Inheritance Tax
Posted by: Mick P on 18 August 2007
Chap
What do you think of John Redwoods proposal for scrapping Inheritance Tax.
My own view is that any inheritance below £10m should be left untaxed and thereafter tax should be applied.
We need to encourage drive and enterprise as well as the work ethic and passing money to your children or charities is certainly a big driver.
Regards
Mick
What do you think of John Redwoods proposal for scrapping Inheritance Tax.
My own view is that any inheritance below £10m should be left untaxed and thereafter tax should be applied.
We need to encourage drive and enterprise as well as the work ethic and passing money to your children or charities is certainly a big driver.
Regards
Mick
Posted on: 21 August 2007 by Bruce Woodhouse
All those who argue for a reduction or change in IHT must suggest another way for the Govt to obtain equivalent revenue by taxation elsewhere.
Bruce
Bruce
Posted on: 21 August 2007 by Jo Sharp
quote:Originally posted by Bruce Woodhouse:
All those who argue for a reduction or change in IHT must suggest another way for the Govt to obtain equivalent revenue by taxation elsewhere.
Bruce
What crap! You should be justifying why after 63 (or is it more now?) tax rises the Govt should still be wasting so much of OUR money that it can't reduce or scrap this tax. Get it the right way round please.
Posted on: 21 August 2007 by Bruce Woodhouse
Jo
Sure I can think of ways that I would consider public spending to be wasted, I could line up a few more where I think it is totally inadequate.
I'd argue that the '63 individual tax rises' stem from the fact that this governement (as others before it) simply do not have the political balls to increase core highly visible taxes (such as income tax) because they believe that to be political suicide.
Money has to be raised. High quality public services need to be funded.
Bruce
Sure I can think of ways that I would consider public spending to be wasted, I could line up a few more where I think it is totally inadequate.
I'd argue that the '63 individual tax rises' stem from the fact that this governement (as others before it) simply do not have the political balls to increase core highly visible taxes (such as income tax) because they believe that to be political suicide.
Money has to be raised. High quality public services need to be funded.
Bruce
Posted on: 21 August 2007 by nap-ster
High quality MP pension schemes too.
Posted on: 21 August 2007 by JAB
quote:High quality public services need to be funded.
*LMAO!*
Funniest post in years! Well done sir!
Posted on: 21 August 2007 by Bruce Woodhouse
Jab
Why so funny? Can you comment constructively too?
Bruce
Why so funny? Can you comment constructively too?
Bruce
Posted on: 21 August 2007 by Machine man
quote:Originally posted by KenM:
The only people who pay Inheritance Tax are those who have not worked for it. When my (and my wife's) estate becomes liable for IHT, my kids can pay a part of their windfalls in tax.
So after working and paying tax all your lives, you would rather see a large chunk of your estate go to the Government rather than your own flesh and blood?
That'll teach em eh?
Personally, I would rather give it to a charity of my choice than give it to Gordon (or whoever) to waste.
Posted on: 22 August 2007 by David McN
Article in Tuesday's Independent makes point that £4bn IT is less than 1% of Exchequer annual revenue - well within any margin of error. In addition when New Labour came to power £24bn was spent each year on quangos. Now they (we the taxpayers) are spending £167.5bn on 883 quangos each year. Any money I leave my children will have been saved and invested after tax. Can Gordon never be satisfied?
Posted on: 22 August 2007 by JAB
Bruce, it was the "high quality" part that struck me as funny. Personally, practically every public service I come into contact with is a total shambles.
Posted on: 22 August 2007 by Derek Wright
Regardless of whether you will get caught by IT - you stand a good chance of being bled dry by the need to pay for for your care in your declining years. You are responsible for for your care home/ nursing home costs until you have sold your house and used all of your money on care until you only have £16000 left.
So if Mr and Mrs Mick decline over a long time frame and need to be in different homes due to different care needs they will be bled dry at a rate of about £10k per month for the rest of their lives (when they get into decline mode the amount could well be more).
Mick Jnr will not be impressed to see the money be used to keep his ancient Ps in dribbling splendour instead of new toys. In fact the requirement to to have to pay Inheritance Tax might come as a bit of a relief for him as it does show that there is some cash leftover.
So if Mr and Mrs Mick decline over a long time frame and need to be in different homes due to different care needs they will be bled dry at a rate of about £10k per month for the rest of their lives (when they get into decline mode the amount could well be more).
Mick Jnr will not be impressed to see the money be used to keep his ancient Ps in dribbling splendour instead of new toys. In fact the requirement to to have to pay Inheritance Tax might come as a bit of a relief for him as it does show that there is some cash leftover.