Labour should increase inheritance tax to 50 per cent

Taxing billionaires would help.
As would reversing the cynical national insurance cuts the tories made in their last year in power.
Its rare to find anyone who resents paying NI.
Up NI to 20% and tax the billionaires.
You're welcome, Rachel.

I don’t want any of my wealth redistributed. I’d rather give it away to charity. I work for my family, no one else. I pay enough tax as it is

Is that you Rachel? It’s Friday dear, go have a lie down x

@activecurtains it's not a 50% split between your dc and the gov. Currently IHT is 40% of sums above £325k for single people or £650k when the surviving spouse dies. Although DM had remarried later in life it was decided prior to either of them dying that their estates were separate entities so her estate was taxed as a single person.

Why? My in laws have saved their whole Iives to give my husband a good life. They’ve paid tax on all of it already - income, stamp duty, VAT. Why should it be taxed again?

The super rich are all protected anyway through trusts and charities et al. Only the middle trying to get up a bit more will be punished and dropped back down again.

We want social mobility not social stagnation.

I think parents often help their kids financially even if they are adults. Financial help from an aunt/uncle isn't common/expected. I don't think they are comparable situations and I do think it's fair that the residence nil rate band applies when leaving a house to your children but not to nieces/nephews/others.

said the person with fuck all to hand to anyone. Its VERY easy to spend others dosh! freaky friday indeed.
We must have something to motivate us. I want to make my kids life a bit easier than mine, I have worked my but off to pass on some wealth so leave it alone please. 😳

They'd be better off closing the loopholes on avoidance.

Which ones of those are left, pray tell?

Over the last 15 years the tax environment has shifted massively. Its much much harder (nigh on impossible) for companies to reduce the tax they pay through payments to tax havens, obscure royalties, or massive interest deductions (these things used to be quite easy, really). Plus there's now an OECD minimum tax rate of 15% so even if a corporate has managed to bring down their tax, income will get picked up and taxed to 15% anyway.

So I work all my life, pay my taxes and and leave a nice house in my Will, 50% split between my kids and the government? Yeah, I’ll pass!

Personally I think it should be reduced to 15 to 25%. At those rates very few would bother to try and avoid it, so would probably bring in more and be fairer (current system means that a lot of tax planning is only available to the uber wealthy who can afford to give lots away, invest in businesses, move abroad etc)

Er no. It's not fair. It's beneficial to their children. But it's not fair. And it's not even meant to be. Or else it would peter out when the children came of age.

That’s not a loophole. It’s a statutory relief.

I can see from this thread inheritance tax is one of those things that makes it suddenly OK to be a Tory.

Here's the lowdown.

People accumulated too much wealth by the country borrowing to fund services rather than raising it by taxation.

Now we are stuck because we can't borrow any more money.

So a choice. We can either fund services off the back of current workers by raising their tax. Or we can fund it off the back of previous workers who didn't pay enough. Or we can have crap(er) services.

My guess is it will be a mix of all three. But the second has richer cohorts and is probably fairer area to target in terms of raising money.

Errr…. Ummmm. No

I’m quite pro that and I am going to pay a ton of it. With a bit of luck it would encourage my parents to actually spend some money on “nice things” for them. They are still making sure that they are saving apparently. They are in their 70s and my dad has cancer. WTF they are saving for I don’t know.

I get that they like the idea of leaving money to me and my brother but we are two highly functional, decently earning adults in our 40s. (At least partially due to the high IQs they passed on and the functional childhood they gave us.) I just want them to have a really lovely holiday when my dad finishes his treatment.

An excellent idea.

Of course, one does not have to pay it oneself! (guffaw, guffaw)

Sir John Major saw to that, for which I thank him. (Doffs Crown)

But if you died then your children, especially if they were young, would have a much greater need of the money wouldn't they?

Isn't it right that parents get a more generous allowance to pass onto their children and grandchildren?

I didn't mind paying a bit of IHT on DM's estate and wouldn't have minded paying a bit more as the thesholds for IHT are quite high anyway. She had been a teacher and benefitted from the vast increase in her property's value and subsequent rental income after she moved in with her DH. I hadn't earned a penny of my inheritance so paying some tax on unearned income was fine with me. After all it's tax that paid her wages and contributed to her pension and her comfortable lifestyle. She was also good with money and invested well.

My dsis's were not so pleased about it and went to ridulous lengths to try and lower it - bare faced lying, stuffing as much jewellry in their pockets as they could when her DH wasn't looking, etc. The funniest one was telling the TPS that she wasn't married to try and get a small payment instead of her dear DH who was rapidly succumbing to Alzheimers and needed some help towards his care fees. I ensured the truth was told about that.

Oddly enough both of my dsis's were also paid by the public purse at the time yet were unable to equate their wages and pension contributions to the need for taxation to pay it.

Tax is tax and pays for a lot of things and IHT is one of the least painful taxes to most people (excluding farmers and the landed gentry).

Of course. Not married, and no children. Single people who have actually been quite poor all their life shouldn't be paying this tax. He has left the money to young family members, but it does incur significant tax.

Labour are very good at taking people's money. That's why I for one won't be voting for them again.

It's a trust so they pay 6% every 10 years rather than 40% on a death. It works out roughly the same in most cases.

www.grosvenor.com/about-us/how-we-work/tax-policy/the-facts-about-our-ownership

He wasn't married. He had no children. No allowance for passing it to young nephews and nieces.

In the spirit of raising taxes, im always intrigued if having a much smaller amount paid on a bigger number of estates would raise more. Like if everyone paid 5% of anything, rather than only 4% paying 40% over the threshold

There should also be taxes on Trusts (yes I'm looking at you Hugh!!)

There (generally) are…

Have you had legal advice - does he have a wife or children who have inherited ?IHT threshold can potentially rise considerably if so …