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.

Is it? Why? Seems to me the suggestion this died t affect normal families is “batshit” - unless you believe that families with assets sufficient to be potentially liable to HRT are abnormal in some way.

It's batshit. Why are you talking about feelings?

Do you understand the circumstances in which a liability to pay IHT arises? Have a little think about those, and the point about family feelings might start to make sense.
Unless of course you are a sociopath.

@WeetabixTowels ,
what is an ‘over privileged person’?

I believe there are many who think those with money must all have been born wealthy and should be punished for their great good luck.
I believe I made my money honestly and paid huge amounts of tax already. I want to give my wealth to my children, why is that wrong?

Genuinely curious, why should it be taxed again?

If you are genuinely are curious, maybe read the thread and see that this has been addressed multiple times.

Do you understand the circumstances in which a liability to pay IHT arises? Have a little think about those, and the point about family feelings might start to make sense.

Yes both my parents & in-laws have estates well over 1m. Mine isn't far off either.

Unless of course you are a sociopath.

🤣🤣

When loved ones doe it's painful regardless if there is an IHT bill or not.

No shit, really? Do you think arty barge with HMRC over a tax bill makes that experience easier, or harder?
some empathy required for this one now

That should be “argy bargy”

I guess it will play well in parts of the south east, where house prices tend to be higher. And I absolutely think people will vote selfishly for what they believe will benefit themselves and their children. If people actually cared about inequality, we wouldn't have had a Tory government for so long.

I think the government knows that it has lost the next election now in any case though, so it's probably a case of doing as much as they can now to benefit themselves and their rich cronies and hoping that Labour doesn't have time to reverse it all.

It’s a weird world, where caring about your children is selfish. A weird, weird world.

We all care about our children. Some of us just care about wider society as well, and we see how incredibly unfair it is.

My parents will probably be liable for inheritance tax, assuming that care costs don't gobble up most of their assets. They are more than happy to pay it. That doesn't mean that they don't care about me and my dsis!! It simply means that they recognise that there are benefits in redistributing some of the wealth.

Inheritance tax as is stands does not prevent people from passing on large sums to their children. It simply means that they have to pay tax on that amount above a certain threshold, which is already way higher than an awful lot of people could ever even dream of inheriting. There is nothing particularly awful about that imo... nobody is entitled to an inheritance.

“Nobody is entitled to an inheritance.” strictly True of course, with or without tax, but a certain amount of NT privilege is definitely required to look at this issue in that way.
I very much think my DS is entitled to everything I can scrape together for him, given he will definitely struggle to support himself.

FWIW, I am not NT.

And I understand why you would want to scrape together as much as you can to provide for your ds in the future if he would struggle to support himself.

However, it's precisely because of people like your ds that I believe that inheritance tax is important. Some people, through no fault of their own, are not able to support themselves. The ones who are able to inherit substantial sums are the lucky few, but what about those whose parents can't afford to make sufficient provisions for them? That's where we need the welfare state to step in. And I see no issue with charging a modest rate of inheritance tax in order to contribute to that.

I am sorry that your ds struggles. He should absolutely be entitled to the support that he needs. But so should the disabled child of the parents who have no money or assets to pass on.

No shit, really? Do you think arty barge with HMRC over a tax bill makes that experience easier, or harder?

Argy bargy isn't a given. I also don't think you can accuse other people of having no empathy because there are not super sympathetic to the plight of people who have a tax bill. You sound very bitter, it's quite sad really.

Well what they need to do is increase the MRNRB to £1m in the South East and leave the SNRB at £325k so a couple's inheritees would get £1.65m tax free.

Abolishing IHT and giving £7bn away each year to the rich is no way to govern when national debt is £90,000 a household.

The same amount could be given by raising the income tax personal allowance by 10% so that all those who earn less than £100,000 a year would get an additional £1,250 tax free.

I certainly won't be having any argy bargy with HMRC over tax bills when my parents pass away. They are welcome to take what they are due. My parents have always been proud to pay their taxes and I would not wish to deny then their last chance to contribute.

The sanctimony of this!

It’s a weird world, where caring about your children is selfish. A weird, weird world.

This is such a bizarre way of thinking. My parents paying tax or not has no reflection on whether they care for me!

Sanctimony or just a statement of fact?

The absence of extreme greed is hardly something to pat yourself on the back about.

first, the belief that paying more tax will result in better support for people like my DS is deeply, deeply naive. Second, I have paid huge amounts of tax in my working life, as will everyone else whose estates may be subject to IHT. It is not “selfish” to want to pass on whatever is left to help ensure the security of one’s child.

Why would you be having 'argy bargy' over an IHT bill?

It is 40% of surplus wealth above £1m for a couple, normally on second death. There are other reliefs for business assets which can be unlimited.

If there is any 'argy bargy' it is normally of the executors' making and a calculated risk based on what their solicitor or accountant has told them to do.

I didn’t say it did. I said that to castigate those who wish to pass on wealth to their children as “selfish” is weird. Because it is.

It is not “selfish” to want to pass on whatever is left to help ensure the security of one’s child.

How much security in £££'s does your child need?