Inheritance Tax

[tangomoon]

Re: Inheritance Tax in Spain

I would check with your bar room lawyer you have to be out of the country 5 years before you are free of inheritance tax and there's more. Don't be like the people on the recent TV programme finding they have to pay for healthcare. The laws are there and it is simple to find out what you can and can't do or get away with

 

[Slow_boat]

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Sounds like you might die of apathy

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[bedouin]

I think I can make a pretty good case in favour of 100% inheritance tax /forums/images/graemlins/smile.gif

It would be better for society for the money to be passed down the generations earlier - so let's put inheritance tax up to 100% and use the money raised to reduce income tax on the under 30s.

 

[stevebrassett]

Nice idea, but it wouldn't work. Everyone would just spend everything they could, and leave as little as possible for the government. Might boost the economy, though.

 

[Richard10002]

Re: Inheritance Tax in Spain

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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.


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Not sure that merely becoming resident in another country avoids inheritance tax.... I think it has more to do with domicile.

 

[Richard10002]

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Nice idea, but it wouldn't work. Everyone would just spend everything they could, and leave as little as possible for the government. Might boost the economy, though.

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Dont disagree but:

Boost the economy = increased inflation = increased interest rates = stronger pound = reduced exports/increased imports = ..............

 

[Brayman]

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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.........

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That's what the brown envelopes are for !

 

[Birdseye]

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Would the originator of this thread please tell us:

1. How much revenue is currently raised by inheritance tax

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About 7 billion.

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2. What are the alternative sources of revenue to replace it

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The government will spend £552 billion this year - do you really think they cant make a 1% efficiency saving, or indeed a 20% one if they really tried.

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3. How does he morally justify a system whereby some are born rich and some are not?

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He doesnt have to justify it. Its nothing to do with you or anyone else what I chose to give to my kids or to spend on boats. Goverment is there to provide the minimum services we cannot do individually, like defence. It has no business going into social engineering, subsidising the week and feckless but discriminating against the successful.

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4. What's wrong with spending the lot?

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Absolutely nothing - its a personal decision.

What is wrong is taxation on assets. Effectively, its a form of theft.