petrolhead
|
| posted on 6/2/07 at 12:00 AM |
|
|
Stop Inheritance tax
There is a petition to abolish inheritance tax here
|
|
|
|
|
graememk
|
| posted on 6/2/07 at 12:01 AM |
|
|
i have a solution to that, i just keep borrowing money off my parents and i hope they dont have enough when the times comes
|
|
|
James
|
| posted on 6/2/07 at 12:16 AM |
|
|
Just out of interest, assuming government spending stays the same, where would you suggest Gordon Brown gets the money instead?
Income Tax?
Corporation Tax?
Fuel Duty?
It's gotta come from somewhere!
Cheers,
James
I should add: Don't get me wrong, tax is basically theft by the govenment. I hate Labour's high tax, high spend policies as they promote
waste spending! But it's gotta come from somewhere!
At the end of the day, only the middle class pay inheritance tax! The rich have trusts, the poor don't have anything to give!
------------------------------------------------------------------------------------------------------------
"The fight is won or lost far away from witnesses, behind the lines, in the gym and out there on the road, long before I dance under those lights."
- Muhammad Ali
|
|
|
SixedUp
|
| posted on 6/2/07 at 02:16 AM |
|
|
I hate to say it, but you're right. The money has to come from somewhere, and the only group large enough to matter is the "middle
classes". In short, we're all too rich to be helped by labour. and too poor to be helped by the conservatives, but an easy target for
both. So we're bu66ered either way.
However, thanks to property inflation I reckon many of us are heading in the direction of being rich enough (on paper) to benefit from trusts too. I
hear they're not exactly cheap to set up --- about £1000 was what I heard --- but if they could save your kids 50 times that when the inevitable
finally happens, isn't that worth considering?
Cheers
Richard
|
|
|
Humbug
|
| posted on 6/2/07 at 07:12 AM |
|
|
you say it's got to come from somewhere... how about spending less by cutting out stupid "initiatives", change for change's
sake and running the servics that are needed more efficiently?
|
|
|
theconrodkid
|
| posted on 6/2/07 at 07:34 AM |
|
|
its a matter of balancing the books,we now have less people working and contributing and more non working ,scroungers etc,on top of that we feed and
house half of the world and drop bombs on the rest
who cares who wins
pass the pork pies
|
|
|
spaximus
|
| posted on 6/2/07 at 07:59 AM |
|
|
Sorry but inheritance tax is wrong at the levels it is set at. I read somewhere that if the level it was set at had kept pace then now it would be 5
or 6 million pounds. What has happened is hard working people who have tried to better them selves are leaving their kids with a problem. It is not
until it happens that the real impact is felt or realised. even modest homes with savings can tip the threshold and then you are paying big chunks to
Gordon. The waste in goverment is terrible, how many computer projects have cost more, the olympics going to cost double the goverment estimate, the
dome, the watseful cost of the scottish and welsh assembly, I could go on. You are taxed on earnings, taxed on spending, taxed on saving and now for
normal people taxed on dying. It is shameful.
|
|
|
gttman
|
| posted on 6/2/07 at 08:05 AM |
|
|
only middle class eh?
well picture this.... your mum and dad slog their guts out all their life, have always lived in the same 'Family' home were you were
brought up.
Then one day the unthinkable happens and you lose them! you inherit the family home but bugger all else as they were only working class.
So what happens now is you are forced to sell the house to pay the tax on inheriting the family home you have lived in all your life!
But of cause this is a HUGE source of income to the government as death is inevitable and they can profit from it..... you can plan for it to legally
avoid tax, but to me it seems wrong to be forced to plan for your parents death.
Andygtt
Please redefine your limits
|
|
|
dilley
|
| posted on 6/2/07 at 08:05 AM |
|
|
buy a farm, you pay no inheritance tax on them.
|
|
|
ceebmoj
|
| posted on 6/2/07 at 08:15 AM |
|
|
quote:
Originally posted by James
Just out of interest, assuming government spending stays the same, where would you suggest Gordon Brown gets the money instead?
One very large assumption there, should spending be as high or directed as it presently is? In my opinion no, in witch case the tax burden could be
changed.
Also if you look at the rate at witch the nil rate band has risen this bares no resemblance to the change in house prices in either the medium or
medium \ long term. Hence many more people are now caught by inheritance tax.
http://en.wikipedia.org/wiki/Inheritance_Tax_%28United_Kingdom%29
|
|
|
mark chandler
|
| posted on 6/2/07 at 09:20 AM |
|
|
Forget inheritance tax, that just skims the cream, its nursing home fee's that kill !
My mother went in one 2 years ago, now around £80k down and the government still refuses to pay. The limit is set at 21k, but if you spend any cash in
the preceding 5 years this is counted as notional capital and is deducted from the 21k so although 16k was gifted in the last few years I cannot get
support until her savings are down to £5k.
Whole lifes savings down the pan.... not what she wanted at all.
And even then they will only pay for the cheapest home so I will have to top up the nursing fees to keep her where she is.h
Regards Mark
|
|
|
bob
|
| posted on 6/2/07 at 09:34 AM |
|
|
Mark
Put your mum on a world cruise for life, its far cheaper than nursing homes and she will enjoy it more.
I read somewhere last year that a lot of our elders are selling houses and just cruising round the world, what a way to go.
|
|
|
martyn_16v
|
| posted on 6/2/07 at 09:56 AM |
|
|
quote:
Originally posted by gttman
But of cause this is a HUGE source of income to the government as death is inevitable and they can profit from it.....
Actually on the grand scheme of things it's like piddling in the ocean, inheritance tax accounts for a very small percentage of what the govt
rakes in every year. Doesn't make it any less disgusting though, in fact probably the opposite as it's not such a vast amount that it
couldn't be found elsewhere.
|
|
|
mark chandler
|
| posted on 6/2/07 at 10:25 AM |
|
|
To late for the world cruise, anyway she did that.
Government will not pay up if self supporting, but if you spend any money in the previous 5 years to requesting assistance (or more if they query the
amount if money) then will use this against you.
So you need to gift all your money before you are dead, whatever happens do not hang around in a nursing home.
Alternatively just be an government leach, draw the dole all your life and be taken care of for free.....
Its just as well she does not know whats going on any more.
|
|
|
trikerneil
|
| posted on 6/2/07 at 01:27 PM |
|
|
Inheritance tax is also a postcode lottery.
If you live in the south/south-east the chances are your parents 3 bed semi is worth more than a similar property oop north.
Just remind me where the labour "heartland" is supposed to be.
Just my 2p worth
ACE Cafe - Just say No.
|
|
|
SaveTheDodo
|
| posted on 6/2/07 at 04:16 PM |
|
|
Did the owners earn their massive property gains??
Probably not. Its ironic people who call for punitive taxes on those who earn their high salaries suddenly have a change of heart when it is them
being taxed for receiving a big fat cheque they have done nothing to earn.
The number of people who live in the homes they inherit are very small, as most people have more than 1 inheritor.
Complain about taxes in general, not just this one. Council tax hits the elderly when they are alive, so does them far more harm than inheritance tax
does their descendants.
Its a kneejerk reaction from people not thinking things through.
Andrew
|
|
|
