The sovereign is immune from the law as he would have to be prosecuted under his own name (Rex vs Rex) so everything he does is voluntary. Since 1993 the monarch has agreed to pay income tax and capital gains tax on private income as well as inheritance tax on any private bequests not made to his or her successor, but none of this is applied to crown estate which is considered government property even though the crown gets to keep 25% of the profits.
What is grossly unfair is that the £175K Residence Nil Rate Band (RNRB) on top of the standard £325K Nil Rate Band (NRB) is only applicable if you leave the assets to a spouse or children. If you are not married or do not have children, and want to leave your assets to a very dear friend, then you only qualify for the £325K Nil Rate Band. Either scrap the RNRB or give it to everyone, regardless of who they leave their assets to.
Another terrible tax is a PET’s gift where the deceased thinks they have given you a gift and if they don’t live seven years, you end up paying part, of it to the tax man. Inheritance and PET’s should both be scraped … it is taxing twice on the same money.
And King Charlie didn’t pay a penny. We’re leaning towards a society where if you’ve got dosh you can afford posh lawyers to avoid paying anything. If you happen to be “The People” you pay through the nose for everything all your life and then they get more when you die. If you’re rich like Nige, on the other hand, no worries and an EU pension.
Why should people be taxed for dying? People pay tax when they are alive and why should they be taxed again after death as if they paid no tax? In fact, the UK Gov has lots of income but is not investing in infrastructure vital for the ecnonomy but spending most income on Gov payroll and consumables. Why should people be taxed after death in the first place as if they didn't pay tax when they were alive? It is unfair and typical of a non-progressive predator government. Inheritance tax/death tax should be scrapped. It is unfair to the payer and damaging the economy in the long-run because a lot of capital is leaving the country. Professionals pay 40% on their higher income brackets (which source their savings & homes) and then another 40% when they die on those life-time savings & homes. In total, the Gov takes 64% of people's incomes while only 36% is left to their children. That is why people sell their properties and send their money away in places where inheritance tax is low. The regime of inheritance tax is short-sighted. Better that the Gov controls its expenditures and uses tax payers money wisely rather than imposing more and more taxes on the public.
“IHT is a heavy-handed tax heaped on a family after loads of other taxes have been suffered for a lifetime - and at a time of dislocation and grief. IHT accounts for about 1% of total tax receipts. It sends out signals as a tax on aspiration, an envy tax-it is tantamount to a heartless tax grab by the State. Also, from an economic viewpoint, much of the capital that goes in IHT would be available for investment, creating jobs and further tax receipts. The epithet of “the nasty tax” is well-deserved. ABOLISH IHT
Because they worked darn hard for what they have! They did not spend their time in front of the television , beer in hand. What is stopping you...laziness?.. handouts from the government? ... you spout pure envy ....
It raises a nominal amount of the overall tax take and represents a heartless tax grab by the State at a time of mourning. Its label of “the nasty tax” is well-deserved. It is only espoused by envy-driven and small-minded socialists.
If they scrap one tax they will increase another. Taxes never get reduced in this country unless there is a TRUE conservative government in place. We haven't had one of those since Thatcher
You have forgotten Tony Blair, whose policies were definitely not socialist (continued privatisations, etc.) and was a great admirer of Thatcher's policies, more so than later Tory leaders. And being rich, was just as remote from real people's problems.
Inheritance Tax should be increased at the higher end only, but by quite a bit. It’s a free money-tree for people who usually have not done anything to deserve it. The tax windfall for the country could help NHS, schools, roads, etc.
@@connect4558 Well we live in a democracy so each of us theoretically have an equal say on tax policy. Personally I would support higher taxation on unearned wealth to pay for lower taxation on earned income.
@@dertery8724 I don’t want to subside the non working low life blood sucking leeches in society, along with the people that abuse the NHS and take no personal responsibility whatsoever for their health because it’s free. My wife is a teacher, HRT payer, vegetarian, non smoker, and teetotaller who got breast cancer and yet we have to the £10k plus, for the cost of her dental implants to replace the teeth she lost through chemotherapy! Where’s the support for people like her?
