Are there any petitions I can sign? I really think it stinks and after years of working your *** off and paying your taxes, for the governemnt to take another chunk out of your wealth when you die is diabolical.
2006-10-05 22:48:28 · 17 answers · asked by shirley p 2 in Politics & Government ➔ Other - Politics & Government
IHT is a b1tch. If you are reasonably wealthy there are several ways around it or taking insurance to pay off the debt should you die young. It all depends on your personal circumstances.
2006-10-05 22:51:21 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Every day the situation worsens as properties increase in value and more and more people reach the threshold.
Everybody complains but the Government (every government) makes so much money out of this that there is no way that they will give it up.
In cases of sudden unexpected death there is not a lot you can do, but you can start giving (or receiving) 'gifts' prior to death which is taxed on a sliding scale basis and free after 7 years.
One (okay very wealthy) family live in the manor until they are about 60 and then gift it to the son and trot off to live in the lodge house (which is part of the Manor estate) on a grace and favour basis...if they didn't do this then the family would end up losing everything simply to pay the duties.
It's a sad fact that there are too many eldery relatives rattling around large houses which they can barely maintain for no good reason - they should really be looking at their chidrens houses and thinking about how much better a swop would be.
2006-10-06 05:59:32 · answer #2 · answered by trebs 5 · 0⤊ 0⤋
I totally agree it is biablolical. In fact the amount of tax we pay generally is becoming daylight robbery and the government just keep getting away with it. Its gona take people power to do something about it but when it comes down to it from what i can see people can't be bothered. Inheritance tax has to be one of the worst though the government are just having a laugh at our expense!
2006-10-07 09:00:13 · answer #3 · answered by Am I bovered? 3 · 0⤊ 0⤋
It is no different from any other form of tax in that it is a means of funding Government expenditure. If people disagree strongly enough they should be putting pressure on their MPs to get it changed. Make no mistake though, if less is collected through Inheritance Tax, they will charge us more through some other means
2006-10-06 05:59:25 · answer #4 · answered by ? 5 · 0⤊ 0⤋
i agree.
I'm 40 years old and am in a very lucky financial position. However it hurts when i know that my relatives will have to sell my house because they cannot afford the tax
I'm very happy to pay all my other taxes, but inheritance tax does feel like I'm being taxed twice on the same money.
rubbish !
2006-10-06 05:59:52 · answer #5 · answered by Michael H 7 · 1⤊ 0⤋
Completely agree. My parents have worked hard for what they've saved and we all know that when they're gone the government will get a huge chunk of it. They already paid their income taxes when they earned it. Why in the world should they be double taxed???
2006-10-06 05:54:56 · answer #6 · answered by Iknowsomestuff 4 · 1⤊ 0⤋
Inheritance tax laws were some of the first laws passed in this country! It has a lot to do with ending the idea of the idle rich.
Those who by virtue of inheritance never add anything to society!
2006-10-06 06:16:29 · answer #7 · answered by Anarchy99 7 · 0⤊ 1⤋
Isn't the first $2,000,000 free of tax? Did you know that if you die holding stock that has increased in value over the years it's marked to the market (no tax on cap gain)? You want even more concentrated wealth?
2006-10-06 07:31:42 · answer #8 · answered by SHAH OF W 1 · 0⤊ 1⤋
Theft is defined in Law Dictionaries as the "taking of property of another with intent to permanently deprive".
ALL taxation is theft. Making it legal doesn't change that, nor even would limiting the theft to deceased victims.
2006-10-06 05:53:02 · answer #9 · answered by open4one 7 · 1⤊ 0⤋
How many times can this government tax the same money?
Labour are just a tax and waste government.
2006-10-06 06:02:23 · answer #10 · answered by LongJohns 7 · 1⤊ 0⤋