Inheritance Tax?

**terry57** · 23-07-2011, 08:43 AM

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. ?

**Thormaturge** · 23-07-2011, 09:43 AM

^

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.

Income Tax is, in my opinion, the unfairest tax since it relieves working folk of the results of their time and effort.

**terry57** · 24-07-2011, 01:26 PM

^

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.

**Thormaturge** · 24-07-2011, 06:28 PM

^
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.

**terry57** · 24-07-2011, 08:14 PM

^
Thanks for explaining.

Cheers for that. makes more sense now.

**English Noodles** · 24-07-2011, 10:20 PM

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.

**Thormaturge** · 24-07-2011, 11:36 PM

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.

**jizzybloke** · 24-07-2011, 11:30 PM

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!

**Thormaturge** · 24-07-2011, 11:43 PM

Originally Posted by jizzybloke

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!

Although I don't think the average house value is that high, I do agree with your general sentiment and it is house price inflation that causes me to believe the threshhold should be double the present limit. IHT is not intended to penalise people for buying their own home and I would not be surprised to see the figure increase to something nearer £ 1,million in coming years.

What surprises me is the comment by PAPPA & Co since if inheritances in Thailand are treated in the same way as income then the threshhold is ThB 150,000 above which the rate is 10% and the rate soon rises to 37%. It would follow the treatment of capital Gains but it would make Thai inheritance Tax far more of a burden than the UK equivalent.

**English Noodles** · 24-07-2011, 11:38 PM

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].

**Thormaturge** · 24-07-2011, 11:52 PM

Originally Posted by English Noodles

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].

Anyone who is prepared to pay higher taxes and NIC in order to support the super rich, many of whom have moved to the UK because the local peasants are paying for everything, really has to be stupid.

**dirtydog** · 24-07-2011, 11:47 PM

Originally Posted by English Noodles

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

WOW, calm down noodles, I just checked, seems the normal value of a coal shed is 38 quid, your going to be alright, no death tax when the sad day happens.

**English Noodles** · 24-07-2011, 11:59 PM

Originally Posted by dirtydog

WOW, calm down noodles, I just checked, seems the normal value of a coal shed is 38 quid, your going to be alright, no death tax when the sad day happens.

Someone has to own the mine.

**Thormaturge** · 25-07-2011, 12:04 AM

^
J Paul Getty, "the Meek shall inherit the Earth but never the mineral rights"

**dirtydog** · 25-07-2011, 12:05 AM

^^Mine? you mean the empty hole in the ground, probably full of squaters by now. They should bury scargil down one of them, no time like the present, he wont be missed.

**English Noodles** · 25-07-2011, 12:14 AM

Originally Posted by Thormaturge

J Paul Getty, "the Meek shall inherit the Earth but never the mineral rights"

And his formula for success was rise early, work late, and strike oil.

**Thormaturge** · 25-07-2011, 12:42 AM

Originally Posted by English Noodles

Originally Posted by Thormaturge

J Paul Getty, "the Meek shall inherit the Earth but never the mineral rights"

And his formula for success was rise early, work late, and strike oil.

..and get English Noodles to pay your taxes.

**jizzybloke** · 25-07-2011, 12:18 AM

Originally Posted by Thormaturge

figure increase to something nearer £ 1,million in coming years.

That was planned by the Conservative party until they realised it would lose £6 billion a year!

**Mr Lick** · 25-07-2011, 12:37 AM

I believe the British Labour Government were under pressure only several years ago to increase the threshold level of IHT.

Tabloid campaigns were under way to get a fairer deal for the not so rich. The threshold really hasn't increased significantly given that house prices continue to rise (albeit at a slower rate in recent times). IHT threshold up £50,000 since 2005, not exactly a kings ransom, one would have to say.

Needless to mention that it is not the deceased but the heirs that pay the IHT. However, there are ligitimate methods of tax avoidance for those who wish to take advantage of such government generosity

You do not need to visit a solicitor to discover the legalities of doing so, mere online research will reveal more than enough information to start the ball rolling.

www.direct.gov.uk for UK neurotics

**Thormaturge** · 25-07-2011, 12:52 AM

Originally Posted by Mr Lick

Needless to mention that it is not the deceased but the heirs that pay the IHT. However, there are ligitimate methods of tax avoidance for those who wish to take advantage of such government generosity

Indeed, the £ 325,000 figure is for each individual, so a married couple have joint exemptions of £ 650,000. Bad planning is the primary reason why many people end up paying IHT.

charging non-residents Capital Gains Tax would, I expect, easily compensate for the loss of tax caused by raising the limit to £ 1,million and would ensure people who have no personal ties with the UK pay tax on the gains they make from the country while those who live there pay less.

**jizzybloke** · 25-07-2011, 12:49 AM

Originally Posted by Thormaturge

Although I don't think the average house value is that high

BBC NEWS | In Depth | UK House Prices | Overview

Average house price
£232,628
House typeAverage price
Detached£352,699
Semi-detached£198,602
Terrace£188,048
Flat£217,840

**Looper** · 25-07-2011, 01:58 AM

Originally Posted by jizzybloke

Originally Posted by Thormaturge

Although I don't think the average house value is that high

BBC NEWS | In Depth | UK House Prices | Overview

Average house price
£232,628
House typeAverage price
Detached£352,699
Semi-detached£198,602
Terrace£188,048
Flat£217,840

I thought Aussie house prices were much higher than UK (mainly due to the change in exchange rate) but maybe not.

Australians don't consider anything less than a detached dwelling on a block to be a 'house'

Average house price is about A$500,000 or 340,000 GBP so a bit less than for detached in the UK.

Australian House Prices

Maybe not possible to make a direct comparison though if detached is not the commonest form of 'house' in the UK.

What happens if you inherit a 500,000 GBP house and you don't have cash to pay the tax, do you have to sell?

**English Noodles** · 25-07-2011, 12:55 AM

Originally Posted by Thormaturge

..and get English Noodles to pay your taxes.

And the government will fool Thormaturge in to being a clone puppet to try and justify their thievery on their behalf.

**Thormaturge** · 25-07-2011, 01:41 AM

Originally Posted by English Noodles

Originally Posted by Thormaturge

..and get English Noodles to pay your taxes.

And the government will fool Thormaturge in to being a clone puppet to try and justify their thievery on their behalf.

You really don't get the concept of taxation do you Noodles?

It pays for hospitals, pensions, the police, education, defence, healthcare, etc. etc. The money that governments take from people in taxation goes back to the population in services and benefite. David Cameron doesn't get the money personally. for some obscure reason you seem to think those who work for a regular salary should pay extra so that the wealthiest in society may enjoy all of those things free.

If I send you my electric bill will you kindly pay that for me? There's a good chap.

**buriramboy** · 25-07-2011, 01:02 AM

CGT after inheritence tax is the second most abhorent tax which should be scrapped.

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