So is VAT, so are lots of other things.
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- Thread starter Goksly
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So is VAT, so are lots of other things.
Soldato
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- 3 Nov 2004
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- 9,871
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No one is forcing me to leave my wealth to my children. I work my fingers to the bone to be able to leave something for their security. It's mine, my property, my hard work and my choice to gift it to my kids. I've already paid tax on every penny and I'll do everything I can to stop anyone else getting their greedy little mits on it.
Communism whatever, redistributing that wealth is a joke it can't work. Somewhere along the line, some corrupt pocket lining scumbag will stick it in their portfolio.
Communism whatever, redistributing that wealth is a joke it can't work. Somewhere along the line, some corrupt pocket lining scumbag will stick it in their portfolio.
And they are all disgusting.
Well done for being almost honest in voicing the "screw you, I got mine and no one else matters" attitude
There's no such thing as society, after all
Soldato
- Joined
- 3 Nov 2004
- Posts
- 9,871
- Location
- UK
I've worked hard for it, I'm entitled to protect my family and provide for them as I see fit. It has nothing to do with anyone else. I've paid huge amounts of income tax, VAT, god knows how many other taxes. My home, my property has nothing to do with society.
Inheritance tax is disgusting. Funny thing is Labour still claim it's a tax on the "rich" which to be fair is what it was supposed to be. Shame pretty much everyone falls into that bracket though. In my opinion, whether you're on the minimum wage or an investment banker in the city, you want your kids to benefit from your hard work and IHT simply has no place whatsoever in society, regardless of wealth. Strong emotions as I have a friend who lost both his parents as a teenager and felt the full wrath of this sickening tax. It's absolutely despicable.
He's right though. He's worked for it, paid the relevant tax and should be able to do what he wants with it. Who are you or anyone else to tell him he can't give it to his children?
The average house is worth £210,000; the inheritance tax threshold is well over 1.5 times that. So yes, you have to be at least moderately rich to even pay a penny of inheritance tax.
Nobody's saying he can't give it to his children, just that he should be taxed on it.
Lets just say for hypothetically, I die tomorrow after working incredibly hard all my life. I leave £700k of assets to my kids. All my life I've worked 7 days a week managing a business and paid all my extra income tax, VAT etc. Why am I not allowed to give MY money to MY kids? Because it's unfair on the less fortunate? Boohoo, go out and work for it themselves, I did and so should they.
The tax HAS been paid, what is this extra tax for that you seem to think is so important?
The idea that wealth is proportional to hard work is frankly laughable, and given that you base your entire argument on that premise then it falls down somewhat. But still, your £700k would be taxed at 40% on £375k (since the first £325k is 0%), so you'd be able to leave your kids £550,000—an enormous sum of money, frankly, and a damn sight more than most kids will inherit.
Honest hard working people paying large amounts of tax to fund failing public services, govt business investments and MPs luxury homes. Now when that taxed money is being given how the owner wants to (which is their right) you think its fair to tax it again? Big sum or not, it is disgusting to do such a thing.
Your argument about inequality should be taken elsewhere, it really doesn't concern hardworking people wanting to look after their family.
And unless they have that money to hand, they will have to go to insane hassle selling his house and possessions to raise the tax money. Just what you want after a death.
I would not classify someone with a house worth £210k or even £300k more as "rich" by the relative definition though. IHT is not targeting the people it was meant to. IHT should hit people with houses of a much higher value. Even then though it is morally ambiguous. Just because some brat kid inherits a house of whatever wealth, it doesn't mean they will automatically become wealthy.
They've already been taxed on it, multiple times, probably.
Income Tax, NI, Tax on savings, VAT... and whatever else.
"Happened to know"? A lot of parents work for their children, IHT is evil and I encourage ways around it. Imagine having to sell the family home to pay the tax bill? Talk about kicking someone whilst they are down.
The words of a bitter man with no inheritance perhaps? Sounds like it.
For some people wealth is proportional to hard work, people who started their own businesses and worked to the bone to make it work and generate income from a successful business model. That is not luck or anything like it, it's hard work.
£550,000 is not an ENORMOUS sum of money by today's standards. It's a fair old amount, but that's what, 20 years of an average wage. What has other people's kids got to do with anything? You somehow think it's unfair that some people will inherit more than others? That is the way the world works.
Again, I have to re-iterate because I cannot believe you even said it. What has other people's kids got to do with anything? Myself and my sibling stand to inherit a fair damn amount, I don't care to inherit it, really want to think about the circumstances under which that is going to happen but I tell you something for nothing - as little as damn possible will be taxed.
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Talk to a good IFA.
At 60, I hope they have many years left to take advantage of all the ways to lighten the burden of tax.
If you want to leave your assets to your kids, plan ahead, don't leave things until you are near retirement.
At 60, I hope they have many years left to take advantage of all the ways to lighten the burden of tax.
If you want to leave your assets to your kids, plan ahead, don't leave things until you are near retirement.
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Only because its skewed by millions of little 1 bed flats. The average FAMILY HOME is worth a damn sight more than £210,000 and its this sort of thing that will be inherited, or the value once sold.
Inheritance tax is apalling. If, god forbid, something terrible happened today I would have to sell the home in which I have lived for 10 years just to pay the tax bill! I wouldnt even have the choice of keeping it. It would have to be sold in order to pay the tax bill.
How does that even begin to be justifiable?