Inheritance tax is not unfair and is not unpopular. Inheritance should definitely be reformed. Inheritance money is unearned income, so it should be taxed at a higher rate than income from labour. What is cruel is that having a low inheritance tax rate such as in the UK embeds inequality and protects the rich. So by all means, let's reform it. Increase it substantially.
IHT is a heavy-handed tax heaped on a family after loads of other taxes have been suffered for a lifetime - and at a time of dislocation and grief. IHT accounts for about 1% of total tax receipts. It sends out signals as a tax on aspiration, an envy tax-it is tantamount to a heartless tax grab by the State. Also, from an economic viewpoint, much of the capital that goes in IHT would be available for investment, creating jobs and further tax receipts. The epithet of “the nasty tax” is well-deserved. ABOLISH IHT
It shouldn't be scrapped, the allowance should be raised. The super rich avoiding a tax on their wealth is how we keep the inequity built into the system, and I am a capitalist.
Adam Smith supported fair taxes on inherited wealth as he believed sloth reduced the level of enterprise in the economy. Capitalism and redistribution of unearned wealth need not be mutually exclusive.
@dadsvideos7872 however they should because farms which grow your food will be forced to sell the farm to pay the tax. Then what will happen is foreners will buy the land and not farm it. Given time, British farming would be a thing of the past. This would even apply to massive industrial farms who make your bread. Even if big farmers bought the small farms, they'd still have to sell up in the end. You'd be surprised how little farms actually make. 40% taken from a farm is a dam lot. No farmers no food.
325,000 it can raise to 500,000 A joint owned house passes to your spouse on death no tax if you have a SIPP then that passes tax free to your spouse as well The rate needs doubling to reflect property prices but overall you need a method of clawing back asset wealth
We need to remove offshore banking, the tax avoidance recovered would fund the NHS five times over every year and lower the retirement age to 55 or double the state pension.
Trusts are not an easy way to avoid IHT - believe, I am familiar with their operation. What they do achieve is control, not IHT savings of any significance. Above the £325 Nil reate Band, 20% is payable up from and 6% is levied every 10 year, and a percentage levied on any capital leaving the trust. NOT IHT FREE!!!
In 1900 the top 1% of the population controlled 70% of all the wealth: today the figure is 25% so inheritance tax has clearly succeeded in this respect.
Inheritance tax (and capital gains) will soon scrap themselves. No-one will have any assets! Yes, better start building lots of free council run care homes. Pretty soon, we will all qualify! 😂
IHT is a heavy-handed tax heaped on a family after loads of other taxes have been suffered for a lifetime - and at a time of dislocation and grief. IHT accounts for about 1% of total tax receipts. It sends out signals as a tax on aspiration, an envy tax-it is tantamount to a heartless tax grab by the State. Also, from an economic viewpoint, much of the capital that goes in IHT would be available for investment, creating jobs and further tax receipts. The epithet of “the nasty tax” is well-deserved. ABOLISH IHT
If you die within 7 years, the inheritors still pay. But why should people be taxed for dying in the first place? People pay tax when they are alive and why should they be taxed again after death as if they paid no tax? In fact, the UK Gov has lots of income but is not investing in infrastructure vital for the ecnonomy but spending most income on Gov payroll and consumables. Why should people be taxed after death in the first place as if they didn't pay tax when they were alive? It is unfair and typical of a non-progressive predator government. Inheritance tax/death tax should be scrapped. It is unfair to the payer and damaging the economy in the long-run because a lot of capital is leaving the country. Professionals pay 40% on their higher income brackets (which source their savings & homes) and then another 40% when they die on those life-time savings & homes. In total, the Gov takes 64% of people's incomes while only 36% is left to their children. That is why people sell their properties and send their money away in places where inheritance tax is low. The regime of inheritance tax is short-sighted. Better that the Gov controls its expenditures and uses tax payers money wisely rather than imposing more and more taxes on the public.
@@peaceisgood9639 if they spend their money there will be no inheritance tax to pay. why should people become wealthy based on who their parents are? would be better of setting inheritance tax at 100%, spend the money you earn and each new generation can be subject to meritocracy.
@@reslllence - that is against the saving and investment culture that drives everly developed nations such as the UK. Only with savings and the investment of those savings can a country prosper. If a generation consumes all welath it generates, then there is nothing to pass to next generation and continuity of a nation and its society will be in jeopardy.
