40 % IS THAT NOT EXTORTION
2006-09-21 05:06:08 · 13 answers · asked by siddy 2 in News & Events ➔ Media & Journalism
I don't think anyone should pay inheritance tax and I agree it is tantamount to extortion. A few years ago it wasn't too bad but these days when peoples houses are worth so much it has a much greater impact that it should.
At the very least the threshhold for inheritance tax concerning houses should be increase by a large margin.
To be quite honest I'm getting a little bit sick of tax. Every time you move there seems to be a tax that applies.
2006-09-21 05:16:15 · answer #1 · answered by PETER F 3 · 1⤊ 0⤋
It is, but I don't believe in it at all. It was brought in years ago by the Labour Party, who else, as an act of spite against the so called rich. These people used to pass their estates on down the family, as they had done for centuries. They were actually doing the country a favour by looking after buildings with a rich heritage and history. Following the imposition of the punitive Death Duties (as it used to be known) many works of art, paintings etc. had to be sold off to pay death duties. Many of these works of art were lost to the country as they were bought by foreigners. Large mansions and estates went to rack and ruin because the family couldn't afford the upkeep. Others were sold off and used for other purposes. The tax take must have been small in a national context, pure spite.
It was never intended that such a tax should be extended to ordinary people. Bearing in mind that the Government are the biggest wasters of money on the Planet.
2006-09-21 08:29:41 · answer #2 · answered by Veritas 7 · 1⤊ 0⤋
Inheritance tax is a tax on the dead & their family! If someone has worked hard all their life, been careful with their money, why should they have to pass on a proportion on the the government instead of their family / friends / charity.
A lot of people have houses which push them into that threshold so the only way to pay this tax is to sell it, which they many not want to do.
Another issues is that the people who should pay it (because they are so rich) manage to get round it by signing over assets etc.
It is a tax that should be abolished.
2006-09-21 05:28:15 · answer #3 · answered by David 5 · 1⤊ 0⤋
Im totaly against it. The goverment have no right to it what so ever. You get taxed when you get payed, when you buy something and when you die. (there are also many other times when you get taxed I just cant be botherd to list them all)
The goverment overly tax the the rich, the employed and the unfortunate
Youve got me on a rant now lol. What I also think is bad that someone on £40,000 is on the same tax tarrif as some one on £500,000.
2006-09-21 05:18:51 · answer #4 · answered by jono 2 · 1⤊ 0⤋
Its an obscene tax ! What about ordinary people who have worked hard all their lives and dont have alot of savings and their home...their children are taxed on that. Its disgraceful...its meant to tax the rich but you dont have to be rich today to own a home in excess of that amount...I think people should try and get rid of any surplus to their kids before a greedy government gets hold of it. Why work all your life to be able to leave something and have alot of it taken away.
2006-09-21 05:16:20 · answer #5 · answered by Saskia M 4 · 1⤊ 0⤋
Very strongly against the whole principle.
Why should you work long and hard your whole life only for the government to come in and claim your wealth (or some of it) when you die - it is daylight robbery.
Made even worse by the fact that they will then go and squander it on something useless.
2006-09-21 05:17:17 · answer #6 · answered by Chris G 3 · 1⤊ 0⤋
That's why there are off-shore corporations, and other tax avoidance strategies. Talk to your tax attourney (solicitor, if you're in UK). It might make sense to declare inheritance as a business asset, in which case it may fall under a different (more lineant) tax code.
2006-09-21 05:15:56 · answer #7 · answered by curious1223 3 · 0⤊ 1⤋
This is a disgusting a outrageous tax which takes advantage of people at a most destressing time!
2006-09-21 05:15:06 · answer #8 · answered by Behind Blue Eyes 3 · 1⤊ 0⤋
I was grieving and they added this insult to my cup,
I think it is an insult to my hard working parents who went without to ensure they had enough to pay for extra care in their old age and to treat their grandchild. They did not live into their old age. I spit feathers everyday.
2006-09-21 10:27:11 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Yes of course it is, but it is only on the amount exceeding £286,000! So you do get quite a generous tax free allowance.
2006-09-21 05:10:47 · answer #10 · answered by nlj1520 3 · 0⤊ 2⤋