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lovekaatz | (UK) Why is there an inheritance tax ( aside from the greedy government)? |
The person who's died has pay taxes on that money aready, so why should it be taxed twice?
Additional Details
sorry, "paid" |
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Debs
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Technically to correct Liz L who quotes "paying tax on our pensions. This is from money we have already paid tax on". Actually you haven't paid taxes on this already you received tax relief on your taxable salary many years ago on the contributions you paid to your pension fund. Ie depending on the tax rate when you contributed, say 20% for every 100 you put into your fund, it was actually 120.
The current tax free limit is 300k for 2007 & 312 for 2008. There are many perfectly legal ways of reducing your inheritance tax, you can make something called a "lifetime" gift to anyone. Basically you can give anything (millions) away and provided you don't die for 7 years, that gift becomes free from inheritance tax. There are some rules around this, but with some proper advise and careful planning this can have considerable advantages, this is an excellant tax planning tip.
Trusts are not for the wealthy, anyone can set one up with a small amount of help from a lawyer or tax specialist. The tax free limit, used to mean that most ordinary people escaped inheritance tax, the problem with the limit now 300k for 2007, 312k for 2008 is that property prices have risen alot more than the increase in the limit. The government needs to reflect this really, to avoid all the hard working brits leaving the UK and taking the money abroad, who would then support all the newcomers (non tax paying most likely)!!!! |
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Wendy Woo
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You don't have to pay inheritance tax if you money value is less than 320,000 pounds! |
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KalKatz
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Thing is, the deceased may have paid taxes but the person who receives it has not. If you receive income from a given source, then you are expected to pay taxes on it. To the government, it doesn't matter if that source is a company or a relative, or if that relative is alive or dead. |
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Davy B
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The government has to raise taxes and spreads this as widely as possible income tax, VAT, excise duty and stamp duties for example.The only one that you do not complain about is IHT - because you are dead! And it does only apply at a comparively high level.
If you give away the excess [to you children for example] and live 7 years after that you do not pay tax on that and any gifts to charity on death are also exempt. |
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Liz L
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It makes me really mad. My husband and I have worked hard all our lives, paid our taxes, invested our money sensibly, and are now paying tax on our pensions. This is from money we have already paid tax on. If we died tomorrow, our kids would have to pay a fortune to the government in order to get our estate. So we have taken out a family trust which ensures that the money gets to our children and grandchildren without being taxed yet a third time. Of course, it cost money to do this, but I do so resent paying tax time and time again on the same money, By the way, we are not rich, just careful and hardworking. |
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tringyokel
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I look at it this way. Tax is generally levied whenever money is transferred from one person to another. It is difficult to levy taxes if money does not move. Wealth taxes have been tried but in general have not been successful.
An individual will pay tax when money is earned, either as salary, rents, profits or investment income. Income tax usually covers this. Gains on investments are also income and capital gains tax applies.
What is not so obvious is that we also pay taxes when we spend money. The usual tax is VAT.
If you do not spend money then the expenditure taxes are not paid. this is what happens when money is saved. So when you die a tax is levied on the money you didn't spend, and this is Inheritance Tax.
In principle this does not seem unreasonable to me (but don't get me started on all the complications which purport to make the system 'fair' and only seem to create some very unfair situations). |
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nightcrawler
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It's just the greedy government. Of course, if they didn't raise taxes that way they'd raise them another way so there isn't an easy solution ... though I agree it does seem unfair. The stinking rich and the 'squirarchy' avoid inheritance tax by putting their property into trusts while sometimes also benefitting from all kinds of non-taxable grants to maintain the listed property. The normal punter always gets shafted while others have it nicely sewn up behind our backs.
EDIT: Liz L is right. I'd overlooked that. Ordinary people can put their property into trusts though it can reduce flexibility for the present owner. |
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Eddy T
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Because if there is no inheritance, the deceased estate goes to the state. |
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Missy
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Im not sure but I dont agree with it either, someone has worked hard for that money and then then our government take 40% if estate is over 250k.
I know the queen didnt have to pay it for the queen mother because of a loop hole:
http://www.guardian.co.uk/uk/2002/may/06/queenmother.inheritancetax |
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nemesis114
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You answered your own question - it'd be the greedy government. |
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