Inheritance Tax

[PerlOfWisdom]

Sod 'em they've taxed me once, why should they get another slice of the pie? Plus the usual arguments that family's lose the family home etc...

They aren't taxing you again - they're taxing your beneficiaries on the free unearned money they have received.

It's like if you buy a TV with your taxed money. The shop pay tax on their profits from your money - despite tax already having been paid by you.

All money is taxed multiple times.

[DodgyAgent]

So once your kid hits 18, you dont help them out ever? Harsh!
What if you ar still alive, and your no adult daughter, gets ripped off by a crook, divorced by a man who beats her and the kidsl, and is stuck looking after all the kids on a benefit? Would you turn your back? Tell her to toughen up and work her way back up and watch your grandchildren suffer? Or would you offer not just emotional support, but a some money to get her back on her feet?
If you are alive, you would help her. But what if you ahd died 15 years before.. and in a rash of stupidity gave all your money to the HMRC?
Inheritance is about helping to SECURE the future of you family.

We have all seen wnough to know tragedy can happen to anyone and it can be very expensive even on innocent victims.

There are some truely heartless selfish bastards on this board.

Its the old IT contractor "Binary syndrome" again. You guys seem only capable of thinking on "one or the other" terms.

If my kids are in trouble then of course I would help them, but I have to balance this between what is genuine help and what is spoiling them. Leaving young children without security if you die is another argument entirely. For this I have life assurance and guardians appointed to look after them if I do die.

If my daughter has her purse nicked because she was careless I would think about bailing her out once but I wouldnt do it if she was careless twice. If she was beaten up by a husband boyfriend I would chuck however much it would take in the form of lawyers, alternative housing etc etc until I thought she should begin taking responsibility for herself. What I am not going to do is write my kids cheques because they want to buy a nice new car, jewellry ec.

[Advocate]

Peter Jones seems to have a sensible system to stop his children being spoiled but accepts that they're never going to be poor....


I'd be happier about inheritance tax if it didn't cause issues, perhaps they could exempt a single primary residence or similar?

[KathyWoolfe]

The fact that some kids spend all their inheritance and are generally wastrels has nothing to do with the fact that they have inheritance to waste. They would probably waste everything they get their hands on irrespective of who it once belonged to so this is a ridiculous argument against the abolition of inheritance tax.
Leave them an inheritance but if you bring them up wisely, to appreciate the value of their belongings and of other people then giving them an inheritance would only help them.

[BrilloPad]

if you bring them up wisely, to appreciate the value of their belongings and of other people

It does not always work out - look at the issues that EternalOptimist had.

However one must always try.

[Codejock]

bring them up wisely, to appreciate the value of their belongings and of other people

Here, here.

I think Kathy has pretty much hit the nail on the head there. Anybody who doesn't understand the value of things cannot appreciate the value of things.

Leaving an inheritance to your children (my last post, btw. was not meant earnestly) allows them to potentially get the leg-up that some of us did not get and also allow them to make life-choices that are not primarily based on financial neccessity or potential earnings.

If you can't leave your children money, how on earth are they going to be able to afford a peerdom? (Cause you can't leave them that now these days either!)

[tay]

Its the old IT contractor "Binary syndrome" again. You guys seem only capable of thinking on "one or the other" terms.

nice try.... but you have snookered yourself.. you and the other commies are the ones advocating an all or nothing solution. Capitalist people like myself are sayihg it is down to freedom of choice, if you want to leave your kids nothing.. fine. But dont try and enforce your simplistic views on us ya commie.

[tay]

For this I have life assurance and guardians appointed to look after them if I do die

So giving them money from life assurance is ok? But not from your earnings? That is retarded.

[tay]

It does not always work out - look at the issues that EternalOptimist had.

However one must always try.

Yes and I am sure his kids are thieving scum as well if they learnt from their old dad

[DodgyAgent]

So giving them money from life assurance is ok? But not from your earnings? That is retarded.

The money is not given it is to be spent by the guardians to ensure that they continue at school, and that the guardians do not have to dip into their own income to raise my kids.