They need to scrap the Bedroom Tax because that causes a lot of stress for the most vulnerable people in society who have very little to begin with. The inheritance tax only serves the rich 👿
The tax people pay in their life time is not enough? If that is not enough, inheritance tax will not be enough. In fact, the UK Gov has lots of income but is not investing in infrastructure vital for the ecnonomy but spending most income on Gov payroll and consumables. Why should people be taxed after death in the first place as if they didn't pay tax when they were alive? It is unfair and typical of a non-progressive predator government. Inheritance tax/death tax should be scrapped. It is unfair to the payer and damaging the economy in the long-run because a lot of capital is leaving the country. Professionals pay 40% on their higher income brackets (which source their savings & homes) and then another 40% when they die on those life-time savings & homes. In total, the Gov takes 64% of people's incomes while only 36% is left to their children. That is why people sell their properties and send their money away in places where inheritance tax is low. The regime of inheritance tax is short-sighted. Better that the Gov controls its expenditures and uses tax payers money wisely rather than imposing more and more taxes on the public.
@@peaceisgood9639 I very much agree with you regarding the insanity of our tax system. In my view, inheritance tax should be scrapped and replaced with a wealth tax and capital transfer tax (a tax charged on all assets moved abroad) that would only affect the super rich. Middle class families would be spared the upset of being unable to pass on their home whilst the most egregious form of inheritance tax avoidance by the super rich (offshoring of assets) would no longer save them any money. There should be no exemptions to the wealth tax (which I would only apply to those with more than £10 million) whether due to assets being held in trust, farmland, or business; or to the capital transfer tax (above a certain annual allowance). These policies would raise far more than IHT does currently and would be much fairer as under the present system estates worth £2 million currently pay an average of 20% (£400,000) whilst estates worth more than £10 million pay only around 10% (£1,000,000) due to the various ways they can reduce their liabilities. We could even use some of the extra money to cut income tax and national insurance, solving the other problem you identified.
One person with dementia and slightly less assets to be ordered to pay for their care gets to keep everything, whilst someone slightly over loses the lot?
Not really: you pay until your assets get below the threshold, then get to keep the rest. It's an unfair system but never one that'll leave you destitute.
Talking about unfair taxes, why is it poor people drive crappy cars? Because to buy anything remotely enjoyable we're hammered with Vehicle tax, yet those who bought those old cars in the first place are now paying sod all in their hybrids and EV's while the poor are getting forced off the road. "Green" taxes are a direct attack on the poor. Who really thinks a poorer person wants to spend 400 quid a year to tax a tiny Mazda MX5? If we had the choice to vote on these things they'd be thrown out of parliament but like everything else, anything we wouldn't vote for we're never offered a vote on.
@@paultweedley2026 there are also AIM investments/VCT's/EIS etc to help funding for newer businesses that can't get funding elsewhere. The outraged tend to be the unwilling to research for themselves.
Let’s face it those with houses in London have done nothing for that increase.They have just been lucky. The millionaires can well afford it and should pay more than they do.
“IHT is a heavy-handed tax heaped on a family after loads of other taxes have been suffered for a lifetime - and at a time of dislocation and grief. IHT accounts for about 1% of total tax receipts. It sends out signals as a tax on aspiration, an envy tax-it is tantamount to a heartless tax grab by the State. Also, from an economic viewpoint, much of the capital that goes in IHT would be available for investment, creating jobs and further tax receipts. The epithet of “the nasty tax” is well-deserved. ABOLISH IHT
Solicitors and auctioneer/valuers would lose a lot of /their/ income if IHT was abolished. Note also that valuers come up with significantly lower figures if valuing “for probate” than for insurance.
Nobody's religion exempts them from stamp duty as what you're referring to are Islamic schemes where you don't actually own the house (so not to acquire interest liabilities which Sharia forbids). However, there is evidence of especially Muslims but other religions too falsely declaring their home to be a place of worship to exempt it from council tax.
@@georgeash4008By scrapping benefits and such to low life leeches who can’t get off their fat arses and work. Along with foreign aid to various countries and properly controlling immigration and all that it cost us!
