Government Petition Site - Inheritance Tax

It's one of those taxes, that now it affects more of the population has suddenly popped up on the radar. With the increase in house prices, if you have an "average" house these days, your going to be hit by the tax, anything over 285,000 will get taxed at 40% (I'm not a lawyer, this may be wrong). It is relatively straight forward to avoid.... if you have a lawyer and think ahead about these things... usually people with more money plan for their estates, avoiding most, if not all of the tax when they die. Your average family, quite happy with the increase in there house price, hardly thinks about what happens when they leave it to their son/daughter, so are the ones who will be hit hardest, while multi-millionaires put the money into trust/off-shore companies etc and leave most of the cash to be passed on.

Fair, not really, it's a blunt tool, that the average person didn't worry about as it didn't affect them, it was the preserve of large estates and "the rich". Now most people who own a house (at least in the SE of england) are in the zone, it's a big issue and unfair :P

Blah, rambling.... carry on

Yeah, i mean, if the law is not being properly implemented, and the very rich are finding loop-holes to avoid paying it, while everyone else gets shafted then naturally this is wrong.

And, if it hasn't been updated for a long time with cost of living increases etc, this should be looked at too.

But... that doesn't mean that the idea is in the right direction. It attempts to get rid of this immensely rich, idle ruling class, who marry amongst themselves, gathering more wealth, sailing about in yachts and doing nothing to advance society in the slightest. Ie Bertie Wooster et al.

So... still thinking its a good thing.
Get the money back into circulation, get people thinking and innovating.

Originally Posted by philipMac

Yeah, i mean, if the law is not being properly implemented, and the very rich are finding loop-holes to avoid paying it, while everyone else gets shafted then naturally this is wrong.

...by living in the USA?

Inheritance Tax ??

So when I snuff it I leave my family with only half of what I have ?? What's fair about that ????

Originally Posted by Grinch

Now there's a question, along with why am I paying tax on these items I buy when I've already paid tax out of my wages? Road Tax, Petrol Tax, Income Tax, Air travel Tax, Inheritance Tax... have I miss some out... I'm sure I have.

Too bloody right !. Almost half of what I earn goes back to the state already... I have to pay tax for the pleasure of using my car & bike, I have to pay tax on fuel, VAT on food, and, when my company wants to provide me with private health care (taking the burden off of the state) they change my tax code so they can tax me some more....

They'll tax me for buying somewhere to live soon, oh yeah, "Stamp Duty"... Why not call it "Sheriff of Westminster's rob you blind tax" ?? And when you don't pay it they'll put you in prison (and let a sexual deviant out to find the space!)

F***** tax in this country is bloody appalling.

[/rant]
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[fizzwheel]

I've told my parents to spend the bl**dy money and enjoy their retirement. They worked hard to earn it and went without when I was a kid. I'd rather they enjoyed it now whilst they are able to than left it to me and my brother.

Originally Posted by Jelster

Inheritance Tax ??

So when I snuff it I leave my family with only half of what I have ?? What's fair about that ????

Too bloody right !. Almost half of what I earn goes back to the state already... I have to pay tax for the pleasure of using my car & bike, I have to pay tax on fuel, VAT on food, and, when my company wants to provide me with private health care (taking the burden off of the state) they change my tax code so they can tax me some more....

They'll tax me for buying somewhere to live soon, oh yeah, "Stamp Duty"... Why not call it "Sheriff of Westminster's rob you blind tax" ?? And when you don't pay it they'll put you in prison (and let a sexual deviant out to find the space!)

F***** tax in this country is bloody appalling.

[/rant]
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It sounds just like Portugal...

[mattSV]

Originally Posted by fizzwheel

I've told my parents to spend the bl**dy money and enjoy their retirement. They worked hard to earn it and went without when I was a kid. I'd rather they enjoyed it now whilst they are able to than left it to me and my brother.

Same here - i would rather they ****ed it all away instead of giving 40% of it to the government.

My dad jokes about spending my inheritance - he is spending some of it on a 3 week motorbike tour of New Zealand next January - *******

Put the money back into 'circulation'?

With this government, that probably means pi$$ing it against the wall on more unnecessary regulation, war, or pseudo jobs.

Originally Posted by helen

Put the money back into 'circulation'?

With this government, that probably means pi$$ing it against the wall on more unnecessary regulation, war, or pseudo jobs.

Indeed. Anyone who thinks that the government are less corrupt and greedy than the rich are deluding themselves. Oh, that and the rich actually earn their money (even if it is excessive) unlike the government, who just steal it from everyone.