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.

Don't be silly. Tax helps bind society together, unless you are VERY self centred. And it's perfectly legal as you well know so quit the hyperbole.

I discovered when administering my father's estate that in Spain there are no IHT thresholds. There is, instead, a sliding scale for all inheritance. The inheritance tax payable depends on the size of the estate.
My father's estate was quite small but there was inheritance tax to pay.
That seems like a good idea to me

Now this is a very good idea!

What's even more bonkers is if you actually implemented this (and saved 7 billion) then if you are going to keep service spending the same you are going to have to raise 7 billion from somewhere else.

Yes they'll probably try to put more onto students. You've effectively got the boomer generation who let's face it were in the right place at the right time when it came to buying property, and now seem to think that's their god given right to pass that on when it's often unearned wealth on property. Nobody needs to inherit over a million and not pay any tax on it, not in a country where we have millions of kids living in poverty.

I think there's a difference anyway between whether or not you agree with inheritance tax, and whether you would vote Tory, despite everything they've done to the country. Yes the mega rich would be voting Tory anyway. But others aren't so selfish.

Inheritance tax seems really unfair, you earn money pay tax on it, invest what's left (after all your living expenses) for you and your children's future, pay tax on the income you got from the money you already paid tax on. And when you die they want another chunk of it.

Ok, sorry, we agree!

But she did though investment in her property, and it should be hers to dispense of as she wishes.

Except very very few people pay it unless they are exceptionally placed. It's not at all unfair, it's restoring a tiny chunk of fairness.

Why do people think it's money earned! Of course the majority isn't. House prices are one example. Another is investments.

If I put £20k into a S&S ISA this year I won't pay any tax on my returns. If we say I'll get a 7percent annual return and I live for another 35 years then I'll have my original £20k that I paid tax on plus an additional £210k due to compounding. This is one years allowance!

Currently this would become part of my estate on my death but if the tax is scaped I could pass the whole lot down to my child.

This is a very eccentric use of the word "earn"!

It was and she did. Tax doesn't stop this, it only affects a tiny number of estates. Also as a matter of interest she bought with an inheritance in the first place.😄

Having the money to invest is not the same as working hard to earn your own keep and pay your way

Having money to invest is a luxury most will never have

It's unearned wealth being used to prop up and increasingly divided society and failing system

Inheritance tax seems really unfair, you earn money pay tax on it, invest what's left (after all your living expenses) for you and your children's future, pay tax on the income you got from the money you already paid tax on. And when you die they want another chunk of it.

Not really, because it's your relatives paying tax on (large amounts of) wealth which they didn't earn.

We should all spend, spend, spend, so there is nothing left for them to tax. Why work hard all your life and save some money for your children if it goes to the tax man in the end.

But your nans being well cared for right?
Isn't that what her money is primarily for at the end of her days?
Who else should be paying for her care whilst she sits on £500k just to ensure your inheritance?
Me?!

Nope, but what I do with it after it's been taxed is my own business.
And that includes handing it down.

Because in the vast majority of cases it doesn't
Honestly before posting this kind of moan do the research.

No it's my money that I spent a lifetime earning, which I did to support myself when I'm old (to not be a burden to the state) and to leave to my children. I could have done like many others and had exotic holidays abroad several times a year and spent the lot. I chose not to, but not so the taxman gets it in the end.

This.

I'm saving to have a good life, right up until the day I die. Anything my children are passed is a nice bonus for them but not a promise. I have the same attitude to my loved ones too.

Spend it all. Enjoy your life, use it for care, you've earned it!

I believe any IHT I paid would be wasted by any government in power, so hope it is scrapped.

It's rather odd that people who don't want to pay for their own care also don't want to hand over their inheritance as taxes to fund a care system

Timd to abandon the thread - it has reached a circular state of ignorance and correction!

Absolutely this

I never understand this mentality that someone shouldnt pay for where they live

If I decide to move homes, I sell this house and use the proceeds to live in the next one (whether rented or purchased)

If I have cash I use the cash to live in my home, whether rented or purchased

But for some reason when that accommodation is a care home, people lose their minds and think that the residents shouldnt use their own money to live there!!!

It depends for me it is music to my ears. As I will have a lot to pay one day.

Not really.
I'm of the opinion that if you put your money, time, and effort into something and it pays off in the long run then youve earned it. YMMV.