We replace traditional parties with small independents then the money is collected on behalf of local needs & not as a free for all for centralised corrupt thieves.
@@suzanne386 That's very difficult. What do we get in return? We are going to get something, but maybe not something that can be discussed openly. In any case it doesn't sound very good if we stop foreign aid to preserve the wealth of our private citizens.
@@suzanne386 Most inheritance tax is paid on family homes, which are exempt from capital gains tax. If you don't have inheritance tax it is just a middle class give away.
Why should people be taxed for dying? People pay tax when they are alive and why should they be taxed again after death as if they paid no tax? In fact, the UK Gov has lots of income but is not investing in infrastructure vital for the ecnonomy but spending most income on Gov payroll and consumables. Why should people be taxed after death in the first place as if they didn't pay tax when they were alive? It is unfair and typical of a non-progressive predator government. Inheritance tax/death tax should be scrapped. It is unfair to the payer and damaging the economy in the long-run because a lot of capital is leaving the country. Professionals pay 40% on their higher income brackets (which source their savings & homes) and then another 40% when they die on those life-time savings & homes. In total, the Gov takes 64% of people's incomes while only 36% is left to their children. That is why people sell their properties and send their money away in places where inheritance tax is low. The regime of inheritance tax is short-sighted. Better that the Gov controls its expenditures and uses tax payers money wisely rather than imposing more and more taxes on the public.
I thought it already had been. Prince Charles didn't pay any, did he?
The sovereign is immune from the law as he would have to be prosecuted under his own name (Rex vs Rex) so everything he does is voluntary. Since 1993 the monarch has agreed to pay income tax and capital gains tax on private income as well as inheritance tax on any private bequests not made to his or her successor, but none of this is applied to crown estate which is considered government property even though the crown gets to keep 25% of the profits.
What is grossly unfair is that the £175K Residence Nil Rate Band (RNRB) on top of the standard £325K Nil Rate Band (NRB) is only applicable if you leave the assets to a spouse or children. If you are not married or do not have children, and want to leave your assets to a very dear friend, then you only qualify for the £325K Nil Rate Band. Either scrap the RNRB or give it to everyone, regardless of who they leave their assets to.
Another terrible tax is a PET’s gift where the deceased thinks they have given you a gift and if they don’t live seven years, you end up paying part, of it to the tax man. Inheritance and PET’s should both be scraped … it is taxing twice on the same money.
Yes. Replace it with an annual wealth tax of 2% on net worths in excess of £3 million.
And King Charlie didn’t pay a penny. We’re leaning towards a society where if you’ve got dosh you can afford posh lawyers to avoid paying anything. If you happen to be “The People” you pay through the nose for everything all your life and then they get more when you die. If you’re rich like Nige, on the other hand, no worries and an EU pension.
King Charlie is also getting a massive pay rise (paid by us peasants) so he can afford the higher air fares to his next save the world conference.
You can't escape the tax man, even in death!
Why should people be taxed for dying? People pay tax when they are alive and why should they be taxed again after death as if they paid no tax? In fact, the UK Gov has lots of income but is not investing in infrastructure vital for the ecnonomy but spending most income on Gov payroll and consumables. Why should people be taxed after death in the first place as if they didn't pay tax when they were alive? It is unfair and typical of a non-progressive predator government. Inheritance tax/death tax should be scrapped. It is unfair to the payer and damaging the economy in the long-run because a lot of capital is leaving the country. Professionals pay 40% on their higher income brackets (which source their savings & homes) and then another 40% when they die on those life-time savings & homes. In total, the Gov takes 64% of people's incomes while only 36% is left to their children. That is why people sell their properties and send their money away in places where inheritance tax is low. The regime of inheritance tax is short-sighted. Better that the Gov controls its expenditures and uses tax payers money wisely rather than imposing more and more taxes on the public.
Declare the pennies on your eyes
It will never change no matter how much we discuss it government greed 🏴
They are the same fifty MPs who SHOULD CROSS THE FLOOR ON LIVE TV AND JOIN REFORM UK
Don't want any of those snakes they have just sat on their hands so what are they going to do for us.
Why? Help the rich yet again.
