Thread: Inheritance Tax?

Inheritance tax is a very evil tax indeed and should be abolished world wide.

Doesn't the government suck enough out of us whilst we are alive. ?

^

I would beg to differ considering I'm just a worker who has payed tax all his working life and certainly would not appreciate the government going in for another slice because I died.

Mind you I don't mind paying Tax, myself and our society derive great benefits from it and without it Australia would be just another 3rd world shit hole with people dying in the streets.

We have a good health care system, great roads and many public services which all levels of society enjoy.

As far as the wealthy not paying there lot your view is a generalization and cant be used against all wealthy in our society as the majority pay what they have to but merely minimize there tax, same as myself and you I would imagine.

For sure some try and beat the system but once caught out cheating the Tax man its game over and can result in a trip to prison where a good buggering is awaiting.

A death tax does not discriminate between rich and poor so all are caught up in the system, the only winner is the government .

A Ghastly and horrid tax in my opinion.

^
The current UK Threshhold is £ 325,000 below which there is no inheritance Tax payable, and above which the rate is 40%. The overwhelming majority of ordinary people will not therefore pay any inheritance tax when they die.

Those who have accumulated more than that amount have not usually done so by working for it and then saving it in the bank, although I would be more in favour of doubling the threshhold personally.

The UK is home to an increasing number of people who benefit from all the facilities I mentioned but never pay a single penny in tax or NIC because they do not live on an income as defined in the tax legislation. I am entirely in favour of them paying a proportion of their wealth in order to support the country which provides them with the facilities that attracted them to the UK in the first place.

^
Thanks for explaining.

Cheers for that. makes more sense now.

Originally Posted by Thormaturge

As someone who has worked his lifetime in the taxation profession my view on Inheritance Tax is that it primarily hits those who have accumulated wealth by avoiding income tax during their lifetimes, and forces them to contribute towards the society whose services (police, health, fire, armed forces etc.) they have benefitted from without contributing.

What a load of shite.

Originally Posted by Thormaturge

The current UK Threshhold is £ 325,000 below which there is no inheritance Tax payable

Would be fair enough if that was just savings but based on a whole estate of the deceased it's fucking robbery, the average house in the UK is not far off that nowdays!

Originally Posted by English Noodles

Originally Posted by Thormaturge

As someone who has worked his lifetime in the taxation profession my view on Inheritance Tax is that it primarily hits those who have accumulated wealth by avoiding income tax during their lifetimes, and forces them to contribute towards the society whose services (police, health, fire, armed forces etc.) they have benefitted from without contributing.

What a load of shite.

If that is the best contribution you can make EN than my view seems pretty sound.

Originally Posted by jizzybloke

Would be fair enough if that was just savings but based on a whole estate of the deceased it's fucking robbery, the average house in the UK is not far off that nowdays!

Yup. Anyone who tries to defend inheritance tax is a [at][at][at][at].