Inheritance Tax

[SydneyRover]

point proven

[BillyStubbsTears]

It is interesting that we seem to think taxing death is fair, I don't really.  I'd argue we'd be better off increasing tax on the super rich whilst they're still alive rather than taxing something that already was taxed in the first place.

If I died tomorrow I don't really think it's fair my 4 and 5 year old will pay 40% tax on what they inherit.  It just feels such a negative thing to me.

BFYP.

You could leave them £325,000 in cash and a £500,000 house without them paying a penny tax.

Isn't that enough to leave your kids?

[BillyStubbsTears]

No, it isn't a fact. You're confused. It is your opinion!

Unless you're just trying to provoke an argument like BST does.

I DO provoke arguments BB. I'll give you that.

The process is this.

1) I post something that I'm genuinely interested in.

2) You have nothing substantive to offer, so you drag the whole thing down into a cesspit of your own need to feel important.

Been happening for more years than I can count.

This is the telling post.

https://www.drfc-vsc.co.uk/index.php?topic=289382.msg1271171#msg1271171

You are totally incapable of having adult exchanges because you are constantly projecting YOUR need to have every exchange become a personal fight.

[Bentley Bullet]

BST, no doubt  your disciples will appreciate your latest example of bullshit in the post above. If you consider  SydneyRovers posts to be examples of adult exchange then that just proves my point of your continuous rubbish.

[BillyStubbsTears]

Christ up above.

Have some self respect man.

[drfchound]

But the rich friends of the Tories are only a tiny representation of voters, how did the Tory party win by a landslide in 2019?

Really?

Most voters will go with where the beeb, the Sun etc sends them. Why otherwise would turkeys vote for Christmas?

Add on the desperate efforts the establishment will go in its propaganda and lies to avoid policies that do serve the many rather than the few.

The proposed dumping of inheritance tax is disgusting. Most people don't even know how it works and believe they might be affected. If they are affected and they therefore vote tory then they're not fit for life, just greedy spongers.

That last sentence BR, is a classic Labour supporter VSC poster trait.
If you vote Tory you must be thick.
There are several of our posters who put that line on here.
Also, if someone has sufficient assets to have to pay inheritance tax after they die,  is it likely that they are a sponger?

You missed the point by a presumption and misreading caused by your agenda. If someone has that much money and are persuaded to vote tory for more money, thus taking funds from poorer people,  they aren't fit for life. If someone votes tory for other reasons, I wouldn't say they were necessarily thick, but likely they make choices based on ingredients of insecurity, fear, selfishness, cooked in an oven of self entitlement and/or paternalistic powerlessness.

No misreading of anything by myself BR, just commenting on how your post is very similar in type to many put on here by anti government people.
In your response you have actually made several assumptions yourself so I don’t think you can lecture me about doing the same.
In any society there are people who are well off and others who aren’t but to say that the well off are not fit for life is well out of order.
Plenty of people who are in a very comfortable financial position do much to help those not so fortunate so if they vote Tory would you say that they are not fit for life
Someone wrote on here some time ago that a good socialist is someone who is good at spending other people’s money.

Point missed again. Ah,  well.

Not at all.

[roverstillidie91]

Again, that is your opinion. Show me a clip of said QT moment and I'll respond by giving my opinion.

How do you think Keir Starmer and his cronies would handle a face-to-face with Mick Lynch? + https://www.youtube.com/watch?v=PHMFOqDLZvY

Absolute peach of an MP Rachel Mcclean https://www.youtube.com/results?search_query=mick+lynch+rachel+mclean

Watch from 2:43 defining the public https://www.youtube.com/watch?v=cgSUpyo86ZI

And I doubt they would it wouldn't be good PR.

What they don't realize a lot of the trade unionists are knowledgeable and know their industries better than the MP's.

Knowledge is power which they don't like, and now they're losing argument they bring in a public order bill, anti-strike bill. Which some of the public think will work but it won't.

I hope the Donny Tory MP enjoys his remaining 12-14 months in office before being voted out.

[Bentley Bullet]

Christ up above.

Have some self respect man.

You have enough of that for both of us, only yours in misplaced, you supercilious sod.

[drfchound]

Mick Lynch isn't all too keen on certain Labour policies either and is a staunch EU Leaver. I'm sure there are a few Labour politicians and pro-remain presenters who wouldn't relish taking him on.

However, Mick Lynch's opinion is just an opinion. Opinions are not facts.

With good reason. You can't just leave the EU and get what you want. Especially seeing as Tories are after going for the ECHR now seeing as they are trying to shut down protests and stopping striking because they're losing the argument.

Fact is Mick Lynch talks more sense than all the Tory MP's put together.

Just look at how embarrassing that Tory MP was with him on question time and still couldn't take him on even with a Tory audience.

Watch for the patterns 91, he doesn't answer direct question and creates arguments because he doesn't know the subject and gets rude when one points out his contradictions.