“IHT is a heavy-handed tax heaped on a family after loads of other taxes have been suffered for a lifetime - and at a time of dislocation and grief. IHT accounts for about 1% of total tax receipts. It sends out signals as a tax on aspiration, an envy tax-it is tantamount to a heartless tax grab by the State. Also, from an economic viewpoint, much of the capital that goes in IHT would be available for investment, creating jobs and further tax receipts. The epithet of “the nasty tax” is well-deserved. ABOLISH IHT
Because they worked darn hard for what they have! They did not spend their time in front of the television , beer in hand. What is stopping you...laziness?.. handouts from the government? ... you spout pure envy ....
It raises a nominal amount of the overall tax take and represents a heartless tax grab by the State at a time of mourning. Its label of “the nasty tax” is well-deserved. It is only espoused by envy-driven and small-minded socialists.
Ought to ask fellow presenter JRM how to do some Tax Planning!!, Now that would be an interview to watch!!
If they scrap one tax they will increase another.
Taxes never get reduced in this country unless there is a TRUE conservative government in place.
We haven't had one of those since Thatcher
@Lawrence Newman we have always allowed immigration from poorer countries. Always.
However, uncontrolled, mass immigration is a new occurrence.
You have forgotten Tony Blair, whose policies were definitely not socialist (continued privatisations, etc.) and was a great admirer of Thatcher's policies, more so than later Tory leaders. And being rich, was just as remote from real people's problems.
Also interest on mortgage
It is a grief tax
Double tax by the back door
Its as unpopular as ulez
Which, incidentally, has not proved unpopular now most intelligent people understand it.
Do you think you could you get the scrapping back dated. I have just had to pay £35,000.
Inheritance Tax should be increased at the higher end only, but by quite a bit. It’s a free money-tree for people who usually have not done anything to deserve it. The tax windfall for the country could help NHS, schools, roads, etc.
Speak for yourself, we have worked and earned our money to help our children!
@@connect4558 You earned the money and so deserve to keep it in an equitable society, but what have your children done to deserve it?
@@dertery8724 Correct, I earned and it’s my choice if I wish to help my children, not yours or anybody else’s!
@@connect4558 Well we live in a democracy so each of us theoretically have an equal say on tax policy.
Personally I would support higher taxation on unearned wealth to pay for lower taxation on earned income.
@@dertery8724 I don’t want to subside the non working low life blood sucking leeches in society, along with the people that abuse the NHS and take no personal responsibility whatsoever for their health because it’s free. My wife is a teacher, HRT payer, vegetarian, non smoker, and teetotaller who got breast cancer and yet we have to the £10k plus, for the cost of her dental implants to replace the teeth she lost through chemotherapy! Where’s the support for people like her?
Inheritance tax is not unfair and is not unpopular.
Inheritance should definitely be reformed. Inheritance money is unearned income, so it should be taxed at a higher rate than income from labour.
What is cruel is that having a low inheritance tax rate such as in the UK embeds inequality and protects the rich.
So by all means, let's reform it. Increase it substantially.
IHT is a heavy-handed tax heaped on a family after loads of other taxes have been suffered for a lifetime - and at a time of dislocation and grief. IHT accounts for about 1% of total tax receipts. It sends out signals as a tax on aspiration, an envy tax-it is tantamount to a heartless tax grab by the State. Also, from an economic viewpoint, much of the capital that goes in IHT would be available for investment, creating jobs and further tax receipts. The epithet of “the nasty tax” is well-deserved. ABOLISH IHT
Inheritance tax is not unfair stop bleating
I’m bringing this to a close - our views are diametrically opposed. You have no cogent answers.
With you on this one!@@ratreer1523
the royal family is exempt from inheritance tax
Typical
It shouldn't be scrapped, the allowance should be raised. The super rich avoiding a tax on their wealth is how we keep the inequity built into the system, and I am a capitalist.
Adam Smith supported fair taxes on inherited wealth as he believed sloth reduced the level of enterprise in the economy. Capitalism and redistribution of unearned wealth need not be mutually exclusive.
However, what about farmers? They'd be forced to sell up.
Farmers shouldn’t be exempt.
