What's Your Opinion?

Question

On Inheritance Tax?

I personally think it's a load of crap. If your parents die, the government claims most of the things they leave to you in payment of...in payment of...NOTHING. Blair wants a new desk, why not nick it off a dead person?

The people should just give you the things in their will when they know death is imminent so it's not technically inheriting.

Answer 1

I agree. They get you coming and going. I guess that's why they say the only sure thing is death and taxes...death first, taxes after.

Answer 2

All matters of taxation, or fiscal policy, are complex as they have the potential to benefit some whilst disadvantaging others. Therefore, any potential change to the existing inheritance tax system will create both winners and losers.

The current chancellor has already raised the threshold limits before it needs be paid, partly in response to increases in house prices and consequent increases in the number of estates which are now falling into the remit to pay inheritance tax. But, the simple fact remains that it's a major revenue stream to the treasury and if abolished would have to be replaced by something else.

Personally, I think inheritance tax SHOULD be abolished because of the massive difficulty that the current 18-30 generation are having in acquiring housing. Their parents did not face the same difficulty, and so the transfer of asset should not be taxed. In most parts of the country, dual incomes of average level are insufficient to acquire property, If the government's intention is to increase home ownership then it needs to reduce the number of people who are paying inheritance tax as it's one of the few ways into home ownership available to an entire generation of voters.

However, there's an opportunity in the review of council tax to change the wider basis of property tax. Johnathan Muellbauer, an eminent economic professor, wrote an excellent paper a few years ago arguing why council tax needed to be replaced and providing the basis for an alternative based upon a percentage of a property's value. The bigger the property value, the more the tax liability in the same way as income tax is proportional to income. All taxation has the potential to be unfair to some, but Muellbauer's proposal was one which on paper at least has the basis of being fair to the majority.

I think the goverrnment should incorporate a review (with an intention of abolition) of inheritance tax into its review of council tax so that the overall taxation of property is considered within a single remit. It seems illogical to review one without the other in a period of massively increasing house prices which has disenfranchised an entire generation from obtaining a place upon the property ladder.

Answer 3

well it is Rather mean. But we did get Jealous of the Rich and added this tax many moons ago. All the Stately Homes having to be sold off. You get taxed all your life and then hit again for more when you die. A bit sick really

Answer 4

That's a new one to me. I never heard of inheritance tax. But I agree with you there. We already have enough taxes already to deal with. Why add more? If your parents left you stuff for you in their will, it's yours. Why should the government have it for nothing? Doesn't make any sense to me.

Answer 5

The Democrats in this country live in luxury as do their children, and when abolishing the death tax is suggested they wail. The socialists in Britain no doubt do the same.

Answer 6

What if Blair wants a new pair of underwear? Does he pick the first pair to hand, or rifle though the draws in search of a lacy number?

Answer 7

Inheritance tax should not be taxed.

Answer 8

i agree with you but all the while we are in this crap country we will be taxed on ever thing wont be long before we taxed on shagging

Answer 9

Righto.

Answer 10

It's akin to grave-robbing.But nothing politicians do shocks me anymore.