To think it’s unfair that some people get inheritance while others start with nothing?

The problem is if you couldn’t leave it as inheritance it would be a race to spend it all. And then who would pay the £1400 a week for their care care home? The answer is you would

I see your point that not everyone gets an inheritance and that seems unfair. However, after spending most of my adult life working and paying off a mortgage, I would like to be able to pass something on to my DC. Why should the government get everything I have worked for in tax.

Thank you @Hugsbunny - beautifully put.

Whether it's inheritance tax or income tax no one actually owes that money. You certainly don't owe your life savings to anyone.

I haven't said you do owe anyone money

In the case of income tax the government takes it because it needs money to run (And to send it to secret off-shore accounts, but that's another matter).

So the government doesn't need money from inheritance tax or other wealth taxes?

People with more money are supposed to pay more not because they owe more, but because they can afford it. It's a practical thing. You rob from the rich because robbing from the poor doesn't work so well.

But the point is who is richer? The doctor who lives next door to me paying more than my mortgage in rent and higher taxes or my neighbour on the other side who is a retired postie without a mortgage & a holiday home.

I should be so lucky! I won’t get anything as parent in a rented property 😌

@Hugsbunny I'm a higher rate tax payer as is DH. I would prefer to pay more of a hypothetical future inheritance (both parents and in-laws are millionaires) and pay less income tax or at least have the bands moved up.

Yes I am focused on what others have. In particular, I'm focused on what people with lower wealth/income than me have and think they should have more. And I'm focused on how to achieve that through a relatively efficient, non-distortionary tax system. My belief that inheritance tax should be increased is not even remotely driven by jealousy. I have no desire for more money for myself. I received an above average (but not enormous) inheritance and expect some more from the in-laws. We have equity in property pushing £2 million, my husband has not reached retirement age but has maxed out his lifetime pension allowance (before that was abolished) and mine's pretty healthy too. The idea that the only possible reason I might want to increase taxes is that I'm jealous is miles off the mark and kind of annoying. I think it is time I move on....

And I work p/t because anything more I earn is taxed at 40%.

This is the op’s first and only post. It’s a windup.

@irregularegular maybe it's because we can see how ridiculously it disadvantages others & how we didn't do anything to actually earn it?

My dc will be fine with in monetary terms but I think a more equal society would benefit them too.

I'm on the receiving end and I agree with the OP.
I don't think inheritance should abolished, but it should be much more heavily taxed than it is.

In the case of income tax the government takes it because it needs money to run

Errr, what exactly do you think they do with the money raised from inheritance tax??

The average age to inherit in the UK is 61, so hardly giving youngsters a hand up in life.

Yes we're clearly on the same page. But in a disappointingly small minority.

So as I said my parents are dead but my friends all get financial help from their parents who are still alive...so if I hadn't got my inheritance, I'd be significantly disadvantaged compared to those who still have their parents. They have received help with house deposits, cars, childcare etc.

@irregularegular The good news is that as a 40% plus ( presumably) tax payer you are already doing your fair share to contribute.

I absolutely agree and I'm amazed more people don't see it this way. I pay masses of income tax (I earn over 200k) and will also likely have plenty to leave to DS. It seems far better to incentivise working hard and earning well than make windfalls lower tax.

The housing market in this country is utterly fucked and the massive untaxed wealth transfer really exacerbates this.

I appreciate I will never win this argument though people are really weird about inheritance tax.

Envy.

@Kuretake Agree

What do you expect to happen? So, we’ve worked all our lives since leaving school, got reasonably savings. So whoever dies second must make sure they take al, our savings and burn it when they are cremated? Would you like our home to be crushed too in case someone other than you benefits from it?

What planet are you on?

@Coorgy
a few reasons. It doesn’t feel like it’s mine. Well, it isn’t, I never earned it. He was also an abusive addict so I have a lot of resentment and trauma over my entire childhood and even now I’m strongly affected by it.

Why would anyone bother working hard if it was just to be taken away upon death or taxed heavily?

you’d have anyone with money moving abroad which means less tax from those paying the most tax.

Standard inheritance tax rate is already 40% (above the threshold).

According to the government ..

<a class="break-all" href="https://www.google.com/url?q=commonslibrary.parliament.uk/research-briefings/cbp-8513/&sa=U&sqi=2&ved=2ahUKEwih1ryi-K-LAxWuXUEAHXwAIhkQFnoECGQQAQ&zccpm=epi&usg=AOvVaw14KBB9JfSfxvN-Jqyz5FDH" rel="nofollow" target="_blank">Commons Library - UK Parliament

10 May 2024 — The 10% of income taxpayers with the largest incomes contribute over 60% of income tax receipts

thats already a huge amount!