To think scrapping inheritance tax would not be popular with voters

[Lanadelday]

I'd say I can't believe the conservatives are considering it, but nothing surprises me any more that they do. But AIBU to think most people wouldn't back this anyway- I can't see it being a big vote winner and don't think they really get that voters are sick of all the inequality and so many people including kids and elderly, living in poverty, not wanting to make it worse.

I thought it wouldn’t be popular. I’m surprised at the voting

So the rich stay rich and the country's coffers are deprived of £7bn, which in part will be helping to poor 🙄

I think I’ve paid all the inheritance tax I’m likely too and I doubt I’ll leave enough for it to be an issue for my kids. I think if you’re inheriting from the 5% of estates that are liable you’re in a very privileged position, although in the midst of grief it did feel awful to have to deal with the taxman.

i would much rather the loopholes that allow very high value estates to be transferred without a tax liability be closed than the tax be axed, I think it’s reasonable that unearned wealth be taxed heavily once enough has been passed on to allow descendants some security.

To all those suggesting that the limit is effectively £1m are overlooking the fact that the divorce rate is now so high that not people have married parents anymore.

Those with single parents are once again loosing out. I have worked hard all my life to earn money to pay for my very simple semi-detached home in a high priced area. It is very sad that my children will have to pay inheritance tax when I die, whereas if I had a decent DH (instead of the ex-waste of space partner with no assets) then they wouldn't pay any at all.

It would be a massive vote winner.

Inheritance tax hits the middle class the hardest. The rich protect their wealth in trusts. I'd guess that the conservative party are trying to pull in voters...

it's basically going back to a feudal existence, where the wealth/land stays in the pockets of the few that were fortunate enough to inherit it and pass it on to their children.

Yes

I agree that the Royal Family should pay it too

I honestly don't think this is just an issue that concerns conservative voters. I know die hard labour supporters who are all privately educated, have privately educated children and live in large houses...they would love inheritance tax to be scrapped. It's one thing to talk about inequality but not when it comes to giving your children a leg up.

The squeezed middle and the middle classes are not building up estates big enough for inheritance tax - only 1 in 20 end up having to pay such tax

When I heard it on the radio I thought people would really not like it

Totally didn’t see this thread being how it would go

I guess it’s more appealing than I thought and people do want to pass on their money

A solicitor who deals with inheritance said people who had to pay were upset on learning about state taking £. I guess that’s more universal, no matter which political side you’re on

Don't underestimate the stupidity of the British public.

If you told them to tax the top 5% more, they would be well up for that.

Tell them to tax the top 5% of estates more though and you'll get all sorts of guff trotted out as to why not.

Op how much land can a family own before it becomes ‘feudal’?

I'd increase it. 100% on anything over 500k.

The fact that they’re considering it shows how worried they are that their core vote is crumbling. A tiny percentage of estates are liable for it. If anything it should be adjusted so more pay it. A share in £1 million tax free should be enough for anyone.

im definitely at the poorer end of the life spectrum, needing benefits to support my family in my current circumstances and no chance of getting on the property ladder under my own efforts. My parents are divorced, and my mother spent 20 years living with her partner whom we sadly lost just over a year ago. Through their hard work and ages they were able to buy a house . Because they weren't married there is no 'add on' tax allowance for when we sadly lose my mum, and it's likely that there will be a small amount of inheritance tax to pay, yet had she been married there would be none. The current system is unfair in many ways, I'd certainly support scrapping if in its current form.

Not too sure about that, the amount of posters on here, and on other forums, who are vehemently against raising taxes for even the top 1% is alarming.

A significant amount of the population appear to be suffering from severe Stockholm syndrome.

267 comments in, and no appearance of the word "costed" ?

I don’t think divorce is necessarily the issue: Dc with divorced parents can potentially inherit £500k from each.

I am sorry that you had to free yourself from a waste of space, but it doesn’t sound as if he would have added to anything you might be able to leave to your Dc even if you had remained married.

As ever though, there is no level playing field.

So you'll be getting at least 325k in inheritance but you think this is unfair because its so much or because you think it should be more?

I think the idea of scrapping IHT is probably more idealistic than going to make much (if any) actual difference to inequality.

If you think about just how much money the government wastes, IHT is a tiny drop in the ocean and keeping it or removing it is very unlikely to make any difference to house prices or benefit any individuals apart from those directly affected by the tax.

1 in every 25 estates pay the tax, I bought a house in the 1980's now worth enough that my son would have to pay tax when I leave it to him. So yes scrap it I want my son to inherit my house and I will do everything possible to make sure that happens

Actually, I think children keeping 60% of everything over £1m and 100% of it under that is a sufficiency. If you didn't marry or enter a civil partnership, that was your choice.

The tax system in general is pretty out of whack at the moment. Income rates should be adjusted so that the wealthier pay more on actual earnings (Conservatives aren’t and won’t look at that.) Inheritance tax is a double tax and that’s why I think it would be a vote winner, but again it depends on thresholds. Also the fact that estate now goes to pay for care means that a major adjustment is needed when it comes to whatever remains by way of inheritance. But as I say, it’s all fairly messed up and you can’t tinker with one part of the system without understanding how it impacts on the other cogs.

@samsam123 my DC will inherit the proceeds of a family house bought in the 90s and shares in a business that we built from ground zero, but probably not for 25 years as we have only just retired. My DMIL's estate, after self-funding nursing home fees for the last three years of her life, was £250,000 split between two siblings. Nice to have, but not life changing unless it arrives at the point of buying a first property or a retirement property. The inheritance is making a significant improvement to the security of my DSIL's situation as she passes 60.

On balance, while I think huge estates should bear more of the burden, after a career in financial services, I'm not expecting any big changes. Big money will work very assiduously to protect the pots of gold.