David Blunkett wants a death tax.

The only way this would be fair is if they taxed everyone the same percentage, regardless of value of the estate. Then everyone would have a fit. Not going to happen anyway, Labour might as well shoot themselves in the googlies.
 
Devlish said:
The only way this would be fair is if they taxed everyone the same percentage, regardless of value of the estate. Then everyone would have a fit. Not going to happen anyway, Labour might as well shoot themselves in the googlies.
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Since when are flat tax rates seen as fair?
 
Glaucus said:
Not at all I understood perfectly well.
The only thing they are worried about in your comment is self preservation.

The poor in this country do not have very little, for the vast majority of what is classed as poor in the day and aged, bety few in this country experience poverty.

There's so many issues with your opinion. Your blinded by it.
The issue is not a growing gap, or rich people.
The biggest issues are caused by law. Biggest one is planning permission. Meaning land is hugely expensive then house are expensive to build as well.
Lowering the welfare of the poor, non of that has anything to do with wealth, but the law artificially increasing prices.

People love someone to hate, shame it's nearly always targeted at the wrong people. And even when the system is tried to improve then the "middle" class ay not in my back yard.
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No it's very clear you don't understand but that may be that I haven't been clear enough. I'm not blinded by anything, nor hating on the rich. I currently don't have the time for a proper reply but will try later
 
I can't believe there are actually people in here that support this....

Parents work hard all their life -

Each month or whatever, they get paid a salary. The government deducts income tax and NI which is approximately 25% of gross salary generally speaking.

The government also taxes your employer for the privilege of employing you, in the form of employers NI.

Parents save and save so that they can get on the housing ladder and then pay the government tax in the form of Stamp Duty to the tune of 1% to 5% of the propery value.

In order to travel to work and generally go from A to B, your parents buy a car. When they fill it up with fuel the government add circa 50% tax to the true cost at the pump. They also then charge 'road tax' at say £200 a year per vehicle.

After all of this tax is taken off, they then take off circa 20% VAT off all goods they deem to be 'luxury' goods....

People then think when you die you should have to pay further tax just because kids should earn their own money???? In that case cancel the lottery then, because last time I checked, that wasnt hard work....

For the record I'm not against tax, NHS, or helping those that need it.....what I'm against is the government taking the **** and having the cheek to tax the dead who have paid huge amounts of tax on everything they own all their life.
 
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Mynight said:
I didn't think NI directly went to NHS moreso all tax went into a pot and was divided up to the various outlets.

I know that's not your point just making a query.
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NI Mostly goes straight to NHS and other social security funds, which is why it still exists as a separate tax with different regulations.
 
Gilly said:
I'm for the changes outlined so long as they are managed correctly.
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Interesting.

So you don't think paying inheritance tax, capital gainst tax and death tax on the same property, is abit overkill? 3 taxes on one property. All because someone has died?

I'm all for helping out, but to me, that is OTT.

Without getting into the argument of the money that bought that house has already been taxed, council tax, etc.
 
I'm not planning my life around the money gained from any inheritance. Anything I get from the sad loss of any of my family is not necessary remuneration and therefore bonus/surplus.

There are many that are in more need. I'd be in line for tens of thousands rather than hundreds of thousands. I wouldn't see a problem with it.
 
balky12 said:
Interesting.

So you don't think paying inheritance tax, capital gainst tax and death tax on the same property, is abit overkill? 3 taxes on one property. All because someone has died?

I'm all for helping out, but to me, that is OTT.

Without getting into the argument of the money that bought that house has already been taxed, council tax, etc.
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The 3 taxes would not be compound-levied. You would not pay CGT on a portion of the house which has already been IHT'd or Death Taxed.
 
Above everything, I see this as a massive clanger for Labour to drop as I expect the reaction of the general working public to be in line with what we are reading here.
 
Lima said:
I can't believe there are actually people in here that support this....

Parents work hard all their life -

Each month or whatever, they get paid a salary. The government deducts income tax and NI which is approximately 25% of gross salary generally speaking.

The government also taxes your employer for the privilege of employing you, in the form of employers NI.

Parents save and save so that they can get on the housing ladder and then pay the government tax in the form of Stamp Duty to the tune of 1% to 5% of the propery value.

In order to travel to work and generally go from A to B, your parents buy a car. When they fill it up with fuel the government add circa 50% tax to the true cost at the pump. They also then charge 'road tax' at say £200 a year per vehicle.

After all of this tax is taken off, they then take off circa 20% VAT off all goods they deem to be 'luxury' goods....

People then think when you die you should have to pay further tax just because kids should earn their own money???? In that case cancel the lottery then, because last time I checked, that wasnt hard work....

For the record I'm not against tax, NHS, or helping those that need it.....what I'm against is the government taking the **** and having the cheek to tax the dead who have paid huge amounts of tax on everything they own all their life.
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Lottery wining should absolutely be taxed. Never understood why it isn't in the UK. Somebody suddenly wins millions of capital, yet aren't taxed captial gains.

I'm also sure that can be used by as a loop hole. E.g. instead of earning 5K a month my employer enters me into a lottery where I have 50% chance of getting paid nothing or 50% chance of getting 10K. Every time I win it is a a lottery win and I don't earn a salary and don't pay any taxes. Upon termination I receive a salary or payback any amount to ensure the average was 5k a month.
 
cheesyboy said:
You've been under the impression, for the entire thread it seems, that all the money from such a death tax would go into the pockets of the idle and undeserving.

The truth is, it would go into the general pot which is used for the entire state spending. This should mean taking less from elsewhere, such as PAYE or VAT. Would you not prefer people to be taxed (effectively) on windfall money they didn't work for than their actual earnings? Especially when the sums involved make these people among the richest in the country.
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Not at all - of course it goes into the general pot, I just believe I pay my fair share already. Why is "bod no 23" more worthy of benefitting from my hard work than my own children"? I already contribute more than enough, why would I want to subsidise a reduction of VAT to allow people to go buy "more stuff" at the expense of my childrens future?

To be honest I'd have more time for your argument if you were leading by example, which you've already said you won't do.
 
Macro said:
To be honest I'd have more time for your argument if you were leading by example, which you've already said you won't do.
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Why? what difference does it make to the sense of me calling for a leveling of the playing field whether I do or don't nix my children's starting point?

That's more stupidity from you.
 
Gilly said:
I'm not planning my life around the money gained from any inheritance. Anything I get from the sad loss of any of my family is not necessary remuneration and therefore bonus/surplus.

There are many that are in more need. I'd be in line for tens of thousands rather than hundreds of thousands. I wouldn't see a problem with it.
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The problem is that a death tax simply encourages people to distribute their wealth before they die and investigate other options that avoid excessive taxation.

I'm all for preventing the wealthy disproportionately amassing more wealth and an actual inheritance tax on inheritors and not dead people that is annual increased in line with inflation is all fair game. Adding new taxes on top of old taxes that are levied on dead people and are also easily avoided is not the way forwards IMO.
 
Set up a company in another country.
Transfer the property to the company.
Leave the company to your children.

Sorted.
 
D.P. said:
The problem is that a death tax simply encourages people to distribute their wealth before they die and investigate other options that avoid excessive taxation.

I'm all for preventing the wealthy disproportionately amassing more wealth and an actual inheritance tax on inheritors and not dead people that is annual increased in line with inflation is all fair game. Adding new taxes on top of old taxes that are levied on dead people and are also easily avoided is not the way forwards IMO.
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Avoiding the death tax would mean selling up your home. Not as easy to avoid, and doing so reduces your living standard/security. It's actually pretty sensible
 
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