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.

Further decline, obviously.

It didn't seem as though the general population of Ireland is benefitting though does it ?

US multinationals don’t pay that they pay corporation tax

It’s the same ideology on these threads though. ‘Tax the rich’. Which usually includes businesses

The alternative is becoming tax competitive in mobile market

I’m not that fussed about IHT. My surprise initially was the yabu high vote. But if people want it scrapped then fine.

It’s a small section of receipts and as @whumpthereitis posts there may be changes which mitigate the £7bn

Even those who might benefit would probably prefer a tax reform which had more benefit in the here and now

Sure, you can leave. There are certainly plenty more options than Rwanda though, it’s not like it’s a choice between there and the UK. Choose pretty much any other European country and you’ll find one with a much higher threshold for inheritance tax, that takes a lower percentage.

as far as overall tax competitiveness goes, there are 25 first world and emerging economies offering better deals than the UK, which is ranked at number 25 on the ITC index.

I am leaving 🤷🏻‍♀️ left a while ago tbh, and am currently here on on a temporary contract.

“The UK is expected to see a net outflow of 3,200 high-net-worth individuals (HNWIs) in 2023 — higher than the projected 3,000 net loss for Russia, according to the Henley Private Wealth Migration Report 2023, which tracks wealth and investment migration trends worldwide. This will make the UK the third-biggest loser of millionaires globally after China (net loss of 13,500) and India (net loss of 6,500). Perhaps most notably, the UK’s anticipated HNWI flight is double that of last year, when it saw a net exodus of 1,600 millionaires.”

https://www.hubbis.com/news/uk-set-to-suffer-bigger-net-exodus-of-millionaires-than-russia-in-2023

Barring many years of extortionate care home fees, dh and I stand to leave a substantial sum to dds. And yes, there will be quite a bit of inheritance tax to pay, but in fact we don’t object (much!) to that.

I have voted Tory in the past (not for the last couple of GEs) but the promise of abolishing IHT would certainly not make me vote for them again.

I just wish there was a credible alternative. Labour come nowhere here - it’s always a close Tory/LD toss up, so even if Keir Starmer came across as more inspiring, that’d be a wasted vote, and to me I’m afraid the LDs are pretty bloody hopeless.

I might have to vote for the Monster Raving Loony candidate, as I did once before, years ago, when I was sick to death of the whole bloody lot of them.

That going to happen anyway, no country can afford a system like the NHS (if fully funded) with an aging population. It will bankrupt us to fund it properly, we need to look at alternatives and fast

That going to happen anyway, no country can afford a system like the NHS (if fully funded) with an aging population. It will bankrupt us to fund it properly, we need to look at alternatives and fast

That's what we really should be focusing on

What about the champagne socialists, I assume they would insist on still handing it over? House prices means that there are plenty of so-called socialists who fall into the Inheritance tax trap and most that I now are looking to avoid it!

We’re perfectly happy for our estates to pay it - my bloke’s a Tory, I’m a lifelong Labour voter. This is an indication of how the Tory core vote is crumbling, it’s a bribe to keep the over 65 voters and their prospective heirs voting for them.

Crikey Tory's must be worried about the election if they are considering this. It's a massive vote winner amongst home owners.

The 63% yabu vote matches that.

When I looked at the thread I expected very low vote

Apparently only a quarter or a third of labour voters are in favour on inheritance tax, so even there it’s a minority position.

It’s astonishing that so many people have any view on it at all, given that such a tiny percentage of estates are liable for it.

Genuinely curious, why should it be taxed again?

Unless the rollover is allowed, you will have people having to sell their house to pay IHT if their spouse dies. I don’t think this is desirable.

Look at an example within Europe: Portugal, which was ravaged by the 2008 GFC, no growth low opportunity economy plus a monster hard drug problem, came up with the Golden Visa. Buy a house here worth more than £250K (because property values were on the floor and no one locally could close a purchase at the time), and you can pay 7% tax on all your worldwide income for 10 years, with residency rights. (you need to pay for healthcare privately on top). Buy a business or commercial property, an equivalent value deal. And guess what! A whole mega ton of moderately wealthy people bought property in Portugal, with the idea that they would retire on a warm Atlantic coast with the riches of Portuguese history to explore, and a Schengen visa. 15 years later, it has been so successful in attracting people that it is closing. And Portugal is much more prosperous (and nicer) as a country than it was 15 years ago. Go to Lisbon or Porto for a weekend to see first hand what a sensible balance between tax and spending makes possible. However, I don't think there's a great deal of social support for low wage. And NMW is about £7 per hour.

My point was really a more general one in response to the allegation that wanting to leave money is « selfish ». That’s nonsense given by definition the testator is not around to benefit! And as a matter of principle it seems to me to be a natural human instinct to want one’s children to benefit after one’s death, especially when those children may not be able to look after themselves.

I think that displays an inability to understand human nature which is very typical of the left. Most people instinctively sense the ways in which this tax cuts across normal human feelings between family members and about death of a loved one. The utopian left thinks these feelings should be disregarded but it’s not that simple alas.

The tax doesn't cut across normal family feelings

It doesn't affect normal families

Exactly that. 94% of the population will never have to consider it.

So families with assets are devoid of the usuals feelings family members have for each other, are they?
what an odd view of their fellow humans some people have. Most people, I am happy to say, are capable of more empathy.

People are disproportionately scared of IHT. Few people pay it, those who do can afford it and often don't pay much.

Why are people so much more worried about IHT than VAT which is also applied to income that is already taxed and affects far more people, is more difficult to avoid and most people will pay far more.

So families with assets are devoid of the usuals feelings family members have for each other, are they?

This is a batshit response 🤣