What are your unpopular opinions?
Discussion
t like "tax should be got rid of cos i shouldn't of got to pay for it"singlecoil said:
Yes, I gathered that. But what I asked you earlier is WHY they should be exempt from paying tax on money received like most of us have to do every payday. And the question, like its context, refers specifically to inheritance. So by all means make the case for there being no inheritance tax, but you won't be making much of a case if you can't go any further that just you don't want there to be any IHT.
There is no 'they'. Nobody is suggesting different rules for different people.Dr Jekyll said:
singlecoil said:
Yes, I gathered that. But what I asked you earlier is WHY they should be exempt from paying tax on money received like most of us have to do every payday. And the question, like its context, refers specifically to inheritance. So by all means make the case for there being no inheritance tax, but you won't be making much of a case if you can't go any further that just you don't want there to be any IHT.
There is no 'they'. Nobody is suggesting different rules for different people.
I'm really surprised that anyone could condone IHT?
Unless of course you have nothing to leave, or to receive, in which case it's sour grapes politics conversation as usual.
To pay inheritance tax (yes I know the weak argument that it's on the person not the money) is outrageous.
Pay tax on what you earn...........pay tax when you spend, then die and pay tax AGAIN on money that has already been taxed.
There is no good argument for saying this is ok, short of
'I'm too poor to pay IHT, It doesn't apply to me, those horrible rich people should pay more"
Unless of course you have nothing to leave, or to receive, in which case it's sour grapes politics conversation as usual.
To pay inheritance tax (yes I know the weak argument that it's on the person not the money) is outrageous.
Pay tax on what you earn...........pay tax when you spend, then die and pay tax AGAIN on money that has already been taxed.
There is no good argument for saying this is ok, short of
'I'm too poor to pay IHT, It doesn't apply to me, those horrible rich people should pay more"
The Selfish Gene said:
I'm really surprised that anyone could condone IHT?
Unless of course you have nothing to leave, or to receive, in which case it's sour grapes politics conversation as usual.
To pay inheritance tax (yes I know the weak argument that it's on the person not the money) is outrageous.
Pay tax on what you earn...........pay tax when you spend, then die and pay tax AGAIN on money that has already been taxed.
There is no good argument for saying this is ok, short of
'I'm too poor to pay IHT, It doesn't apply to me, those horrible rich people should pay more"
agree on the sour grapes against those who earn more. However the fundamental argument for inheritance tax is that the beneficiary did not earn it. It is made unhelpfully highly emotive because it often comes at a time when a close relative has died. Unless of course you have nothing to leave, or to receive, in which case it's sour grapes politics conversation as usual.
To pay inheritance tax (yes I know the weak argument that it's on the person not the money) is outrageous.
Pay tax on what you earn...........pay tax when you spend, then die and pay tax AGAIN on money that has already been taxed.
There is no good argument for saying this is ok, short of
'I'm too poor to pay IHT, It doesn't apply to me, those horrible rich people should pay more"
The Selfish Gene said:
I'm really surprised that anyone could condone IHT?
Governments like to go after soft targets, Inheritance is something that only happens once, maybe twice in someones lifetime so people are only outraged over it for a short period. I'm actually surprised, given this governments penchant for stealthily introducing new forms of taxation (whilst claiming not to have raised taxes) that we don't actually have a death tax.
well quite - the person not 'earning' it........again..........they haven't, but the person that did earn the money, have paid all the taxes due when it was earned. Or even if it was subject to inheritance tax the previous generation.
It's no wonder Trust Funds exist really. Then the HMRC get all uppity when people use them not as the original intention. See EBT etc
It's no wonder Trust Funds exist really. Then the HMRC get all uppity when people use them not as the original intention. See EBT etc
The Selfish Gene said:
I'm really surprised that anyone could condone IHT?
Unless of course you have nothing to leave, or to receive, in which case it's sour grapes politics conversation as usual.
To pay inheritance tax (yes I know the weak argument that it's on the person not the money) is outrageous.
Pay tax on what you earn...........pay tax when you spend, then die and pay tax AGAIN on money that has already been taxed.
There is no good argument for saying this is ok, short of
'I'm too poor to pay IHT, It doesn't apply to me, those horrible rich people should pay more"
I stand to inherit a fairly substantial sum from my mother. Above the IHT threshold by about 2/3 times. If I died today I'd have a similar estate to hand to my children.Unless of course you have nothing to leave, or to receive, in which case it's sour grapes politics conversation as usual.
To pay inheritance tax (yes I know the weak argument that it's on the person not the money) is outrageous.
Pay tax on what you earn...........pay tax when you spend, then die and pay tax AGAIN on money that has already been taxed.
