Have your parents thought about inheritance tax?

Raymond Lin · 16 Feb 2006 at 15:01

Balddog said:
The real rich will alway get around such things...the poor who worked their bums off their whole lives to provide for their kids..they are the ones who get hit by this..

The rules apply to all, if anything, the tax is less for lower income.

dirtydog · 16 Feb 2006 at 15:19

Bracco said:
So you don't believe it's enough that the parents have already been taxed on the money that they are saving to help their children do better than they did, but you think the children should pay a second tax? This is not tax-free money we are talking about, it asking two parties to pay tax.
Assuming that the parents are above the lower tax rate threshold (to be able to afford to have >£275k in assets) then that means they have probably already paid ~40% tax on the money they wish to pass on. This means that after all of their hard work, only 50% of this money can actually be inherited.

Most parents work to provide for their children, and if they are in a position to help them, then why should they be hindered? I cannot understand the mentality of someone who thinks that every generation should have to start from scratch and shouldn't be given the opportunity to have a better standard of life.

I like the idea of a meritocracy. It makes me laugh the people who whinge that their inheritance will be smaller because of tax. They'll be getting at least £165,000 after inheritance tax, and 60% of £275k is a lot better than 100% of nothing which is what most people get.

Mr Jack · 16 Feb 2006 at 15:28

Bracco said:
Most parents work to provide for their children, and if they are in a position to help them, then why should they be hindered? I cannot understand the mentality of someone who thinks that every generation should have to start from scratch and shouldn't be given the opportunity to have a better standard of life.

I think it is better that people be allowed to keep more of what they earned, and taxed less on what they spend. That's not the same thing.

singist · 16 Feb 2006 at 15:31

dirtydog said:
I like the idea of a meritocracy. It makes me laugh the people who whinge that their inheritance will be smaller because of tax. They'll be getting at least £165,000 after inheritance tax, and 60% of £275k is a lot better than 100% of nothing which is what most people get.

Sorry to correct you but the tax is 40% of any assets OVER £275k so they still get the first 275k free... as it were. ....................(I think)

dirtydog · 16 Feb 2006 at 15:32

LOL they have even less to whinge about then!

Vanilla · 16 Feb 2006 at 15:38

dirtydog said:
I like the idea of a meritocracy. It makes me laugh the people who whinge that their inheritance will be smaller because of tax. They'll be getting at least £165,000 after inheritance tax, and 60% of £275k is a lot better than 100% of nothing which is what most people get.

God forbid if people whinge that the property and cash their parents worked their life to build up are taken from them.

Who the hell do they think they are?

dirtydog · 16 Feb 2006 at 15:40

Vanilla said:
Who the hell do they think they are?

People who aren't satisfied with getting over a quarter of a mill handed to them on a plate without working for it obviously.

Bracco · 16 Feb 2006 at 15:43

dirtydog said:
I like the idea of a meritocracy. It makes me laugh the people who whinge that their inheritance will be smaller because of tax. They'll be getting at least £165,000 after inheritance tax, and 60% of £275k is a lot better than 100% of nothing which is what most people get.

Oh no, God forbid people who work for their money are allowed to pass it on to their children just because some other people can't/don't do the same.

singist · 16 Feb 2006 at 15:44

friggin worms all over ............. ooops!

dirtydog · 16 Feb 2006 at 15:46

Bracco said:
Oh no, God forbid people who work for their money are allowed to pass it on to their children just because some other people can't/don't do the same.

Hmm you seem to think that only people who work hard will have money to give to their kids? I think you can see one obvious exception to that rule straight away? Maybe they inherited their cash in the first place. Maybe they got onto the housing ladder back when it was affordable. Plenty of people work damn hard and even earn good money but still have to rent because of the cost of housing, so you cannot say that anyone without a huge estate must not have worked for their money.

