What's the problem with Inheritance Tax?

[QuickBrown]

Inheritance tax seems to be really unpopular among certain sections of society. Obviously people always object to any taxes, but it seems to me to be the absolute least worst tax, as the dead have no use for money.

Those who object to it or know others who do, can you explain a few things to me? Firstly is the the idea of your estate being taxed once you are dead that you object to? Or is it that you are due to inherit and this will reduce their estate? Or something else?
Also where do you stand politically on other inheritance, for example are you pro-aristicracy and inherited titles?
If you are worried about your own estate being reduced before your children get it, are you someone who has given a lot to your children financially in their adult years or do you expect them to make their own way in life?
Also if you have inherited significant sums, has this swayed your thinking?
I feel a bit out of step with other people's thinking here!

I pay my fair share of taxes. So does DH and so do all 3 of my DC.

Whatever changes are made, the impact en masse will be further away than we think, so Andy B isnt looking at swelling the coffers instantly now, he is playing the long game for money pouring in to be allocated.

As Mr B wasnt voted in, and appears to be against a general election for a PM not voted in- this is an about turn after his previous outspoken stance ( shock)
He has no right to meddle. The goverment is still corrupt.

Perhaps all MP wills should be published complete with tax efficiences from now on. After all, that money belongs to the state. And their tax returns from today. Im sure they all pay as much tax as possible.

Not when you split it between five of them.. we want them to enjoy our hard earned money and set them up for life. We’ve always paid our taxes here so have nothing to feel guilty about!

Presumably she meant ‘inherit’.

I am lucky to have inherited wealth - it's already been taxed when earned, and when each of my parents died. I rightly pay tax on the income from property/investments. We married to add further flexibility on handling things. I am doing as much as I can think of to stop another slice being taken by the government. My estate will still pay lots but I'll give much of it away as early as possible to reduce the burden. I agree with recent changes to pensions that they should not be IHT exempt though it scuppered my planning to a large extent - I'll give that money to my daughter instead and hope I live the required 7 years afterwards. My point is that
people with money (the 5% who pay the tax will do what they can to reduce the burden whereas a lower tax across society is likely to produce more revenue.

This teaches your DC that money is the primary value. How very sad. My observation as an academic is that the greatest gift you can give them is the knowledge that they can make their own way in the world (with some help always appreciated, of course).

I do apologise if your DC have high levels of disability preventing this, but it is not apparent from your post.

Anyone who can afford to ‘set them up for life’ by fleeing the country can still give a whacking great helping hand in the presence of IHT. Particularly with all the legal
loopholes.

It’s already been taxed ffs!