Gordo's insidius reach (oh, did I spell that right?:)

[Mailman]

Vectra,

What right has the Government got to your mothers estate? If anything one would think that the deceaseds surving offspring have more of a claim to their parents assets than the Government.

The whole idea of a IHT tax is just weird? The government getting their hands on your assets just because you have karked it is absolutely crazy!

Just because you have worked hard all your life to build up your assets does not mean the government should be entitled to them upon your death. Thats just crazy socialist talk!

This kind of mentality leads towards there being no point in accumulating your wealth because there will be no benefit for your children or their children...and if you think by giving all your world assets to the government will benefit your children then you are sadly mistaken.

Mailman

[The Lone Gunman]

Vectra,

What right has the Government got to your mothers estate? If anything one would think that the deceaseds surving offspring have more of a claim to their parents assets than the Government.

The whole idea of a IHT tax is just weird? The government getting their hands on your assets just because you have karked it is absolutely crazy!

Just because you have worked hard all your life to build up your assets does not mean the government should be entitled to them upon your death. Thats just crazy socialist talk!

This kind of mentality leads towards there being no point in accumulating your wealth because there will be no benefit for your children or their children...and if you think by giving all your world assets to the government will benefit your children then you are sadly mistaken.

Mailman

You are looking at it from the wrong direction. It is not you that is being taxed, you have paid all your dues on everything.
It is your children/friends who are being taxed.
It is just administered on the estate to make the process simple.

If Gaydon did what we have suggested a number of times then this question would become clear. Get rid of the complicated tax system and tax all personal income (including transferred assets) at a fixed price. Sorted.

[VectraMan]

What right has the Government got to your mothers estate? If anything one would think that the deceaseds surving offspring have more of a claim to their parents assets than the Government.

I understand the point. I'm just arguing that children (assuming they're adults anyway) are seperate legal entities and are as such no more or less entitled than anyone else to money left after death. I'm not saying the government has some kind of moral entitlement to the money either, rather that in the absence of anyone who has a better claim (perhaps a dependant spouse or minors) money should go into the public purse.

I'm really not a raving socialist, but I think given the choice between taxing the living and taxing the dead, taxing the dead seems like a good option. We care about the amount of tax we pay as it hurts us day to day, but once you're dead you don't care about tax.

Everyone here is very quick to jump on single mothers and immigrants getting hand outs from our tax bill despite never doing a day of work in their lives, yet you all seem to think spoilt rich brats should get a huge hand out tax free when Daddy pops his clogs, without ever having done anything to earn it. I say, treat everybody as individuals, and reward individual success (not punish as they seem to be doing now).

Of course if I had children or rich parents I might have a different opinion.

[mcquiggd]

Best plan seems to be once you are retired, take the money out at the max of the cashpoint each day, leave as little in the bank as you can (you get f all interest, and are taxed on that anyway...).... put it in a number of seperate safety deposit boxes, as you intend to distribute your inheritance - slap in some gold to allow for inflation etc, and in your will leave your kids the location and access rights to the boxes stashed away with whatever is left.

Oh, then get the taxpayers to pay for your last days in a nursing home... except for when you go and dip into your own personal safety deposit box and 'visit friends in Nice' every month....

[bogeyman]

I'm really not a raving socialist

[NoddY]

Inheritance and meritocracy are diametrically opposed. You cannot have both.

Anyway, inheritance is too important to be shot-of for the decision makers and their organ grinders. Most 'rich' people have accumulated assets over serveral generations, some as far back as the Norman invasion. By understanding this you will realise:

1. Why a winner of the National Lottery jackpot will struggle to obtain a premier property in London
2. Why 70% of the land is owned by just 1% of the population.
3. Why the rich remain so, even if the value of money fluctuates wildly (i.e. they are not exposed to the economic cycle, Great Depression etc.)

[mcquiggd]

And effictively starting from scratch at every generation will help the 99% of people who do not own 70% of the land to gain a foothold due to the efforts of their relatives....? Really think that the current rich will suddently be humbled, or just use their financial muscle to move the money abroad / influence policy / get a peerage....

I thought "marriage / family values" were supposed to core to the left wings good itentions.... (but it seems, not policy)....

How would you feel if, after 50 years work, you saw the government taking a major chunk of your what you have earnt, and wasting it while your own family members are in need...?

[Mordac]

Best plan seems to be once you are retired, take the money out at the max of the cashpoint each day, leave as little in the bank as you can (you get f all interest, and are taxed on that anyway...).... put it in a number of seperate safety deposit boxes, as you intend to distribute your inheritance - slap in some gold to allow for inflation etc, and in your will leave your kids the location and access rights to the boxes stashed away with whatever is left.

And wait for them to get arrested for money laundering the moment they try and pay it in anywhere.

[vetran]

Stuff it

Off down the PUB then, no point saving for my children I'll just blow it on holidays and Plasma TV's.

I earnt it, was taxed on it repeatedly, been denied benefits because I'm too rich etc. why should my money and more importantly my pension go to the Rochdale Swamp Donkey & a number of New Lie donors rather than my children & wife?

[mcquiggd]

And wait for them to get arrested for money laundering the moment they try and pay it in anywhere.

Dont think Tescos check out staff ring up the inland revenue / police /bank of england about bank note serial numbers.... could always pop over to eastern europe / use a london taxi driver if you want to be REALLY careful....