potential recipients in enormous financial straits which virtually guarantees the loss of your family's property, heirlooms and intentions. I do not even agree that the threshold should be raised (although that would be a start) as I do n ot agree that the super-rich should necessarily have to pay it - that is why so many treasures of this country were lost during the "socialist generations". It is stealing from the dead and it is despicable. (And if I'm writing this for someone's A level essay, I want full credit!) |
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notmarriednochildren
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No, without inheritance tax the basic and higher rates of income tax will undoubtedly be raised to cover the gap.
In my opinion the rules should be revised so that only the wealthiest estates are caught. If they put up the rate to say £1m it would keep in line with the reason the tax was initially introduced.
This way only a small group of people are charged it..... however it is normally the wealthy who are the most effective tax planners............. |
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Bob G
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For a multitude of reasons, yes. It should be eliminated along with most other taxes. Unless it can be shown that a tax or a department supported by a tax grossly benefits the people then that tax is excessive. Inheritance tax is multiple taxation and is unjust on the face of it. The claim that it produces income for the government is totally unsupportable. We pay too much for and have too much government already. |
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Devdude
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The inheritence tax is a rip off. The money has already been taxed at least three times. A person no matter how rich must be able to pass his wealth along to his heirs without the government take a portion. Its just not fair. |
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taxman
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I don't agree. If there were no inheritance tax, other taxes would have to be increased. You have to realise(UK spelling) that tax systems are very complex and are designed to finance the operations of the government. The overall structure in the UK is to put the larger tax burden on those people who can most afford it, rather than having everyone pay the same amount. An inheritance tax is basically wealth redistribution.
After all, the person receiving the inheritance did not actually earn it. They are usually receiving the money because they were lucky enough to be born in the right family. |
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Alan Fitzgerald
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Sadly I don't agree.
I think it should be rejigged, as it often punishes people unfairly (especially with houses, people end up selling the family home to pay the tax).
I think it brings in much needed tax and #generally# only affects the rich(ish). But I can see why people dislike it. |
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Pippin
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It needs reforming not abolishing. Remember no one likes tax but everyone likes the services. They all have to be paid for somehow. Obviously it's good to leave something to the next generation but spare a thought for those whose parents have nothing to leave. As a society we're getting too selfish these days Robin Hood wasn't such a bad guy. |
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nettie
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I certainly think it needs to be reassessed that's for sure especially as property prices have gone through the roof. Where does the government expect the ordinary working class man or woman to live if not in a house they have scrimped and saved all their lifes and then they are penalised by having to pay inheritance tax on house prices that were beyond the control of their parents who have died.
My Brother worked hard all his life, his house price went through the roof, but if he had tried to move he would not have been able to because he would have found himself in a catch 22 situation. So what happens to his house when he dies, the proceeds will be divided between his children and they will have to pay inheritance tax on anything over the present threshold.
No this tax is all well and good for the the very wealthy but not the ordinary man in the street.
My brother never in his wildest dreams thought not only his house but almost everyone elses house would break the threshold for inheritance tax. And it is not only the very wealthy who pay this my friend the tax specialist. |
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Kevin Flowers
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yes i do because my uncle's friend got 1 million dollers in inheritants and all he got was something like $700,000.00 of it |
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