Is It Fair

tdiplc · April 3, 2006

It it right and fair that after you have worked your nuts off to gain whatever assets you accumulate over your lifetime (bought with whatever was left over after you had paid tax) that you will also pay tax on the transfer of the assets or when you die?

The argument that "they will get it out of you by some other means" does not wash with me. This country is absolutely bloated with public service workers (50ish% of the working population) with outrageous fringe benefits and pensions that I pay for every month (to the detriment of myself and my family). These guys are not incentivized to improve efficiency or cut costs but are encouraged to spend/waste their budgets to prevent a reduction in funds the following year.

You got any views on these issues?

Dave-Ellen · April 3, 2006

I'd agree with 50% of what you say in that those of us who contribute (by working paying taxes and buying our won houses) tend to get shafted evry which way while those who don't (live off benefits in public housing) will always be OK..........

Having worked in the public sector the "fringe benefits" are not that many....and many of the jobs make society a better place to live in

I'd like a fairer tax system which stops the millionaires paying less tax than me (and an end to inheritance tax)

The Editor · April 3, 2006

Ouch !!... Not too an inflamatory issue this one eh ??...

I totally agree... It's daylight flaming robbery...

I work my nuts off and pay tax ( a LOT of tax !)..

I buy a house and pay Stamp Duty on my purchase (another Tax)..Then anything I purchase to fill my house I pay VAT on.

Finally when I pop my cloggs and decide to leave my accumulated empire to my kids they get clobbered again for this extortionate tax. (Oh - and don't forget the estate WILL NOT BE RELEASED to my kids until the bloody government has had it's fourth slich of the cake first !! :tsktsk: :tsktsk: :tsktsk: )

Don't get me started... Oh... I already have

The Ed

Fidgits · April 3, 2006

I'll tell you what gets me about inheritence tax...

The Queen....

When her mother died, she inherited the best part of 100 million...

and didnt pay a penny...

as for me, well i just tell my parents to spend and enjoy it now, i plan on making my own way in life, and enjoying it, so there wont be any (or anyone) to pass it onto!

Parthiban · April 3, 2006

I think its a load of rubbish, a perfect example of taxes on taxes - if you buy a house, you pay tax on the income you use to buy it, then pay tax for buying it (stamp duty), tax to live there (council tax), and then another tax when it is passed on to beneficiaries?

Total bulls :tsktsk: t if you ask me

I agree about fairer taxation though, I think there should be many more bands to income tax, with the top 40% band applying to a much higher salary

Oh, and maybe they could stop young healthy people living their whole lives on benefits, go out and get a job you lazy :tsktsk:

Pip · April 3, 2006

Isnt this why more and more people are finding ways albeit illegal, to dodge the government? I know of two people with their own businesses......ahem...Better not carry on as there enough grasses about

No i dont agree to tax a man with what he makes off his own back, not once but twice especially when he is 6ft under.

Wosket · April 3, 2006

i think it's outrageous to be honest. my nan died a few weeks ago and the inheritance tax on her estate is unbelievable. it's not about the money i will lose due to the tax, i wish she was still with us and i miss her loads but the whole inheritance tax thing is unfair!

Monster-Mat · April 3, 2006

my parents have retired and live in Canada.......

Scarlet Pimpernell · April 3, 2006

Chancellor of the Exchequor - a description:

"Day light robber"

No different to dark ages.

You earn wages, pay tax, NI, allegedly you'll get a pension (dont hold your breath), NHS (not for long probably)

With cash in hand you buy things (like cars, houses, clothes, some of the food, holiday flights), pay tax (VAT) on top of the income tax already paid again

You buy fuel (ncluding gas, petrol), pay tax (and VAT)

You try and save, you pay tax on dividends and interest...

You die and your estate is sold off (that you built up on cash in hand, paid stmp duty on etc), and that's taxed. How many "estates" now fall below the thresholds? Not the majority given house prices...

Then they say they are so good to you by giving you a small ISA allowance and so on, it's all like a telephone bill (no one can easily understand any of it) and we're all so grateful.

So in my view it's all bad news, total rip off!

And don't forget, the level of inheritance tax is not keeping up with houseprices/inflation etc so we're worse off year on year!!

peter026 · April 3, 2006

One sentence says it all.........

RIP OFF BRITAIN

Dave-Ellen · April 3, 2006

also the bit where your parent(s) have to sell the house when they go into care................thats the worse thing....going back to the work/house thing....if you dont/didnt then this wouldnt happen to you

tdiplc · April 3, 2006

There are 200,000 people leaving the UK every year to go to sunnier climes/ fairer environments.

Guess what? The majority of these people are the wealth creators of UK PLC.

I wonder why they're going

Methinks I'll be on that list sooner or later too :)

oldcro · April 3, 2006

Hey! I didn't hear anyone shouting about Inheritance Tax when only the very rich had to pay it. Wives used to work to supliment the family income so they could have a reasonable standard of living. Now wives work so the family can move from their perfectly adequate home into a bigger one costing hundreds of thousands of pounds, have a new car every few years and three holidays abroad each year.

People today want more of what a few years ago were classed as luxury goods and the State to look after them from cradle to grave as it were. Just remember, there are millions of people much better off than the average person in the UK. But, there are also billions of people in the world fare worse off than the poorest people in the UK.

The perfect government does not and never has existed, so just be thankfull for what you have. You are the rich compared to when your parents were children and super-rich compared to your grandparents days. Generally speaking that is.

oldun

tdiplc · April 3, 2006

Hey! I didn't hear anyone shouting about Inheritance Tax when only the very rich had to pay it. Wives used to work to supliment the family income so they could have a reasonable standard of living. Now wives work so the family can move from their perfectly adequate home into a bigger one costing hundreds of thousands of pounds, have a new car every few years and three holidays abroad each year.
People today want more of what a few years ago were classed as luxury goods and the State to look after them from cradle to grave as it were. Just remember, there are millions of people much better off than the average person in the UK. But, there are also billions of people in the world fare worse off than the poorest people in the UK.

The perfect government does not and never has existed, so just be thankfull for what you have. You are the rich compared to when your parents were children and super-rich compared to your grandparents days. Generally speaking that is.

oldun

I agree with you upto a degree Oldun.

The IHT only used to affect the very wealthy but now it affects (or will affect) almost everyone.

I was born into poverty (by todays standards) in a tiny 1 bed flat on the banks of the Thames with no bathroom and only an outside loo.

I am where I am through luck and hard work, so yes I am a lot better off than my ancestors but I think the main difference between now and then is firstly education and secondly a healthy scepticism of political motivation.

I have no doublt that my grandparents would be proud to be bashed over the head by Tony Blair or the Queen, and would accept it without question. I wouldn't, and I do.