There is no good argument for saying this is ok, short of
'I'm too poor to pay IHT, It doesn't apply to me, those horrible rich people should pay more"
Should I be fortunate enough that she laves me these assets, the tax bill will come, I will pay it, and I have no problem doing so. My mother's assets and those which she and my (long deceased) father accumulated, I have had no hand in them. In fact she'd have a fair bit more if she hadn't had to bring me up! If these assets come to me, I should pay tax on this unearned windfall. I hope she liquidates some of it and spends it enjoying her last years, but I can't convince her to do so. Therefore, whoever she leaves it to, and the tax man, will get it.
ElectricSoup said:
I stand to inherit a fairly substantial sum from my mother. Above the IHT threshold by about 2/3 times. If I died today I'd have a similar estate to hand to my children.
Should I be fortunate enough that she laves me these assets, the tax bill will come, I will pay it, and I have no problem doing so. My mother's assets and those which she and my (long deceased) father accumulated, I have had no hand in them. In fact she'd have a fair bit more if she hadn't had to bring me up! If these assets come to me, I should pay tax on this unearned windfall. I hope she liquidates some of it and spends it enjoying her last years, but I can't convince her to do so. Therefore, whoever she leaves it to, and the tax man, will get it.
That is very noble of you. I have no idea how anyone can think in this way (just my personal opinion).Should I be fortunate enough that she laves me these assets, the tax bill will come, I will pay it, and I have no problem doing so. My mother's assets and those which she and my (long deceased) father accumulated, I have had no hand in them. In fact she'd have a fair bit more if she hadn't had to bring me up! If these assets come to me, I should pay tax on this unearned windfall. I hope she liquidates some of it and spends it enjoying her last years, but I can't convince her to do so. Therefore, whoever she leaves it to, and the tax man, will get it.
I presume you agree with how the taxation is spent?
Wouldn't you rather keep that (in my opinion unfair IHT tax) and say give that same sum of money to a charity that you agree with?
genuinely curious to why anyone wants to pay more tax than they get avoid.
Or maybe put it towards a better school for your children?
Or burn it
ElectricSoup said:
The Selfish Gene said:
I'm really surprised that anyone could condone IHT?
Unless of course you have nothing to leave, or to receive, in which case it's sour grapes politics conversation as usual.
To pay inheritance tax (yes I know the weak argument that it's on the person not the money) is outrageous.
Pay tax on what you earn...........pay tax when you spend, then die and pay tax AGAIN on money that has already been taxed.
There is no good argument for saying this is ok, short of
'I'm too poor to pay IHT, It doesn't apply to me, those horrible rich people should pay more"
I stand to inherit a fairly substantial sum from my mother. Above the IHT threshold by about 2/3 times. If I died today I'd have a similar estate to hand to my children.Unless of course you have nothing to leave, or to receive, in which case it's sour grapes politics conversation as usual.
To pay inheritance tax (yes I know the weak argument that it's on the person not the money) is outrageous.
Pay tax on what you earn...........pay tax when you spend, then die and pay tax AGAIN on money that has already been taxed.
There is no good argument for saying this is ok, short of
'I'm too poor to pay IHT, It doesn't apply to me, those horrible rich people should pay more"
Should I be fortunate enough that she laves me these assets, the tax bill will come, I will pay it, and I have no problem doing so. My mother's assets and those which she and my (long deceased) father accumulated, I have had no hand in them. In fact she'd have a fair bit more if she hadn't had to bring me up! If these assets come to me, I should pay tax on this unearned windfall. I hope she liquidates some of it and spends it enjoying her last years, but I can't convince her to do so. Therefore, whoever she leaves it to, and the tax man, will get it.
The Selfish Gene said:
ElectricSoup said:
I stand to inherit a fairly substantial sum from my mother. Above the IHT threshold by about 2/3 times. If I died today I'd have a similar estate to hand to my children.
Should I be fortunate enough that she laves me these assets, the tax bill will come, I will pay it, and I have no problem doing so. My mother's assets and those which she and my (long deceased) father accumulated, I have had no hand in them. In fact she'd have a fair bit more if she hadn't had to bring me up! If these assets come to me, I should pay tax on this unearned windfall. I hope she liquidates some of it and spends it enjoying her last years, but I can't convince her to do so. Therefore, whoever she leaves it to, and the tax man, will get it.
That is very noble of you. I have no idea how anyone can think in this way (just my personal opinion).Should I be fortunate enough that she laves me these assets, the tax bill will come, I will pay it, and I have no problem doing so. My mother's assets and those which she and my (long deceased) father accumulated, I have had no hand in them. In fact she'd have a fair bit more if she hadn't had to bring me up! If these assets come to me, I should pay tax on this unearned windfall. I hope she liquidates some of it and spends it enjoying her last years, but I can't convince her to do so. Therefore, whoever she leaves it to, and the tax man, will get it.
I presume you agree with how the taxation is spent?
