So has everyone signed the Inheritance Tax petition?

dirtydog said:
Stupidly low? What £285,000? Yes that's so low. Anyone receiving such a pitiful, meagre inheritance will be still be on the breadline won't they.
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House prices these days will need all that because i got offerd a mortage at 42 years borrow me £111'000 at £700 a month back totals £352k back. Now i kno i couldnt afford that on top of bills that why i rent and only just get through every month.
 
dirtydog said:
IHT affects only the poor? No, I don't think I can accept a definition of "poor" as someone with assets of over £285,000. That isn't poor :) It isn't rich, but it ain't poor.

As for the remark about Labour; I believe it was the Tories who introduced IHT originally wasn't it? And has David Cameron promised to abolish it, or make a significant increase in the threshold? Not to my knowledge.

It isn't a socialist tax; even in the ultra conservative US, under a Republican administration, they have the same tax there.
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Having a house worth a lot does not make you rich, it is not liquid cash.

Tories introduced it and kept it well above property prices. Gordon Brown has hardly moved it while property prices have soared.

For comparison in the US it is anything over $1.5 million dollars. The average house price in the US is around $250k. You can own 6 average houses in the US before hitting inheritance tax.

In germany inheritance tax is 7% on anything above 200k. This rises to 30% on anything over 26 million Euros.

In 2001 in Italy they repealed inheritance tax. It no longer exists there.
 
dirtydog said:
IHT affects only the poor? No, I don't think I can accept a definition of "poor" as someone with assets of over £285,000. That isn't poor :) It isn't rich, but it ain't poor.

As for the remark about Labour; I believe it was the Tories who introduced IHT originally wasn't it? And has David Cameron promised to abolish it, or make a significant increase in the threshold? Not to my knowledge.

It isn't a socialist tax; even in the ultra conservative US, under a Republican administration, they have the same tax there.
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Ok maybe poor is the wrong word, 'average' would be a better one, the 'average' persons estate in the south east would be affected by IHT when they die.

And by average I mean someone on the national average wage (and below that if the person was resonably thrifty). My parents make way below the average wage but their house is worth a lot more than the IHT threashold. Why? Is it me but that is rather wrong?

I do believe you are right, the conservatives did introduce IHT, although you missed out the vitally important part.. about 200 years ago.. They introduced it and set the threashold so only the vey rich would have to pay (the equivilent now would be the people in The Times rich list, who incidently probably don't pay any IHT). Every other government since then has increased the IHT threashold and only the rich had to pay, but this government (I have to say though it isn't entirely their fault) haven't done that, they have made token increases and watched house prices sour whilst rubbing their hands.

Edit:

dirtydog said:
So you'll have a quarter of a million quid towards buying somewhere, which is quarter of a million quid more than people without inheritances will have. But you're still not satisfied with that Isn't it about greed?
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The UK has one of the highest home ownership statistics in the world, most older people own their own homes, that means there is the potential for most 'kids' to get an inheritence. If their parents decided they didn't want to help their children out financially after their deaths then it is not the fault of the children whos parent did. Why should everyone suffer because some people are jealous? You also have to remember a lot of families hand down their houses (or farms) to their children, this has been going on for centuries, why should this stop because of some greedy people in power and a few jealous individuals?

And FYI i am in no way guaranteed an inheritence, I have 2 sisters so I wouldnt get the lot anyway. Then there is the fact my parents may want to spend it all before they die on making their lives better, or very likely, on nursing bills if they have to go into a home in 20 years. Don't pin peoples arguments against IHT on greed, thats the easy way out.
 
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kinggost said:
House prices these days will need all that because i got offerd a mortage at 42 years borrow me £111'000 at £700 a month back totals £352k back. Now i kno i couldnt afford that on top of bills that why i rent and only just get through every month.
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So if you have more money due to a larger inheritance, that means you can afford to pay more for a house. That pushes prices up even higher. How is that fair on other people who want to buy a house, who don't have any inheritance money to help them?
 
This thing ticks my clock!

