Inheritance Tax

[Rusty Nails]

I must admit to preferring my kids to have all the wealth I leave, but if it was good enough for our late Queenie, gawd rest her soul, and her kids then it's good enough for me.

 

[AuroraSaab]

I suspect most of us on here would swap the huge increases in equity that we have enjoyed for a situation where house prices hadn't been allowed to get out of hand and our kids could actually afford to buy a flat/house on a normal income.

 

[Cirrus]

It helps redistribute wealth

Levelling up in action (or not, as the government prefer to line their own pockets)

 

[Deleted member 121]

I don't believe in leaving your wealth behind. It is coming with me. If it was good enough for Pharaohs, then it's good enough for me. I'll need it to level up my spiritual existence in the northern powerhouse in the sky...

 

[BoldonLad]

I suspect most of us on here would swap the huge increases in equity that we have enjoyed for a situation where house prices hadn't been allowed to get out of hand and our kids could actually afford to buy a flat/house on a normal income.

Depends on how you define a "normal" income, but, four of my children, and, so far, two grandchildren have bought houses on their income (a couple of teachers, Civil Engineer, Nurse, Receptionist, Offshore oil worker, pretty 'normal' jobs I think?).

 

[Deleted member 121]

Depends on how you define a "normal" income, but, four of my children, and, so far, two grandchildren have bought houses on their income (a couple of teachers, Civil Engineer, Nurse, Receptionist, Offshore oil worker, pretty 'normal' jobs I think?).

They are pretty normal jobs that a normal civilised society would expect to employ. Not sure why you are questioning that? But, I doubt in all honesty they'd get on well in the with the SE house prices. If they're living in the N.E then that is apparently one of the most "affordable" areas of the UK to rent and buy.

 

[winjim]

I don't underdstand the logic behind inheritance tax; please feel free to enlighten me. If my Dad left me a million pound estate when he died, which he worked hard for, and chooses to leave it to me, why do I then owe money on it? In principle it's the previous owners' right, and choice, as to who they give money to surely?

Someone could also win £70m on the lottery and not pay a sausage, but inherit £1m and you have to hand (what %) over to the government?

ok so it was introuduced in 1796 to try and protect the poor and to stem the continued wealth of the rich, a bit.

Well yeah, the working hard argument is only valid for one generation. Then the dynasty is just sitting on a pile of unearned wealth.

Tax should track inflation I guess, that's what it's for after all.

 

[BoldonLad]

They are pretty normal jobs that a normal civilised society would expect to employ. Not sure why you are questioning that? But, I doubt in all honesty they'd get on well in the with the SE house prices. If they're living in the N.E then that is apparently one of the most "affordable" areas of the UK to rent and buy.

Most live in NE, now, one lives in S/SE (Windsor, to be precise), one originally lived/bought near Basingstoke, now in NE, another originally lived/bought Leicester, again, now in NE.

 

[BoldonLad]

Well yeah, the working hard argument is only valid for one generation. Then the dynasty is just sitting on a pile of unearned wealth.

Tax should track inflation I guess, that's what it's for after all.

? isn't tax to fund Government expenditure, including servicing Government debt ?

 

[winjim]

? isn't tax to fund Government expenditure, including servicing Government debt ?

The government has the means to create as much money as it needs out of thin air. But that would cause hyperinflation and devalue the currency so it raises taxes as a way of controlling inflation.

 

[winjim]

There basically is a magic money tree, it's a big con to pretend that there isn't, you just need to be responsible in how you wield it.

 

[BoldonLad]

The government has the means to create as much money as it needs out of thin air. But that would cause hyperinflation and devalue the currency so it raises taxes as a way of controlling inflation.

Ok, are you counting Interest Rates as a Tax?

 

[BoldonLad]

They are pretty normal jobs that a normal civilised society would expect to employ. Not sure why you are questioning that? But, I doubt in all honesty they'd get on well in the with the SE house prices. If they're living in the N.E then that is apparently one of the most "affordable" areas of the UK to rent and buy.

Not exactly questioning, more trying to understand what the poster I replied to meant by "normal job".

 

[Rusty Nails]

Ok, are you counting Interest Rates as a Tax?

There's more than one way to skin a cat.

 

[winjim]

Ok, are you counting Interest Rates as a Tax?

Maybe they could be thought of in the same way, it's all about controlling how much wealth people have and how much the currency's worth. Our house has increased in value since we bought it yet the mortgage is costing us more per month now. From my point of view that might as well be a tax increase.