Inheritance tax too high or too low?

seven-day-weekend

A. We're ordinary working-class people who've worked hard for our assets and want to pass them on to our son who although adult still needs support in life.

digitaltoast

Andy_Davies wrote:

I don't think it's really the IR's fault...

People with money will always have options, yes there are things like trusts etc., but one of the simplest is just move to a country with no inheritance tax. Doesn't matter where your assets are then...

And that's what a lot of them are doing - but in making that move, they may also be stung for CGT on the house sale.

I'll make the point again for the peopel above who don't seem to "get it".
Making the rich poorer does not make the poor richer.

Andy_Davies

digitaltoast wrote:

And that's what a lot of them are doing - but in making that move, they may also be stung for CGT on the house sale.

How are they getting stung for CGT - if the house is their main residence then it's exempt...

JimmyTheWig

C
Double it.

BUT...

Also double the thresholds so it would once again be a tax on the rich.


Jim

kondormid

I hate the very idea that this can happen.

What I propose is that it works exactly the same as capitol gains tax. Same all round. Basically when you die your capitol is calculated everything you have is taxed as if it were a capitol gain.

It sounds a bit rough, but to be honest it makes more sense than the current system.

To be totally honest though, I do not agree with it at all, it just stinks. Think it through they are taxing people who are inelligable to vote. There is something dodgy about it all.