Scrap Inheritance Tax (IHT) Petition

azthe

Sign the petition to scrap Inheritance Tax in this year's budget:

You've probably seen this in the papers already - I haven't seen it on MSE yet so here is the link:

http://petitions.pm.gov.uk/ihtcrusade/#detail

Almost 6500 signed up so far.

It's worth a try!

RayWolfe

No, Inheritance Tax is essentially a benign tax. Tell us what you would put in its place ... that's if you really are interested rather than issuing spam and raising issues that have been raised here many, many times.

Andy_L

Do you think we could start a petition to ban these petitions?

tom188

I certainly think they are becoming rather tedious, and think they should be classed as spam unless the accompanying post contains some useful information. Ostensibly these are being used to make a political point.

In the case of tax its all very well saying scrap this, scrap that we all want to pay less tax but where is the money needed going to come from otherwise.

Mikeyorks

tom188 wrote:

I certainly think they are becoming rather tedious,

Couldn't agree more. And normally via posters with little or no track record.

I think they've only set the petition website up .. 'cos the doorman at No 10 got fed up accepting sheets of paper from earnest tweed clad people. It's not exactly an inspiring use of public funds?

ManAtHome

Anyone know of a petition that has actually had any effect?

Anyway, surely we only need one "increase everyone else's tax and let me off"...

h4nym

What - so it's cheaper to process paper petitions than to automate them online?

Now - to all those naysayers... if you want to stop these petition requests, don't give them the oxygen of a bump! Simply don't respond!

Now finally - as for this being a benign tax... you what? How can a tax which generally forces you to dispose of an asset simply in order to pay the tax on acquiring it be benign! No - this is a carefully crafted tax - raising stamp duty on the sale as well as inheritance tax on the proceeds. And don't try giving it away before hand - that's taxable too.

No - this is a nasty tax - mired in fiscal drag - a worthy exempler of Crash Gordon's dishonour.

RayWolfe

h4nym wrote:

How can a tax which generally forces you to dispose of an asset simply in order to pay the tax on acquiring it be benign!

Presumably you can support that or is it just another assertion?
I believe that the tax can certainly be improved but it should not be abolished as it is, in the main, a fair and useful means of raising revenue. Incidentally, it was not invented by Mr Brown and has been treated by him in just the same way as other chancellors have done.
So if this were a political forum we could usefully discuss this further, meanwhile we must just agree to disagree.

Andy_L

You might want to sign this one then
http://petitions.pm.gov.uk/keepiht/
a petition to keep IHT

IMO the trouble with this site is that it's to easy to create a petition, just searching on IHT gives 12 active hits & 2 past petitions, diluting the impact of each one.
Considering the Daily Express' (sp?) campaign to abolish IHT came to naught an online one that (last time) got 1340 sigs is even less likely

Mind you according to the express a "middle income" couple has one earning £60ka and the other earning £30k part time.

tr3mor

Would you rather pay more income tax or VAT? No? Thought not...

azthe

Some responses to the issues raised:

1) Relevance - My purpose for posting on this board was to a) raise a topical issue albeit one that has been raised several times before(why?) b) If abolished or reduced it would positively affect people who visit this website.
2) Arguments against IHT - Double taxation; Affects Mr Average - wealthy can afford expensive avoidance schemes; It discourages savings; Inappropriate time to face tax burden at time of bereavement; punishes the thrifty (MSE users); It isn't being implemented fairly - bands haven't increased in line with inflation; Since its inception, IHT hasn't created an egalitarian UK.
3) Revenue replacement - War in Iraq costing UK 53 million pounds a day (19Billion a year - IHT amounts to 4 billion - ironic that when introduced in 1694 it was used to fund a war against the French); Welfare system inefficient and abused by thousands; Taxation of polluters under utilised.. carbon emissions trading etc
4) International comparisons - Canada, New Zealand, Sweden - they manage quite nicely without it.
5) Successful petitions - If enough people support it and causes even a small change in % of tax or band rates then I would consider it successful.
6) Gripes about posts - if i see a post advertising how to save 10p on toothpaste - it doesn't interest me so I move on... i don't write negative comments about how i don't think it should be there.