give us yer home
Inheritance Tax is a hated tax.
If you are prudent and choose to invest taxed income into property or some other asset you get hit twice: it's a tax on wealth created in most cases by hard work. It hits the 'little people' not the really rich.
The Dame and others have been strident telling Felicity Buchan it should be abolished or, de minimus, the threshold raised or the 40% rate dramatically cut.
The government's hapless PR people are now softening the market by inferring that 40% will be reduced to 30% so when it goes to 25% everyone will cheer.
If Felicity thinks this will be something to crow about she will be very much mistaken.
A small cut won't cut it.
Still no answer to what would replace the government revenue should inheritance tax be abolished? Reform yes - but abolition surely not ?
ReplyDeleteYou people have this single minded view that revenue has to be replaced: it doesn't.Governments should be looking at cutting waste on a brutal scale. Just one of thousands of examples...Police and Crime Commissioners....a total waste of money. Governments are like heroin addicts....the more money you give themthe more they will waste. We need to push the state role back.
ReplyDeleteIf the Dame ACTUALLY wanted to help people in a fair way, she’d call for an INCREASE IN INHERITANCE TAX AND CLOSE LOOPHOLES on it – and use the extra funding for the NHS, childcare and schools.
DeletePLEASE, NO MORE CUTTING WASTE! this continual quest to rid the so called waste is hitting us very hard from rubbish strewn streets to NHS services cuts.
ReplyDeleteYes to raising the threshold - the threshold has been kept at the present sum for far too many years, so it is STEALTH taxation as well as inheritance taxation - this is not NOT FAIR. Threshold could be £1,000,000 per estate.
Spending billions to cut taxes for billionaires is immoral and insulting. If the Dame had her finger on the nation’s pulse she would be calling for a boost school and hospital spending, ease the social care crisis and support four million children in poverty.
ReplyDeleteIf inheritance tax were cut or abolished in 2024–25, 83% of the fiscal benefit would go to the wealthiest 5%. These people have over £1 million at the time of their death and would each be able to pass on £180,000 more after tax on average if the inheritance tax rate were cut to 20%.
Delete* Institute for Fiscal Studies: Halving inheritance tax would give away an average of £180,000 to the top 5% of estates at death https://ifs.org.uk/articles/halving-inheritance-tax-would-give-away-average-ps180000-top-5-estates-death
The Dame has really lost it. She writes: It hits the ‘little people’ not the really rich.
ReplyDeleteHa! Yes, Dame believes black is white.
DeleteWe all read the Dame as she is full of common sense and tells it how it is. Long live the great Dame. She has no time for fascists or of idiot lefties
Delete14.30 writes ‘common sense’ referring to the Dame writing that inheritance tax “hits the ‘little people’ not the really rich.”
DeleteFewer than 4% of estates require any inheritance tax to be paid at all. So cutting inheritance tax would be a subsidy for the already wealthiest families.
The Dame writes the opposite of the truth and 14.30 agrees! That is hilarious!
So, Mr Marxist...you want me to pay IHT on my estate of over £350k? Go f****k yourself. You are envious of people who have worked hard.
DeleteMany people 'work hard' often as key workers but very few are rewarded so well that they need to pay inheritance tax on inheritance.By definition they are the richest 4% and most of their wealth is itself inherited. Where there is a case for reform is that the very richest manage to avoid the tax by exploiting loop holes . Lets seriously tax really significant inherited wealth. As the Attlee government managed to do
DeleteMr Martin Lewis has warned that cutting inheritance tax would have the “least benefit”, and insisted the Autumn Statement must include “small tweaks” to fix “practical problems”.
ReplyDeleteFT: Option to cut inheritance tax has “now been delayed until next year, either for the spring Budget or the Tory election manifesto.”
ReplyDeleteThe ‘Marxist’ Julia Hartley-Brewer on X: "The fact that there is even any discussion about cutting Inheritance Tax ahead of the Autumn Statement, when millions of families are struggling to pay basic bills, is an absolute joke. If you can cut taxes @Jeremy_Hunt, then cut taxes on people who work, not inherited wealth."
ReplyDelete