VicS
Well-Known Member
Sign the online petition calling for the abolition of the "Death tax"
http://petitions.pm.gov.uk/ihtcrusade/
http://petitions.pm.gov.uk/ihtcrusade/
Inheritance Tax
- Thread starter VicS
- Start date
Gin
Well-Known Member
Good one- thanks
Done it and passed it on to friends
Done it and passed it on to friends
Whitelighter
Well-Known Member
Over 7000 names so far. They'll need at least 500,000 though.
longjohnsilver
Well-Known Member
Might just as well start a petition to abolish income tax.
Will have the same effect.
Will have the same effect.
Chris_Robb
Well-Known Member
Fishing for email addresses scam?
How do we know it is genuine!
How do we know it is genuine!
Gin
Well-Known Member
Not the same thing at all!- that would be doomed to failure.
BrendanS
Well-Known Member
Re: Fishing for email addresses scam?
no one would waste that much money on a scam
no one would waste that much money on a scam
Sgeir
Well-Known Member
Sorry to disagree, but this is a publicity stunt to boost sales for the porn magnate who has made the once mighty Daily Express a laughing stock IMHO.
A debate about the threshold might be perfectly realistic, particularly in view of house values in the southeast, but a newspaper campaign for outright abolition is dishonest IMHO, as the journos know that they are misleading their readers into believing that it is achievable.
Ironically, the abolition of IHT would probably fuel house prices to ever more absurd levels, and would effectively lead to even further generational wealth transfer from today's and tomorrow's youth, to the middle aged and reasonably contented, such as, errmm, a lot of us here...
Abolition would also inevitably increase other forms of taxation to make up for the shortfall in revenue. Anyway, IHT is a tax on unearned inherited wealth owing solely to the chance of birth. I'm in favour of it.
A debate about the threshold might be perfectly realistic, particularly in view of house values in the southeast, but a newspaper campaign for outright abolition is dishonest IMHO, as the journos know that they are misleading their readers into believing that it is achievable.
Ironically, the abolition of IHT would probably fuel house prices to ever more absurd levels, and would effectively lead to even further generational wealth transfer from today's and tomorrow's youth, to the middle aged and reasonably contented, such as, errmm, a lot of us here...
Abolition would also inevitably increase other forms of taxation to make up for the shortfall in revenue. Anyway, IHT is a tax on unearned inherited wealth owing solely to the chance of birth. I'm in favour of it.
Richard10002
Well-Known Member
Unlike you and I, a Chancellor starts his budget calcs with an amount of money he needs to raise. If there's a shortfall, he increases existing taxes, or makes up some new taxes to fund it. abolishing IHT will merely have the effect of increasing taxes elsewhere... for the living!
When mere mortals do a budget, we start with the amount of money we have available.... then we ask, "What di I need to do to be able to live on this?"
When mere mortals do a budget, we start with the amount of money we have available.... then we ask, "What di I need to do to be able to live on this?"
tangomoon
Well-Known Member
Too late chaps - the govenment now know they're onto a good thing. Time to complain was 20 years ago when everybody was admiring the rise in their house price (and ever since)
Budgie
Well-Known Member
Would the originator of this thread please tell us:
1. How much revenue is currently raised by inheritance tax
2. What are the alternative sources of revenue to replace it
1. How much revenue is currently raised by inheritance tax
2. What are the alternative sources of revenue to replace it
Slow_boat
Well-Known Member
[ QUOTE ]
Would the originator of this thread please tell us:
1. How much revenue is currently raised by inheritance tax
2. What are the alternative sources of revenue to replace it
[/ QUOTE ]
3. How does he morally justify a system whereby some are born rich and some are not?
4. What's wrong with spending the lot?
Would the originator of this thread please tell us:
1. How much revenue is currently raised by inheritance tax
2. What are the alternative sources of revenue to replace it
[/ QUOTE ]
3. How does he morally justify a system whereby some are born rich and some are not?
4. What's wrong with spending the lot?
Twister_Ken
Well-Known Member
I'm reminded of an old Punch cartoon
Solicitor's office, solictor behind desk, holding a will in front of him.
