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.

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.

Myself & DH could potentially inherit a share of over 3m. Who knows the way care is going but paying tax on some of that doesn't make us hard done by!

Our estate will be hammered when we die, just as my parents' estate was. And quite right too. Because they didn't hide their money in dark trust corners. or overseas.

I do think the lower threshold should be raised to allow more to escape IHT (mainly because of the distorting effect of property).

But other than that, IHT is a right and proper way of collecting revenue to pay for services we all bay for. I'd like to see more very well off people recognising that.

Well, we will have to agree to disagree here. I think it is selfish to object to paying a modest amount of tax over a certain threshold.

And yes, I absolutely believe that better funding for the welfare state would help those who are unable to support themselves. We have seen the impact of that welfare state being eroded over the last few years and it's awful.

For most people, having to deal with a tax bill (which falls due 6 months after death whether probate has been granted or not) adds to the stress of bereavement. Many people have talked publically about this. I can’t see that’s in any way controversial. Maybe you think that’s a price worth paying; but it helps to explain why many people see IHT as an unpleasant tax even if they have no involvement with it.

Lucky you. Can I gently suggest your privilege may be blinding you to the perspectives of those who have more reason to be concerned about the situation of those they leave behind?

Perhaps parents should leave all their wealth to charity then, so that their kids don't have to deal with the stress of a tax bill?

@AgathaSpencerGregson

IHT is due just over 9 months from death, not six.

Unfortunately death can be stressful for the bereaved. Paying taxes and getting by day-to-day is stressful for many at the moment. It is the executors that deal with the estate administration and IHT and with a complicated or large estate the deceased should have appointed professionals to act in that capacity.

Most complications with estates arise because the deceased did not sort their affairs out beforehand. It is rarely to do with the payment of IHT.

Or perhaps tax wealth fairly during life, if we think that’s an important thing to do?

I'm not keen on inheritance tax.

I think it is taxing the dead. OTOH, my parents (first generation of their families to own anything at all) think its a good thing.

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.

But no one is saying you shouldn't pass anything on, just that is ok to pay tax or some of it.

Second, I have paid huge amounts of tax in my working life, as will everyone else whose estates may be subject to IHT.

It's also shortsighted to try & set up security for your dc so late in life if you have opportunity to do early on.

Many people dealing with this have talked publically about how managing a tax liability adds to the unpleasantness of bereavement. It really only takes an ounce of empathy to see why this might be so. As I said, you may think that’s a price worth paying and it’s fair to inflict it, but it does help to explain why many people who themselves aren’t affected by IHT are sympathetic to the idea that it’s an unpleasant tax.

Absolutely. I would like to see fairer taxes while people are alive. I would still keep inheritance tax as well though. Nobody needs money when they're dead. And nobody is entitled to ask inheritance.

I do understand your concerns for your ds, but if you have enough assets to be liable for inheritance tax in the first place, then he will be pretty well provided for. I am more concerned about those who have no family support.

An annual Wealth Tax - great idea.

1% on the value of assets above £2m annually.

So if you have a house in the South-East worth £1.5m, £300k in ISAs, £200k savings, you pay £10,000 per annum as a Wealth Tax.

Like that idea!! That is what you may get if you abolish IHT. Alistair Darling talked about it, so did the Lib Dems.

Labour will introduce it if IHT is abolished.

People absolutely are saying that the desire to maximise what you pass on to DC is selfish. It isn’t. It’s normal, especially where you have concerns about their future.
and thanks for the “sympathetic” advice but believe me, it isn’t required.

Lucky you. Can I gently suggest your privilege may be blinding you to the perspectives of those who have more reason to be concerned about the situation of those they leave behind?

I'm more concerned for those that don't inherit anything 🤷🏻‍♀️

I think it’s for me to decide the level of provision for him that’s appropriate, not you. I think that’s how most people feel - which again helps to explain why IHT remains an unpopular tax.

Perhaps thinking selfishly is normal for you. I don't think that makes it right.

Because you have the privilege to be so. Good for you. Not all of us are as lucky.

I'm more concerned for those that don't inherit anything 🤷🏻‍♀️

Yep - something like 40% of IHT receipts are due to high value mansions, second homes and buy-to-let portfolios.

It is a national disgrace that much of this accumulated wealth is due to a managed short supply of housing pushing up residential property values, denying many, many youngsters the ability to get on the housing ladder.

Because you have the privilege to be so. Good for you. Not all of us are as lucky.

Where's your empathy?!

Explain to me how wanting to maximise what you leave for a disabled child is selfish. Selfishness implies concern for self. but I’ll be dead. What am I missing here

Right back at you, matey

Actually, it's for the government to decide how much you can pass on... not me and not you.

As for whether that's how most people feel...I guess we'll see at the next election, but I do agree that most people tend to vote selfishly. That's why we have this current shit-show of a government.

Can I just put some facts out here. Only about 4% of estate pay any inheritance tax at all and the average age 'children' receive an inheritance in the UK is 61.
Honestly the opposition to inheritance tax is a victory of the right wing press over the gullible.
And agree with previous poster. I will have failed as a parent if my adult children are so selfish and greedy they think getting £300,000 each of free money they did nothing for on my death isn't enough.

I have already addressed this point.

You are thinking only about your disabled child. You do not seem to care about all of the many other disabled children whose parents cannot afford to many provision for them. I think that's selfish.