You could also argue the deceased is going to enjoy zero benefit from the tax on money they have already paid tax on at least once already.
Millennials are likely to enjoy the biggest "inheritance boom"
- Thread starter LabR@t
- Start date
What's your point?
So if you are not going to benefit from something the government have the right to take it away?
Rather authoritarian don’t you think?
What about the benefit derived by their family from it, which would be what the person (when alive) would likely have wanted?
One could argue that without that system, you wouldn’t have amassed the wealth in the first place, so it’s more a case of “paying back” into a system that benefited you while you were alive.
Yeah cos it's just schools and NHS right?
I sometimes wonder if people like this have any real world experience or are maybe just inherited wealth or think their 200k family director salary just appears without zero interaction from a civilised society.
You will already likely have paid tax your entire life helping to fund public services if you have any money left to pass on as inheritance. Why should an authoritarian political system supporting a bloated public sector demand a share of money against the wishes of the deceased. That person has already contributed to society having paid tax on the money they earned and had the self discipline to save at least once and now will be forced to be taxed yet again to fund the wages of politicians, civil servants and services they will derive no benefit from just because they had the temerity to work hard and put some money aside for a rainy day.
I sometimes wonder if people like this have any real world experience or are just more snouts in the trough and anyone working hard enough to both contribute to society and look after their family so they are not a burden on the state is to be squeezed for every penny and dragged down by the politics of jealousy even after death.
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True, although I'd make the assumption for most hard working folks they have contributed all their working lives as well.
I agree with you (I think)
I'd like to see some thought put into a tax system where the person inheriting (receiving) the money pays tax on a normal basis the same way they would if they were given money under any other circumstances rather than a flat rate Tax on the deceased estate. The beneficiaries pay the tax based on their circumstances potentially benefiting people who are less well off more than those already more able to sustain themselves rather than a blunt flat rate.The only reason normal people have inheritance tax is because of property. No normal person pays inheritance tax they pay their accountant and solicitor to squirrel it away through loopholes, trusts and gifts.
Whatever catagory you fall into you should act accordingly and just outright avoid paying if it bothers you so much. It's totally in your power to do so.
I don't know you atall so I don't know if you have your bitterness as a inheritor or as someone that seems to think they have actually done well on this planet, in which case talk to your solicitor and accountant and plan accordingly.
Your suggestion that "normal people" should use solicitors,accountants, trusts and loop holes to avoid paying inheritance tax at all seems somewhat at odds to your statement of ""Yeah cos it's just schools and NHS right?"". I seem to remember you moved to Sweden which abolished inheritance tax, do you still pay full UK taxes in return for the start in life UK schools, the NHS gave you? If so then you have my admiration sir, if not then i think your stomping up to the moral high ground seems a little shaky.
I paid top band tax in the UK for 22 years and paying tax here for plenty of things i never used like education etc I'm pretty sure it will all balance out in an accountant gods eyes.
Like I said if it really bothers you that, as it now seems, when you are going to inherit your mum's house, you will have to pay tax or do something about it.
I'm in exactly the same boat: My mum paid 13k their London terraced house, it's now worth 400k+. So what i have are the options to pay professionals to advise me how to cheat the tax system or lose the money.
If i really want to i can tell my mum to sell it to my sister and her charge her rent to live there thus avoiding IHT, if they do it properly, but i know the laws are changing on this, never mind I find it morally bankrupt and a fairly repugnant idea.
also as a top rate taxpayer in the UK for 22 years, i probably ended up personally paying for my own schooling and one of your family members twice over so yeah, you can admire me if you really want.
Now I pay tax to a country where to be fair I've received literally nothing tangible yet except a strong decent economy and society and a stable country into which i can raise a family if I chose. Sweden not having Inheritance tax will be irrelevant to me because ill die a pauper for sure. You should probably attack me on the angle that Ill never pay back to Sweden what ill take out in the long run.
I really don't get the whole, "i must get what i put back in" mentality with taxation. It always seems to be the ones with the least that complain the loudest too.
Like I said if it really bothers you that, as it now seems, when you are going to inherit your mum's house, you will have to pay tax or do something about it.
I'm in exactly the same boat: My mum paid 13k their London terraced house, it's now worth 400k+. So what i have are the options to pay professionals to advise me how to cheat the tax system or lose the money.
If i really want to i can tell my mum to sell it to my sister and her charge her rent to live there thus avoiding IHT, if they do it properly, but i know the laws are changing on this, never mind I find it morally bankrupt and a fairly repugnant idea.
also as a top rate taxpayer in the UK for 22 years, i probably ended up personally paying for my own schooling and one of your family members twice over so yeah, you can admire me if you really want.
Now I pay tax to a country where to be fair I've received literally nothing tangible yet except a strong decent economy and society and a stable country into which i can raise a family if I chose. Sweden not having Inheritance tax will be irrelevant to me because ill die a pauper for sure. You should probably attack me on the angle that Ill never pay back to Sweden what ill take out in the long run.
I really don't get the whole, "i must get what i put back in" mentality with taxation. It always seems to be the ones with the least that complain the loudest too.
I don't particularly like that as I think it gives the wrong incentives... now the elderly person has an incentive to say not downsize their 400k-ish detached 4 bedroom home.. (obviously they could still do it and gift some money to their offspring under the 7 year rule but not everyone does that for a variety of reasons)
In that respect, for freeing up family-sized homes, its absolutely the stupidest move they can do.
For appeasing voters that are in the same boat as me and most "children" of my generation standing to inherit parents homes its a shrewd vote winner.
For appeasing voters that are in the same boat as me and most "children" of my generation standing to inherit parents homes its a shrewd vote winner.
Given that the government will not do anything meaningful to prevent major under occupancy in council and housing association owned properties, because of the backlash (see the 'bedroom tax', which was not a tax at all), this should not be a surprise.