Jeeeeez.
That post really is taking the piss.
The man who never answers question trying to put down someone for not answering questions.

[big fat yorkshire pudding]

It is interesting that we seem to think taxing death is fair, I don't really.  I'd argue we'd be better off increasing tax on the super rich whilst they're still alive rather than taxing something that already was taxed in the first place.

If I died tomorrow I don't really think it's fair my 4 and 5 year old will pay 40% tax on what they inherit.  It just feels such a negative thing to me.

BFYP.

You could leave them £325,000 in cash and a £500,000 house without them paying a penny tax.

Isn't that enough to leave your kids?

No I don't believe it is, I don't particular think they should end up worse off than they would be by me being dead versus alive.

I'm not lost on the fact those thresholds are significantly more than I've ever had but I question why it's right to take that money when I die but not when I'm alive.

[roversontheup]

I think IT is either £325k or £500k if you are leaving your property to your children.

[drfchound]

I think IT is either £325k or £500k if you are leaving your property to your children.

From the HMRC website:

“You can pass a home to your husband, wife or civil partner when you die. There’s no Inheritance Tax to pay if you do this.

If you leave the home to another person in your will, it counts towards the value of the estate.

If you own your home (or a share in it) your tax-free threshold can increase to £500,000 if:

* you leave it to your children (including adopted, foster or stepchildren) or grandchildren
* your estate is worth less than £2m.”

[BillyStubbsTears]

I think IT is either £325k or £500k if you are leaving your property to your children.

You're right. My mistake.

[Bristol Red Rover]

I think IT is either £325k or £500k if you are leaving your property to your children.

From the HMRC website:

“You can pass a home to your husband, wife or civil partner when you die. There’s no Inheritance Tax to pay if you do this.

If you leave the home to another person in your will, it counts towards the value of the estate.

If you own your home (or a share in it) your tax-free threshold can increase to £500,000 if:

* you leave it to your children (including adopted, foster or stepchildren) or grandchildren
* your estate is worth less than £2m.”

Seems reasonable.

[BillyStubbsTears]

It is interesting that we seem to think taxing death is fair, I don't really.  I'd argue we'd be better off increasing tax on the super rich whilst they're still alive rather than taxing something that already was taxed in the first place.

If I died tomorrow I don't really think it's fair my 4 and 5 year old will pay 40% tax on what they inherit.  It just feels such a negative thing to me.

BFYP.

You could leave them £325,000 in cash and a £500,000 house without them paying a penny tax.

Isn't that enough to leave your kids?

No I don't believe it is, I don't particular think they should end up worse off than they would be by me being dead versus alive.

I'm not lost on the fact those thresholds are significantly more than I've ever had but I question why it's right to take that money when I die but not when I'm alive.

They don't.

It is YOUR money when you are alive, not theirs.

They will have the opportunity to earn, just as you have done.

But maybe other kids will not have that opportunity in the world you'd want.

There is a strong body of economic evidence that says societies which allow a concentration of wealth to be handed down through generations end up with significantly less social mobility. In simple terms, if your parents are wealthy, it's far, far more likely that you will be wealthy and vice versa.

That's very bad for the future of society. I want a world where a smart kid from Denaby has a decent chance of succeeding, if they are as able as David Cameron's kids.

Partly because I'm from Denaby of course, so my support leans that way. But also because I want what's best for the future of this country. And that is a system that recognises, incentivised and rewards those who demonstrate ability, whether they are the kids of Lords or of manual workers.

Inheritance Tax is a means of evening out the playing field just a little. Reducing or cancelling it tilts the pitch in the direction of those whose parents are already wealthy. I think that's fundamentally wrong.

[Filo]

Hit the poor to benefit the wealthy
https://news.sky.com/story/jeremy-hunt-considers-major-benefits-squeeze-to-help-slash-inheritance-tax-13010904

[BillyStubbsTears]

Bit of info by the way.

Something like 98% of all estates left by deceased Britons are worth less than £1m. The average Inheritance Tax bill for all of those is....2%.


If Hunt cuts IHT by 10% next week, it will save someone leaving £200k in cash and a £300k house to their kids, precisely zero.

However, someone leaving £2m and a house worth £3m to their kids will save £450,000.

Anyone who thinks that's a fair and equitable way to dole out tax cuts lives in a moral universe that I don't recognise.

[roverstillidie91]

Bit of info by the way.

Something like 98% of all estates left by deceased Britons are worth less than £1m. The average Inheritance Tax bill for all of those is....2%.


If Hunt cuts IHT by 10% next week, it will save someone leaving £200k in cash and a £300k house to their kids, precisely zero.

However, someone leaving £2m and a house worth £3m to their kids will save £450,000.

Anyone who thinks that's a fair and equitable way to dole out tax cuts lives in a moral universe that I don't recognise.

Like I said previously, it is all about priorities. Looking after their rich friends.

