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Inheritance tax too high or too low?

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  • 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.
    (AKA HRH_MUngo)
    Member #10 of £2 savers club
    Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
  • 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.
  • 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
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    C
    Double it.

    BUT...

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


    Jim
  • kondormid
    kondormid Posts: 323 Forumite
    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.
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