Family in front of desk, looking hopeful.
Speech bubble from solicitor
"I, John Smith, being of sound mind, spent it all before I died."
Solicitor's office, solictor behind desk, holding a will in front of him.
Family in front of desk, looking hopeful.
Speech bubble from solicitor
"I, John Smith, being of sound mind, spent it all before I died."
Brayman
Well-Known Member
It would make more sense to petition for the primary residence to be excluded from the IHT calculation.
As it is I think I'll eventually sell up and live in rented accommodation while giving away brown envelopes.
As it is I think I'll eventually sell up and live in rented accommodation while giving away brown envelopes.
Searush
Well-Known Member
[ QUOTE ]
It would make more sense to petition for the primary residence to be excluded from the IHT calculation.
As it is I think I'll eventually sell up and live in rented accommodation while giving away brown envelopes.
[/ QUOTE ]
In order to escape taxes, I believe you have to do that at least 7 years before you die. Have you had your death date yet?
It would make more sense to petition for the primary residence to be excluded from the IHT calculation.
As it is I think I'll eventually sell up and live in rented accommodation while giving away brown envelopes.
[/ QUOTE ]
In order to escape taxes, I believe you have to do that at least 7 years before you die. Have you had your death date yet?
DavidofMersea
Well-Known Member
Re: Inheritance Tax in Spain
Although I am British, I live in Spain (Ibiza) in the winter. WEF 1st January Inheritance tax in Ibiza was reduced to just 1%. I understand that several other countries have very low Inheritance Tax levels.
As someone says "If G.Brown reduces Inheritance Tax levels, he reduces his income - However, If he does not reduce Inheritance Tax levels, people with money will become foreign residents, and will reduce his income.
There will not just be a loss of Inheritance Tax, but also income tax of from the elderly with a large income.
Although I am British, I live in Spain (Ibiza) in the winter. WEF 1st January Inheritance tax in Ibiza was reduced to just 1%. I understand that several other countries have very low Inheritance Tax levels.
As someone says "If G.Brown reduces Inheritance Tax levels, he reduces his income - However, If he does not reduce Inheritance Tax levels, people with money will become foreign residents, and will reduce his income.
There will not just be a loss of Inheritance Tax, but also income tax of from the elderly with a large income.
gjbentley
Well-Known Member
Just educate your kids that they will get no free handouts from you when you kick the bucket. The bank of Mum & Dad is finally closed for business.
In the meantime take out as much equity release as you can in your last few years on your property to ensure you can enjoy life while you can.
Live & let live - well is'nt that why we love to sail ?
In the meantime take out as much equity release as you can in your last few years on your property to ensure you can enjoy life while you can.
Live & let live - well is'nt that why we love to sail ?
chrisc
Well-Known Member
In order to escape taxes, I believe you have to do that at least 7 years before you die. Have you had your death date yet?
or not tell anyone.........
or not tell anyone.........
Slow_boat
Well-Known Member
I saw a sticker on a car a while back; 'Retired and happy. We're spending our kids inheritance'
My parents are in Spain doing the same and my kids all know that there won't be much to share around after I retire so they'd better learn to stand on their own two feet.
Now if I die early, when they're still dependents, that's a bit different. I know it's possible to set up trusts to avoid tax but that costs a lot of money so I suppose it's another case of money going to money and the rich gets richer.
Ho hum, the way of the world, I suppose.
My parents are in Spain doing the same and my kids all know that there won't be much to share around after I retire so they'd better learn to stand on their own two feet.
Now if I die early, when they're still dependents, that's a bit different. I know it's possible to set up trusts to avoid tax but that costs a lot of money so I suppose it's another case of money going to money and the rich gets richer.
Ho hum, the way of the world, I suppose.
tangomoon
Well-Known Member
Sounds like you might die of apathy