You pay tax all your life and when you die, they tax you again!
2007-07-10 03:24:41 · 13 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United Kingdom
Probably one of the more effective taxes in terms of taxing those that can afford to be taked - remember it only bites at about £300k and even then is only payable on the amount above the threshold.... and btw, they are not taxing the dead, it is a tax on the income of the inheritor....
2007-07-10 03:45:34 · answer #1 · answered by eriverpipe 7 · 2⤊ 1⤋
Working from the perspective that you should be taxed on money earned only once, an inheretence tax is wrong. The money has already been taxed (and hopefully paid!). I view it as just another lame excuse for the politicians to further enslave the people to whom they are sworn to both represent and serve. If I am fortunate enough to make enough money that I feel I can give some away, wonderful. I earned it and paid taxes on it. Why should those I give it to, having already been taxed then have to pay a second tax?
2007-07-10 03:38:20 · answer #2 · answered by Doc 7 · 2⤊ 1⤋
Inheritance Tax should be abolished. Its yet another tax on the less well off that the rich can avoid. Its also another dissencentive work hard, save and invest. It disproportionately effects people who's parents die young, destroys businesses and puts people out of their homes.
2007-07-10 03:44:48 · answer #3 · answered by bouncer bobtail 7 · 2⤊ 0⤋
It's orwellian to be described as inheritance tax it's what it always was
called - death duties, a tax to take away a large chunk of what you have already paid tax on while earning it all your life.
2014-12-11 06:47:24 · answer #4 · answered by David 1 · 0⤊ 0⤋
in principle i agree with it because if it was not for inheritance tax then all these beautiful country mansions that have been given to the national trust in lieu of tax would still be in hands of the gentry and the class system would be much the same as in the 9th century.... however the amount of money left now days is not so much wealth but the proceed from the sale of the parental house and life insurance and in view of this it is my personal view that inheritance tax should be lowered to say £250000 but should apply to each sibling ie each child is entitled to £250k before they are liable for any tax,
2007-07-10 03:40:58 · answer #5 · answered by silverfoxcb7 3 · 2⤊ 2⤋
It should be abolished, people work hard all their life, pay tax on everything and work hard to pay for their home and then when they dead they still have to pay tax. Its not fair along with alot of the other taxes this country charges us.
2007-07-10 03:41:49 · answer #6 · answered by paul r 2 · 1⤊ 1⤋
It's annoying. But if you think about it, if inheritance tax didn't exist the government would have to extract money from us another way. At least with inheritance tax it's those who don't really need the money who are giving it to the government.
2007-07-10 03:33:11 · answer #7 · answered by Steve-Bob 4 · 1⤊ 2⤋
i think it adds to the general feeling of 'got at', in this country, we worry for our children, would like to help them out, set them off etc, we are having to think very seriously about how we manage in retirement, so what does the gov' do, scupper the only investment opportunity we have(i am of course talking about our homes)(i recognise we don't all have that to fall back on). any inheritance is normally spent, therefore will be subject to tax in one way or another, petrol, vat etc.
2007-07-10 03:56:36 · answer #8 · answered by twinkletoes 2 · 2⤊ 0⤋
A bloody rip off I've told my parents spend as much as you can don't leave it your right they paid tax all their lives and now we pay it again
2007-07-10 06:30:50 · answer #9 · answered by Anonymous · 1⤊ 1⤋
In principle it is right but the start level of £300,000 is much too low.
What gripes me is that one of two sisters in their eighties will have to lose the home shared since childhood. When one of two same sex civil partners avoid paying it.
2007-07-10 05:05:22 · answer #10 · answered by Anonymous · 1⤊ 0⤋