Wouldn't you rather keep that (in my opinion unfair IHT tax) and say give that same sum of money to a charity that you agree with?
genuinely curious to why anyone wants to pay more tax than they get avoid.
Or maybe put it towards a better school for your children?
Or burn it
My children go to a good private school already, costs us between a third and a half of our joint post-tax income for the pair of them, so the children are getting a lot of their inheritance in advance. Which is also money I've paid tax on. So there's no difference if I sent them to the local comp, saved the money, they inherit it and pay tax on it.
Money, schmoney. It comes, it goes. And I'm not saying that from a secure point of view, I still have a biggish mortgage to pay. I'm far from financially secure.
I honestly don't see the problem with IHT.
Perhaps a fairer system than IHT would be to tax the money received by the recipients using the existing Capital Gains system.
Therefore, if someone with a large estate spreads the money around to lots of benefactors then there will be little tax to pay, but if it all goes to a single person then they get to pay tax on the windfall.
Therefore, if someone with a large estate spreads the money around to lots of benefactors then there will be little tax to pay, but if it all goes to a single person then they get to pay tax on the windfall.
it's all a fair opinion. I don't get it personally. I don't think I ever will.
I would rather spend every single penny than one penny going to the taxman that doesn't absolutely have to.
So - if there was a big IHT tax bill coming - I would move mountains to ensure that it wasn't there when the time came.
even if I had to draw it out and put it under the floorboards.
Although more likely very expensive classic cars would be purchased, and sold to the kids for £1
I would rather spend every single penny than one penny going to the taxman that doesn't absolutely have to.
So - if there was a big IHT tax bill coming - I would move mountains to ensure that it wasn't there when the time came.
even if I had to draw it out and put it under the floorboards.
Although more likely very expensive classic cars would be purchased, and sold to the kids for £1
The Selfish Gene said:
it's all a fair opinion. I don't get it personally. I don't think I ever will.
I would rather spend every single penny than one penny going to the taxman that doesn't absolutely have to.
So - if there was a big IHT tax bill coming - I would move mountains to ensure that it wasn't there when the time came.
even if I had to draw it out and put it under the floorboards.
Although more likely very expensive classic cars would be purchased, and sold to the kids for £1
Where is the "absolutely doesn't have to" line? It can't be defined. Me and my family, and you and yours, have the benefits of taxation every single day, even if you can't see or feel them always. Simply put, it allows the country to function in such a way that we can, with some unfortunate exceptions, go about our lives peacefully and happily. The veil of civilisation is very thin, and taxation is a part of it. We haven't got much choice but to trust the government to try its best to use the contributions we make in the best possible way but there will always be wastage of course. It is a price worth paying for a civil society in my mind.I would rather spend every single penny than one penny going to the taxman that doesn't absolutely have to.
So - if there was a big IHT tax bill coming - I would move mountains to ensure that it wasn't there when the time came.
even if I had to draw it out and put it under the floorboards.
Although more likely very expensive classic cars would be purchased, and sold to the kids for £1
Truckosaurus said:
Perhaps a fairer system than IHT would be to tax the money received by the recipients using the existing Capital Gains system.
Therefore, if someone with a large estate spreads the money around to lots of benefactors then there will be little tax to pay, but if it all goes to a single person then they get to pay tax on the windfall.
I suggested on this thread that IHT should be treated just like any income to the recipient. You get your £11500 you can earn in a year tax free, and income above that is taxed accordingly. Whether it's earned from your job or inherited. Therefore, if someone with a large estate spreads the money around to lots of benefactors then there will be little tax to pay, but if it all goes to a single person then they get to pay tax on the windfall.
I never inherited anything but my kids will get hit for IHT. I've got no issue with that.
TwigtheWonderkid said:
I suggested on this thread that IHT should be treated just like any income to the recipient. You get your £11500 you can earn in a year tax free, and income above that is taxed accordingly. Whether it's earned from your job or inherited.
That's the way I think of it, like normal income but with a huge tax-free allowance. I imagine I will have a decent wedge to pay when the time comes, unless I can prevail on my mother to actually spend some of the money that my parents accumulated over a lifetime with no help from me.ElectricSoup said:
Where is the "absolutely doesn't have to" line? It can't be defined. Me and my family, and you and yours, have the benefits of taxation every single day, even if you can't see or feel them always. Simply put, it allows the country to function in such a way that we can, with some unfortunate exceptions, go about our lives peacefully and happily. The veil of civilisation is very thin, and taxation is a part of it. We haven't got much choice but to trust the government to try its best to use the contributions we make in the best possible way but there will always be wastage of course. It is a price worth paying for a civil society in my mind.
I'm sorry I just don't agree. I'm very untrusting, and you are very trusting I think.It can be defined. There are rules in places, that can be legally beaten. I would prefer to manage my own future and my families future rather than it be dictated to for the masses by a government that frankly isn't working in my best interests.
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