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

Privileged. Where is my privileged? It is just based on money and class and race because I grew up miserable with divorced parents and a mother with MH issues. Even thought I had a nice house and educated in private school. I was very unhappy and also were looked down as my parents were divorced when divorce was a big issue. People should not be so rude to use their miserable existence to blame on others.

Life's unfair OP.
And how do you propose to abolish inheritances altogether?

I would abolish IHT. My tax free allowance is only £325,000 and in the US it would be US$13m as a single person and in Sweden I would be zero. However I have also already helped each child buy a property and paid for their education including university without a loan - at least their education cannot be taken away from them even if the socialist state tries to take everything else.

My mother and PIL are not wealthy but extremely well of. They worked and bought homes at the right time. As horrible as it sounds when they do die myself and DH will receive a substantial inheritance from both sides. This will be used to help our children with house deposits etc.

OP you should emigrate - you'd get on a treat with Mr Putin 🤣

No, she wouldn't. There is no inheritance tax in Russia

Envy is far less of a motivation than you seem to think.

Yep. Inheritance tax is a very, very good idea

Newsflash -
Life's not fair !

My dad told me when I was quite young that life's not fair and the sooner you get used to that the easier your life is gonna be.
And the other one , comparison is the thief of joy

Are you leaving the kids the island?

I think the OP is implying that the State should get it in its entirety. They're saying that if you have any wealth or assets when you die, neither your children, nor any other person nor any charity of your choosing should benefit from it.
Seems a bit extreme!

Don't be daft @ThisCandidCritic

I have never received an inheritance, everrrr, and have always been envious of others who get them, because it feels so unfair. 😖 Like, I have lost people too, (including parents) but they never had anything, so I got nothing when they died. I do feel pangs of envy when someone is left £150K to £350K in a will. Because it's never happened to me.

But seriously, I don't wish no inheritance on anyone. I am not jealous, just envious! The difference is, envy = I wish I had it too. Jealousy = I wish I had it and that YOU didn't!

This is how most inheritance happening around now arose. It's mostly a function of rampant house price inflation.

@ThisCandidCritic

Are you going to come back and comment again, or did you just start a goady thread then push off.

I’ve never received an inheritance and don’t expect I ever will as my only living relative (apart from my DH & DCs) is my brother but I think OP is being very unreasonable.
Inheritance IS taxed pretty heavily and I don’t begrudge anyone who is fortunate enough to inherit. A friend of mine recently inherited a very large sum from a distant uncle. The estate paid an absolute fortune in inheritance tax but she was still left with enough to buy a lovely house in a nice part of London - previously she was in council housing so the government wins in tax and the council wins with empty accommodation to use.

I also think that’s what they are saying, tax anything someone has on death heavily or take it off them fully, give it to thr state and don’t let their kids or family have it.

its extremes and bonkers. But some folks do look at what others have or get and feel consumed by jealousy and don’t want them to have it if they don’t get the same.

I agree it’s very unfair but absolutely life isn’t fair at all. The more I see , it’s like the good suffer in this life….
My friend just lost one of her absolutely wonderful parents who was also a fantastic , dotting grandparent and they were far too young too young to go . Meanwhile , my fil, who is a raging alcoholic, chain smoker who has caused us and many others endless trouble, does absolutely zero for other people has had an excellent clean bill of health at a recent check 🤷‍♀️ No doubt he’ll live to 100.
We won’t get a penny inheritance as my mil owns nothing and has never worked a day in her life , for various reasons my parents will have nothing to leave us .
Such is life, at least for now we have our health and we don’t live in some war torn place , some people are in actual hell on earth.
I’d really like to leave something for my children though to help them in life as we’ve never had any help at all.
One thing I hate though is when people don’t acknowledge their privilege!!!
We know a couple who are doing up a rambling old house which has obviously cost hundreds of thousands ( they have never had to pay rent in their lives and work minimally ) and have no mortgage and it’s eluded as though they’ve done it themselves when we know for a fact they were massively helped financially.
It also speaks of privilege that they don’t think how obvious it is when you have to go through the mortgage process , pay rent while doing up a house and pay a mortgage at the same time how much effort and time and work in actual jobs that takes when you do it alone .. that there’s no way in hell we can source 500,000 out of our back pockets like 😂

Keep your bitter, resentful mitts off other people's money.

Guarantee that if you'd received an inheritance, you wouldn't be making this post...

If I couldn't leave my home and anything else to my children i might be less inclined to pay a mortgage and save.

I agree with you and always have, despite having received several inheritances over the course of my life. It always seemed a far better way to tax than taxing income, which actually reflects individual effort.

I also laugh when friends talk about how hard we have all worked for what we have, and if only poor people worked harder they'd have the same, when I know full well a lot of their money has been inherited and in some cases has enabled them to spend a lot of time not working at all.

However, as you'll see from the outraged responses, it isn't popular. I just keep it in the back of my mind when people try and claim we live in a meritocracy or that everyone has equal opportunities in life.

It may become more popular in the future as we return to a situation where more families lack assets- at the moment there are a lot of people due an inheritance from a right-to-buy council house etc.

So I was brought up in abject poverty, have worked full time since I was 16. I've had minimal luxuries and minimum maternity leave so I could give my DC a better start but I should just forget that and do what, give anything left over to the government to piss up the wall on a whim? Well if they'd told me earlier I'd have spent my money on stuff for myself instead.

Rachel... is that you testing the waters on the next thing youre going to tax? 😂 Get a grip op, stop being so silly 😂

@ThisCandidCritic there would be no point putting in the graft if it were all taken away in the end. Then where would everyone be.

I suppose I could have a jolly old hedonistic time and spend it all on wine, fine dining, holidays and the opera and you could ha e an issue with that? Or if the rules change, we won't spend another penny or pay another penny in tax in the UK because we'll go overseas.

If you want more, work to get it rather than resenting those who have. FYI both my children are working in jobs that put something back, because they have a financial cushion and can.

is this a rage-baiting thread 🤔

SoNiceToComeHomeTo

It’s very unfair like many aspects of life. But we have inheritance tax to help.

I think this helps make it more unfair-a lot of people have to sell to pay the tax

I want to live in a society where everyone has an equal chance at a fulfilling and rewarding life and as a result I’ve always been quite pro inheritance tax.

But abolishing inheritance or even heavier inheritance taxes than they already are are the measures that are really aiming at the equality of outcome rather than equal opportunity, don't you think? Let's say two people were born into two similar families and by similar I mean roughly similar starting points in terms of who their parents were, what they do for jobs etc. One really applies himself or herself in studying, work effort etc and eventually succeeds on all fronts by retirement age. The other chooses to party his life away, does the absolute minimum at work and achieves nothing great financially by the same age. The first one then would like to leave something earned through hard work to the kids while the second one has barely enough for own retirement, let alone anything for the kids. And, so to equalise chances for their kids, we have to either heavily tax the first one or abolish inheritance as proposed by OP altogether? And that ensures the fulfilling and rewarding life in society how?