Inheritance Tax Do You Agree with It?
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Do you agree or should it be scrapped? Is it okay for the government to tax families for inheriting an estate and possessions etc from a loved one if over the threshold of £325,000?
No don't agree with it as the person paid tax when they was alive even tax you when your dead
The government could at least increase the threshold to £1 million pounds. In London most properties cost over £400,000. I feel sorry for Londoners who have inherited anything over £325,000.
If a person scrimps and saves and goes without to secure safe passage and a comfortable future for their loved ones then inheritance tax is an abomination.
If the mafia came to do a shakedown, that'd be illegal. If the government sends you a tax, you have to pay, and that's legal.
It's not just the rich who would want to avoid taxes if they can because that's money they're losing.
I have been looking at houses any many cost near enough thar price. Doesn't seem right to me to tax people in death
David2009 Neither does implementing a Carbon Tax which reportedly is in effect in Canada, and the EU plans rolling it out by 2027 or so.
It's theft, but those who believe this "fights" climate change go along with it.
Tax this, tax that... Sigh.
David2009 strictly speaking they are not being taxed in death. It is their children (often in their 60s when parents die) that get a windfall and are taxed on it. Usually by then they should be comfortable but I appreciate that many are not and exist on pensions in rented homes. Maybe they should look at the recipients financial situation and how many kids the 325k has to go to. Maybe a fairer method if the kids get 300k each no matter how many then anything over that is taxed. But I guess you will never please everyone and I don't have that problem as my house and assets doesn't come to 325k
If they abolished it they would only have to tax more elsewhere and as it stands because of a our trading deficit and huge government spending taxation isn't enough so the government keeps borrowing which is a vicious circle as every working person has to pay about £3k on the interest on our debts per year as it stands. It's a nice idea to abolish it but that would be a well run rich country not a very poor debt laden country. It's much more likely to go up rather than down as the government gets more desperate for additional funding to pay the interest on our huge debts and avoid a IMF bailout.
I think inheritance tax should be abolished. We’ve worked hard and paid excessive mortgages back in the day. Some pensioners sell up and live abroard to escape these taxes but I would miss my family too much. Some commonwealth countries pay no inheritance tax.
I don't think that it should be scrapped; if it was then it would have to be made up elsewhere, but the threshold should be raised to at least £500k and the loopholes that the rich use to avoid it should be closed.
I may not agree with it but there is a multitude of ways it can be avoided with proper planning and advice.
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