@dadsvideos7872 however they should because farms which grow your food will be forced to sell the farm to pay the tax. Then what will happen is foreners will buy the land and not farm it. Given time, British farming would be a thing of the past. This would even apply to massive industrial farms who make your bread. Even if big farmers bought the small farms, they'd still have to sell up in the end. You'd be surprised how little farms actually make. 40% taken from a farm is a dam lot.
No farmers no food.
The poor gain nothing from scrapping it, just more tax elsewhere.
Do inough tax dodging all ready
They could have done it 13 years ago, why now I wonder.....desparation
What is the threshold for inheritance tax???. Are many affected by it ?? It does sound very unfair.
325,000 it can raise to 500,000
A joint owned house passes to your spouse on death no tax if you have a SIPP then that passes tax free to your spouse as well
The rate needs doubling to reflect property prices but overall you need a method of clawing back asset wealth
@@SlowhandGreg thanks for the reply. 325 is a little low today. Fingers crossed it's raised .
Especially since we cannot afford to pay essential workers a decent wage and we have 7 million plus on NHS waiting lists.
We need to remove offshore banking, the tax avoidance recovered would fund the NHS five times over every year and lower the retirement age to 55 or double the state pension.
Even if you don't meet the threshold, proving it for probate is a killer.
The big up rise is coming.
Rich people don't pay it they hive it off into trusts etc.
Makes you wonder if Nige is the right man for this interview. Bet he’s got loads stashed.
Trusts are not an easy way to avoid IHT - believe, I am familiar with their operation. What they do achieve is control, not IHT savings of any significance. Above the £325 Nil reate Band, 20% is payable up from and 6% is levied every 10 year, and a percentage levied on any capital leaving the trust. NOT IHT FREE!!!
You cannot scrap or reduce ANY tax. It's not allowed
You have paid your tax to buy the house it’s a rip off
but you haven't paid tax on the profits made on the house.
@@yetidodger6650 not yet but that is something they will look at, you can bet your bottom dollar !
Death or inheritance taxes are just pure evil
not really, Racists like Farage are evil.
In 1900 the top 1% of the population controlled 70% of all the wealth: today the figure is 25% so inheritance tax has clearly succeeded in this respect.
Make the brexit toads pay
Inheritance tax (and capital gains) will soon scrap themselves. No-one will have any assets! Yes, better start building lots of free council run care homes. Pretty soon, we will all qualify! 😂
lmao wat
IHT is a heavy-handed tax heaped on a family after loads of other taxes have been suffered for a lifetime - and at a time of dislocation and grief. IHT accounts for about 1% of total tax receipts. It sends out signals as a tax on aspiration, an envy tax-it is tantamount to a heartless tax grab by the State. Also, from an economic viewpoint, much of the capital that goes in IHT would be available for investment, creating jobs and further tax receipts. The epithet of “the nasty tax” is well-deserved. ABOLISH IHT
It's easy to avoid inheritance tax for your inheritors.. give them the money before you die.. or just spend it.
If you die within 7 years, the inheritors still pay. But why should people be taxed for dying in the first place? People pay tax when they are alive and why should they be taxed again after death as if they paid no tax? In fact, the UK Gov has lots of income but is not investing in infrastructure vital for the ecnonomy but spending most income on Gov payroll and consumables. Why should people be taxed after death in the first place as if they didn't pay tax when they were alive? It is unfair and typical of a non-progressive predator government. Inheritance tax/death tax should be scrapped. It is unfair to the payer and damaging the economy in the long-run because a lot of capital is leaving the country. Professionals pay 40% on their higher income brackets (which source their savings & homes) and then another 40% when they die on those life-time savings & homes. In total, the Gov takes 64% of people's incomes while only 36% is left to their children. That is why people sell their properties and send their money away in places where inheritance tax is low. The regime of inheritance tax is short-sighted. Better that the Gov controls its expenditures and uses tax payers money wisely rather than imposing more and more taxes on the public.
@@peaceisgood9639 if they spend their money there will be no inheritance tax to pay. why should people become wealthy based on who their parents are? would be better of setting inheritance tax at 100%, spend the money you earn and each new generation can be subject to meritocracy.
@@reslllence - that is against the saving and investment culture that drives everly developed nations such as the UK. Only with savings and the investment of those savings can a country prosper. If a generation consumes all welath it generates, then there is nothing to pass to next generation and continuity of a nation and its society will be in jeopardy.