My dad came from a VERY poor family, saved and worked his arse off all his life and now has an estate which qualifies in the highest band.. and the government wants to take back 40% when he dies; even though he's paid (and is still paying) the tax already

A big "sign" from me! :mad:
 
dirtydog said:
So if you have more money due to a larger inheritance, that means you can afford to pay more for a house. That pushes prices up even higher. How is that fair on other people who want to buy a house, who don't have any inheritance money to help them?
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Wel i cant even afford a hose now with no inheritance so some would help with out being taxed house im in now would cost £150k and it one bed room so hate to think what to bed is
 
IHT is fine by me. Why should people benefit, tax free, from money they've done nothing to earn?

If you hit the IHT threshold, you're still getting a massive amount of money, even after tax has been paid.

All this rubbish about 'taxing the dead' - they're DEAD, you can't tax them. It's a capital gain tax levied on the living, nothing to do with the deceased.
 
Von Luck said:
IHT is fine by me. Why should people benefit, tax free, from money they've done nothing to earn?

If you hit the IHT threshold, you're still getting a massive amount of money, even after tax has been paid.

All this rubbish about 'taxing the dead' - they're DEAD, you can't tax them. It's a capital gain tax levied on the living, nothing to do with the deceased.
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I'm sorry, but you're wrong. The tax is directly and solely related to the estate of the dead person, not the financial circumstances of who it is going to. As such it's not a tax on the living, otherwise it would take the circumstances of the recipent into account, and indeed it's not the responsibility of the recipents to pay, but the executors of the estate before distribution. It is a tax on the financial estate of the deceased, or in other words, a death tax.

Why should the government get a second (or third, or fourth, depending on how money was earnt, held and invested) bite of the deceased's earnings because they've had the misfortune to die?

Why should the deceased's wishes be ignored by the government? Surely if someone wanted to give money to the government when they die, they could specify it in their will.

It's also worth noting that the IHT threshold is the total estate amount, not the amounts individuals get, and depending on how the will is written it can have a substantial effect on the amount a given individual is due if specific bequests have been written in.
 
Von Luck said:
IHT is fine by me. Why should people benefit, tax free, from money they've done nothing to earn?

If you hit the IHT threshold, you're still getting a massive amount of money, even after tax has been paid.
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Yeah great, we live in a society where parents can't even give a gift to their children without it being subject to tax. You work all your life, the government either make you sell your home to pay for your care costs in later life or force your kids to sell your home after you've gone to pay off the inheritence tax bill.

Inheriting a home or other items of property can't be considered a capital gain btw.
 
Von Luck said:
IHT is fine by me. Why should people benefit, tax free, from money they've done nothing to earn?
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Because people like me who have to pay rent every month for the rest of my life til i inherit something. If the goverment want some money then i dont see why they take it of the dead get it of the people they give big houses to and with 15 kids but they could work but dont work and are on 3x the amount im on give them less money tax them more.
 
People on welfare dont get taxed on it and dont do anything. I work hard to earn my money im getin taxed on it then taxed on what i buy id be better of on welfare but im not no slaker
 
signed, the money has already been taxed at least once.....(income tax, bank interest tax, stamp duty Etc,etc....)
 
arfur said:
signed, the money has already been taxed at least once.....(income tax, bank interest tax, stamp duty Etc,etc....)
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Since when is the same money being taxed more than once, an alien concept? All money is taxed over and over, as it passes through different hands. You cannot oppose a tax on that basis alone or you would oppose all tax.
 
I can't see how this will do any good at all. It's just a petition against tax, if you put any petition up against any tax, people will sign it. Even if you think IHT is a double tax or put people just over the threshold in financial trouble. If a petition is put up to scrap income tax, you bet you will get 100 times the number of signatures you can get for IHT, but i don't see that ever going, do you?

What you need to do is create enough awareness and find a local MP that support our cause which can bring the matter up in the House of Commons. Short of that, stage a 500,000 people demonstration outside Westminster like they did back in the 80's. This petition will get filed under B for bin, no other way about it.


IHT it is another form of CGT, which no one is having any problems with. Just because it get labeled death tax doesn't make it so.
 
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