Why should we have to pay inheritance tax?
- Thread starter Richdog
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Von Luck said:
It is nothing to do whatsoever with dressing your kids in Gucci etc. Imagine if you had a son that wasn't particularly bright, yet had the determination to just get by in life. Now factor him having two kids and struggling to be able to give them a decent upbringing. The inheritance he recieves might massively help the whole family, and enable your grandchildren to have a comfortable home, decent education and make a good start in life.
Von Luck said:While greed is to be applauded?
Greed? Sheesh if that's what you think then I genuinely feel for you... talk about completely missing the point in every conceivable way. The smiley you added afterwards makes it even mroe tragic.
Von Luck said:While greed is to be applauded?
How is it greed? You worked your arse off for that money and want your grandchildren to do well in life. Why should somebody who has done absolutely nothing for their whole life recieve your money??
Von Luck said:
Read it again, I'm of the same opinion as you are.
Richdog said:
60% of £285,000 is a good sum, even with 3 kids it's £57,000 each. How much free money do you want?
Richdog said:
If you have to rely on your parents dying to ease your financial burdens then you obviously shouldn't be allowed money in the first place. Like I said 60% of anything over £285,000 is still a lot of money and should be lot of help unless you're seriously over your head with debt.
Personally I would rather my children be responsible and capable of managing on their own two feet once they become adults than eagerly waiting for me to die so they can receive a wad of money they haven't worked a minute for.
Even with IHT you still get a lot of money, it's just greedy wanting more, a lot of people get nothing or end up paying out when their parents die and they manage to live a normal life.
Imagine a situation posted earlier:
You live with parents. You have no real money of your own. Your parents don't have a significant amount of money either. The house, though, is worth a fair bit. Probably wasn't when they bought it, but the IHT nil rate band hasn't risen at the same rate as house pricing. You live in a fairly decent area, and your house is now worth £400,000.
Your parents die. They leave you the house (and a few grand they have in the bank - nothing substansial).
Now, not only have your parents just died... you probably now owe Gordon Brown £50,000 - which you don't have. How is that fair?
You live with parents. You have no real money of your own. Your parents don't have a significant amount of money either. The house, though, is worth a fair bit. Probably wasn't when they bought it, but the IHT nil rate band hasn't risen at the same rate as house pricing. You live in a fairly decent area, and your house is now worth £400,000.
Your parents die. They leave you the house (and a few grand they have in the bank - nothing substansial).
Now, not only have your parents just died... you probably now owe Gordon Brown £50,000 - which you don't have. How is that fair?
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Soldato
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Exactly what I was going to say. It's a complete farce.Goberpiles316 said:
loopstah said:
I want the full amount that my father worked his arse off for and that he WANTS me to have. Why the frick would you want 40% of your estate going to the givernment when you've already paid your income tax! Do you think I want 40% of what I earn going to to the government when I die? No, I want to give my fmaily the best opportunities in life, and I damn well expect them to do the same for their children and so on ad infinitum.
What a ridiculous statement, spoken like a complete muppet!
Or unless you want to get that dream home you coulodn't otherwise afford. Or unless you start your own business. Or pay for expensive medical fees/treatment. You must be incredibly short-sighted if you think that the sort of money we're talking about is going to last a lifetime.
Another one who completely and tragically misses the point.
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csmager said:
You get a bridging loan, pay the IHT, sell the house, repay the loan and then buy yourself a new, smaller house, mortgage free, with the circa £240k (minus loan payments) in cash that you now have. You're then in a far better financial position that the vast majority of people.
Caporegime
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csmager said:
ahem....assign the house to the child so the house it is a joint tenancy, this should pass outside the law of intestacy and belong to the other named owner without tax. - i think....
Yes, it would. But I'd guess in the situation that I was describing (still living with parents), they probably weren't really thinking they were going to die next week... Unless this fictitious person was still living with parents when they died of old age.Raymond Lin said:
I don't think there should be inheritance tax, simply because its money the person whos died already paid tax on, and in most cases worked very hard for.
Its just another example of labour eroding middle england as stephen byers said when he was speaking about abolishing IHT, hopefully at some point the electorate will vote labour out.
My parents have already started making provisions to minimise the IHT on their estate, and I've already told them I'd rather they gave it to charity than it end up in the governments coffers, for them to waste.
Its just another example of labour eroding middle england as stephen byers said when he was speaking about abolishing IHT, hopefully at some point the electorate will vote labour out.
My parents have already started making provisions to minimise the IHT on their estate, and I've already told them I'd rather they gave it to charity than it end up in the governments coffers, for them to waste.
Von Luck said:
Why SHOULD you have to have a smaller house though. Your dad worked hard for a decent house and wants you to have it. Why the hell should it be sold and you move into a smaller house just because it is the right thing to do in giving 40% of it to the government. Your attitude is on a similar line to communism. Spread out all the wealth and everyone is happy. It never works like that.