@@peaceisgood9639how do you come up with such drivel?
@@reslllence - could be drivel for you but I don't need to tell you saving & investment are engines for economic growth
They need to scrap the Bedroom Tax because that causes a lot of stress for the most vulnerable people in society who have very little to begin with. The inheritance tax only serves the rich 👿
All tax should be scrapped. Force is no basis to build a society upon.
How do you pay for roads, railways, schools, hospitals, teachers, doctors, nurses etc ?
The tax people pay in their life time is not enough? If that is not enough, inheritance tax will not be enough. In fact, the UK Gov has lots of income but is not investing in infrastructure vital for the ecnonomy but spending most income on Gov payroll and consumables. Why should people be taxed after death in the first place as if they didn't pay tax when they were alive? It is unfair and typical of a non-progressive predator government. Inheritance tax/death tax should be scrapped. It is unfair to the payer and damaging the economy in the long-run because a lot of capital is leaving the country. Professionals pay 40% on their higher income brackets (which source their savings & homes) and then another 40% when they die on those life-time savings & homes. In total, the Gov takes 64% of people's incomes while only 36% is left to their children. That is why people sell their properties and send their money away in places where inheritance tax is low. The regime of inheritance tax is short-sighted. Better that the Gov controls its expenditures and uses tax payers money wisely rather than imposing more and more taxes on the public.
@@peaceisgood9639 I very much agree with you regarding the insanity of our tax system. In my view, inheritance tax should be scrapped and replaced with a wealth tax and capital transfer tax (a tax charged on all assets moved abroad) that would only affect the super rich. Middle class families would be spared the upset of being unable to pass on their home whilst the most egregious form of inheritance tax avoidance by the super rich (offshoring of assets) would no longer save them any money.
There should be no exemptions to the wealth tax (which I would only apply to those with more than £10 million) whether due to assets being held in trust, farmland, or business; or to the capital transfer tax (above a certain annual allowance).
These policies would raise far more than IHT does currently and would be much fairer as under the present system estates worth £2 million currently pay an average of 20% (£400,000) whilst estates worth more than £10 million pay only around 10% (£1,000,000) due to the various ways they can reduce their liabilities.
We could even use some of the extra money to cut income tax and national insurance, solving the other problem you identified.
the royal family is exempt from inheritance tax and income tax
its 7% now notice that number keeps going up and up :) i remember when they said it was only 2% then 4% now its 7% crazy.
One person with dementia and slightly less assets to be ordered to pay for their care gets to keep everything, whilst someone slightly over loses the lot?
Not really: you pay until your assets get below the threshold, then get to keep the rest. It's an unfair system but never one that'll leave you destitute.
Talking about unfair taxes, why is it poor people drive crappy cars? Because to buy anything remotely enjoyable we're hammered with Vehicle tax, yet those who bought those old cars in the first place are now paying sod all in their hybrids and EV's while the poor are getting forced off the road. "Green" taxes are a direct attack on the poor. Who really thinks a poorer person wants to spend 400 quid a year to tax a tiny Mazda MX5? If we had the choice to vote on these things they'd be thrown out of parliament but like everything else, anything we wouldn't vote for we're never offered a vote on.
Nearly all the money in my estate when I die will be as a result of house price inflation. I have not paid a penny tax on it.
I paid a mortgage for most of my life and didn’t have fancy cars, holidays or other luxuries!
Effective tax planning is code for
offshore tax havens.
Not necessarily, a Trust can be created for your child or children that is exempt from death tax. Also owning farms and agricultural land is exempt.
@@paultweedley2026 there are also AIM investments/VCT's/EIS etc to help funding for newer businesses that can't get funding elsewhere. The outraged tend to be the unwilling to research for themselves.
Let’s face it those with houses in London have done nothing for that increase.They have just been lucky. The millionaires can well afford it and should pay more than they do.
You nailed it Anthony. The wealthy will always whine about taxes as they step over poor people who can't afford their heating bill.
I’m not a millionaire, why should my loved ones have to pay a penny for my frugality?
@@connect4558 Because they need to earn their own money and contribute to society in the way you have, rather than carouse on inherited wealth.