Make the public think like for example they're spending all this money on public services, all these benefits claimants are on a fortune.

Run them into the ground, make people hate it,  tender out for private sector and then it just ends up being a worst service.

People need to wake up and see what is happening. They used psychology to achieve this. Demonizing the weakest and working their way up.

It is all caused mainly by the MSM. People should watch and read proper news and avoid the billionaire media and press like the plague.

[drfchound]

Which proper news would you recommend that everyone watches and reads?

[bpoolrover]

Hit the poor to benefit the wealthy
https://news.sky.com/story/jeremy-hunt-considers-major-benefits-squeeze-to-help-slash-inheritance-tax-13010904

its a hard one on benefits, you have to fiind the right balance, when labour were in power you could earn around the same  being on tax credits than a couple that worked full time, the tories have not given enough to certain people needing help

[Bentley Bullet]

Times have changed. The old working class has become a new middle class with aspirations, who like to choose what is best for them and their families. They want a political party that won't punish them for being successful. 

Inheritance tax is seen to be one of the most unfair taxes, according to a recent poll that shows 55% in favour of its abolishment,  with only 33% in favour of retaining it.

[drfchound]

Times have changed. The old working class has become a new middle class with aspirations, who like to choose what is best for them and their families. They want a political party that won't punish them for being successful. 

Inheritance tax is seen to be one of the most unfair taxes, according to a recent poll that shows 55% in favour of its abolishment,  with only 33% in favour of retaining it.

Come on BB, that will be shot down because it can’t be the poll that is correct.
Having said that, if the poll is correct then perhaps more people will decide to vote Tory than some are suggesting.
The first paragraph is bang on.
I’ve been saying that for years.

[Bentley Bullet]

Again, that is your opinion. Show me a clip of said QT moment and I'll respond by giving my opinion.

How do you think Keir Starmer and his cronies would handle a face-to-face with Mick Lynch? + https://www.youtube.com/watch?v=PHMFOqDLZvY

Absolute peach of an MP Rachel Mcclean https://www.youtube.com/results?search_query=mick+lynch+rachel+mclean

Watch from 2:43 defining the public https://www.youtube.com/watch?v=cgSUpyo86ZI

And I doubt they would it wouldn't be good PR.

What they don't realize a lot of the trade unionists are knowledgeable and know their industries better than the MP's.

Knowledge is power which they don't like, and now they're losing argument they bring in a public order bill, anti-strike bill. Which some of the public think will work but it won't.

I hope the Donny Tory MP enjoys his remaining 12-14 months in office before being voted out.

You can only guarantee to strive for no compulsory redundancies, you cannot guarantee them. What if nobody volunteers for voluntary redundancy?

[Bristol Red Rover]

Times have changed. The old working class has become a new middle class with aspirations, who like to choose what is best for them and their families. They want a political party that won't punish them for being successful. 

Inheritance tax is seen to be one of the most unfair taxes, according to a recent poll that shows 55% in favour of its abolishment,  with only 33% in favour of retaining it.

The new middle class... No, they're working class with delusions.

The working class with "aspirations" are those wanting inheritance tax stopped. Turkeys voting for Christmas, daft eh!

[Bentley Bullet]

It's those with aspirations who DON'T want inheritance tax stopped who are like Turkeys voting for  Christmas!

[BillyStubbsTears]

It's those with aspirations who DON'T want inheritance tax stopped who are like Turkeys voting for  Christmas!

https://www.drfc-vsc.co.uk/index.php?topic=289382.msg1271264#msg1271264

[River Don]

Whatever, I don't think a tax break for a few who are already likely Conservative voters is going to help them much in their bid to win the next general election.

[BillyStubbsTears]

Whatever, I don't think a tax break for a few who are already likely Conservative voters is going to help them much in their bid to win the next general election.

And yet, RD, as BB points out, there's something about IHT that grabs people who are very, very unlikely ever to pay much if anything in IHT.

It's very strange. The level of self-deception that folk engage in on this topic.

Cameron announcing a planned reduction in IHT as a policy in 2007 gave the Tories a big poll bounce and spooked Brown out of an early election when he took over from Blair.

Very strange.

[Bentley Bullet]

It's those with aspirations who DON'T want inheritance tax stopped who are like Turkeys voting for  Christmas!

https://www.drfc-vsc.co.uk/index.php?topic=289382.msg1271264#msg1271264

You started this thread by saying If you wanted proof that the Tories have given up on the next Election and are looking to line their own pockets.

How is considering abolishing a tax that is unpopular with 55% of the public a sign that they have given up on the next election?

Times have changed. The old working class has become a new middle class with aspirations, who like to choose what is best for them and their families. They want a political party that won't punish them for being successful. 

Inheritance tax is seen to be one of the most unfair taxes, according to a recent poll that shows 55% in favour of its abolishment,  with only 33% in favour of retaining it.

[SydneyRover]

But that would mean accepting that bb is debating in good faith