100% inheritance tax?

[Kendodd]

Or 95%, something like that.
Thought experiment.
How would it pan out?

As it stands, I would never back this. We are in a situation whereby are own children can’t afford to rent, let alone buy. My husband and I make financial decisions with our children’s future in mind.

we already give away so much of our money to the government, at this point I want to look after my own.

I would support reforms but not in this way.

People don't 'give away ' money to the govt.

They pay tax which pays for services we all use

If you dont like how the govt spends your tax money, vote for someone else but don't claim you're giving money away like it's charity.

And most people work hard.

Most won't get or be able to leave an inheritance

*our

I agree, we're not ‘giving’ our money away no, it’s forcefully taken from us.

@Julia234

Do you think asda is robbing you too?

But conversely they want the money to go to the government who can then redistribute it to another set of people who apparently do ‘deserve’ to have unearned income. Not sure how that works.

It doesn’t work. I want the revenue raised to be spent on high quality public services, particularly health.

Yes exactly, many people see the wastefulness and inefficiency of the government, why would I want them to get more of my money to squander? They get plenty of tax free allowances, and I'm sure claim as much as they can.

BTW I just looked it up, and the average expense claim for an MP is in the region of £200,000 a year for staffing, office costs, and travel - which is a hell of a lot.

And yet there are businesses earning billions in tax who don't pay their fair share, and wealthy politicians, royals etc who use sneaky means to pass on their substantial wealth to their offspring without ever incurring inheritance tax, through trusts, ltd companies etc.

Why not tax them properly before coming after the little guy?

@Farmageddon

I haven't said we shouldn't

🤷‍♀️

A lot of misinformation on this thread. For a start property like the Grosvenor Estate mentioned above which is held in trust IS subject to Inheritance tax. How it is taxed depends on the terms of the trust. If the trust allows someone the use of the trust assets for their life time then (broadly speaking) the trust pays Inheritance tax on the value of the assets at their death as if the assets had belonged to the deceased personally. Other trusts give the trustees discretion over who benefits and this type of trust pays tax at a reduced rate every 10 years - broadly their cumulative tax will amount to 40% over 70 years - ie a bit less than the average life expectancy.

@Topgub

In a way yes, but at least I get to choose if I spend my money there and they are a supply and demand business.

I’m all for a welfare system but the amount of money taken from individuals presently is shocking.

I will be transferring my home to my children in my 60’s to avoid paying any inheritance at all! It’s the little we’ve managed to accumulate and it belongs my husband and I to do with as we please. We could have spent the money on other things like more holidays, clothes, belongings and they would not be taxed upon our death, so why the heck would anybody be happy to have more than 40% taken from their possessions (home) upon death when they have family still left to take care of (if they wish to).

*tax

@Julia234

How are you going to pay for elderly care?

Good for you. But last time I checked we don’t get to specify what our tax is spent on.

I should imagine it will be funded in the same way that elderly care is funded for non homeowners now, through general taxation.

I'm usually pretty socialist but even I bulk at that.

It's not fair redistribute of assets if that's the only point at which society is made fairer.

@Eastangular2000

Indeed

Yet @Julia234 seems to think HMRC are robbing her blind