@@dertery8724 IT’S MY MONEY AND MY CHOICE, WE’VE PAID OUR FSIR SHARE OF TAXES ALREADY, WHY SHOULD WE PAY MORE?
“IHT is a heavy-handed tax heaped on a family after loads of other taxes have been suffered for a lifetime - and at a time of dislocation and grief. IHT accounts for about 1% of total tax receipts. It sends out signals as a tax on aspiration, an envy tax-it is tantamount to a heartless tax grab by the State. Also, from an economic viewpoint, much of the capital that goes in IHT would be available for investment, creating jobs and further tax receipts. The epithet of “the nasty tax” is well-deserved. ABOLISH IHT
Solicitors and auctioneer/valuers would lose a lot of /their/ income if IHT was abolished. Note also that valuers come up with significantly lower figures if valuing “for probate” than for insurance.
Does everybody pay it or, like stamp duty , are there those whose religion exempts them?
Nobody's religion exempts them from stamp duty as what you're referring to are Islamic schemes where you don't actually own the house (so not to acquire interest liabilities which Sharia forbids). However, there is evidence of especially Muslims but other religions too falsely declaring their home to be a place of worship to exempt it from council tax.
🤣🤣
Stop the inheritance tax and more mire money will stay in uk 🇬🇧.
Nonsense. Where would you get the 7 billion it currently raises?
Rubbish
@@georgeash4008By scrapping benefits and such to low life leeches who can’t get off their fat arses and work. Along with foreign aid to various countries and properly controlling immigration and all that it cost us!
Damn right. It’s theft. Already had tax paid on all the savings. Govt should be ashamed.
you aint paid tax on the profits made on a house have you.
@@yetidodger6650 duh comment.
I left the uk because of this unfair and unjust tax.
Good, no access to free healthcare. Please don't comeback.
Where did you go, if you don’t mind me asking? I have the same thought process, I’m afraid this country is going downhill fast!
Lower taxes yes for the poor not the rich, who get away with paying less then they should anyway.
Rich people call for tax that really only affects rich people to be scrapped, colour me fucking shocked.
ex city financier turned grifter chatting to Keck the right wing tory mouthpiece for tax avoiders.....sounds impartial.
All robbing Tax should be banned
So what do we replace the lost revenue with?
You nailed it Dan. The clown on this programme has no answer.
We replace traditional parties with small independents then the money is collected on behalf of local needs & not as a free for all for centralised corrupt thieves.
@@suzanne386 That's very difficult. What do we get in return? We are going to get something, but maybe not something that can be discussed openly. In any case it doesn't sound very good if we stop foreign aid to preserve the wealth of our private citizens.
There own if they wish
Put a tax on second homes instead.
Typical right wing moan. They worked so hard for it blah, blah, blah. Everyone who has a job works hard , most get no financial reward for their work.
The inheritor pays the tax, not the person that died. Once again, this is about defending the rich from tax and you all fall for it
...and the already paid tax on it!
@@lindamayne57 So what?
The rich will never stop whining. Inheritance tax is a much better way to raise revenue than other taxes.
@@suzanne386 Most inheritance tax is paid on family homes, which are exempt from capital gains tax. If you don't have inheritance tax it is just a middle class give away.
@@georgeash4008 do you like paying twice for anything?
Farage should be scrapped!
Why should people be taxed for dying? People pay tax when they are alive and why should they be taxed again after death as if they paid no tax? In fact, the UK Gov has lots of income but is not investing in infrastructure vital for the ecnonomy but spending most income on Gov payroll and consumables. Why should people be taxed after death in the first place as if they didn't pay tax when they were alive? It is unfair and typical of a non-progressive predator government. Inheritance tax/death tax should be scrapped. It is unfair to the payer and damaging the economy in the long-run because a lot of capital is leaving the country. Professionals pay 40% on their higher income brackets (which source their savings & homes) and then another 40% when they die on those life-time savings & homes. In total, the Gov takes 64% of people's incomes while only 36% is left to their children. That is why people sell their properties and send their money away in places where inheritance tax is low. The regime of inheritance tax is short-sighted. Better that the Gov controls its expenditures and uses tax payers money wisely rather than imposing more and more taxes on the public.