Bracco · 16 Feb 2006 at 15:48

dirtydog said:
Hmm you seem to think that only people who work hard will have money to give to their kids? I think you can see one obvious exception to that rule straight away? Maybe they inherited their cash in the first place. Maybe they got onto the housing ladder back when it was affordable. Plenty of people work damn hard and even earn good money but still have to rent because of the cost of housing, so you cannot say that anyone without a huge estate must not have worked for their money.

That's not what I'm saying at all. I think that it's ridiculous that you want to punish people for trying to pass their money on to their children.

dirtydog · 16 Feb 2006 at 15:49

Bracco said:
That's not what I'm saying at all. I think that it's ridiculous that you want to punish people for trying to pass their money on to their children.

How are they punished? They are dead.. they don't care any more. The people whinging are the spoiled kids who aren't happy with their quarter of a million quid plus, they want even more.

Dolly · 16 Feb 2006 at 15:54

dirtydog said:
How are they punished? They are dead.. they don't care any more. The people whinging are the spoiled kids who aren't happy with their quarter of a million quid plus, they want even more.

No, it seems the people whinging are those who aren't receiving any inheritance but want to punish the lucky few who do by advocating that the tax man take a larger chunk - just so we can all be equal again.

dirtydog · 16 Feb 2006 at 15:56

Hey I'm not a hypocrite - it is quite possible I will get a six figure inheritance from my parents.

theleg · 16 Feb 2006 at 15:57

dirtydog said:
How are they punished? They are dead.. they don't care any more. The people whinging are the spoiled kids who aren't happy with their quarter of a million quid plus, they want even more.

Presumably they know about it before they die...

Why are you so passionate about this? Smacks of jealousy to me :dunno: Who cares what others do with their money...Certainly no reason to get riled up and label those who disagree as spoilt kids.

dirtydog · 16 Feb 2006 at 16:18

Balddog said:
Why are you so passionate about this? Smacks of jealousy to me :dunno: Who cares what others do with their money...Certainly no reason to get riled up and label those who disagree as spoilt kids.

What other people do with their money affects everyone actually - none of us lives in a vacuum. House price inflation, just to take one example, affects everyone and that is directly influenced by the amount of cash in people's hands and what they spend it on. No I don't label all who disagree as spoilt kids, but some of them come across that way to me. Are they all complaining because they think it's right and just, or because they see a part of their windfall being taken away from them.

Dolly · 16 Feb 2006 at 16:28

dirtydog said:
Hey I'm not a hypocrite - it is quite possible I will get a six figure inheritance from my parents.

Funny enough, I'm probably one of the people who'll get zero! However, it doesn't detract from my belief that those who've earned money should be allowed to pass it on to their children without:

(a) the tax man taking such a substantial chunk; and

(b) their children's peers insisting that for all to be fair and equal the tax man should take even more

Mr Jack · 16 Feb 2006 at 16:28

Dolly said:
No, it seems the people whinging are those who aren't receiving any inheritance but want to punish the lucky few who do by advocating that the tax man take a larger chunk - just so we can all be equal again.

Now that's a dangerous assumption to make. You know nothing about me or my family.

Vanilla · 16 Feb 2006 at 16:44

dirtydog said:
People who aren't satisfied with getting over a quarter of a mill handed to them on a plate without working for it obviously.

It's not money from the government, It's money a family unit has worked to collate. Kids are a part of the primary family unit and should be entitled to the money in the same way a wife is.

It's not a case of 'why should they have it' it's a case of 'why should the government have any of it'.

Inheritance tax was brought in to penalise the very rich. Back in the day the figure was the equivalent to some 10 houses. Now a third of the population is hit by inheritance tax.

Dolly · 16 Feb 2006 at 17:05

Mr Jack said:
Now that's a dangerous assumption to make. You know nothing about me or my family.

Who said I was talking about you? :confused:

I was just talking generally, in the way dirtydog was talking generally about people whinging who don't get enough inheritance.

Have your parents thought about inheritance tax?

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