Conservative Party 'to abolish death duties'

Discussion in 'Diamond Lil's' started by slim, Aug 17, 2007.

Welcome to the Navy Net aka Rum Ration

The UK's largest and busiest UNofficial RN website.

The heart of the site is the forum area, including:

  1. Its very easy for Politicians to say what the electorate want to hear, it is another thing them sticking to it.....
  2. Seaweed

    Seaweed War Hero Book Reviewer

    It is a proposal by John Redwood - wait for the official manifesto!

    This step would encourage people to save instead of spending as much as possible on trips ABROAD which is money gone out of the UK economy. Meanwhile those with really huge amounts of money can buy extra homes in countries without such a tax, and then if they export the rest of their money and don't spend more than 186 days a year here, they can escape ALL our taxation. The people who are screwed by Inheritance Tax are the heirs of people whose family home has shot up in value while they were too old to do anything about it (or who maybe want to go on living with their neighbours and community links and so forth), a home paid for out of income which was already taxed, at that.
  3. Am not sure which countries you mean that don't have inheritance tax but most do. And, it is applied between married and civil partnered couples as well, at least in most of the countries I do business with/in.
    The UK is just about the least taxed country I do business with.
    I can understand the lack of inheritance tax between married and civil partnered couples, but, cannot see for the life of me why various nieces and nephews should not be taxed on unearned income.
  4. Surely the various relations that stand to inherit have done nothing to earn the money.
    Anyway I've solved the problem by making sure none of them get a thing. They are all more than capable of going out and making their own way in the world.
    If I die with more than a fiver in the bank, then I'll have made a mess of it.
    As with all taxes there are legal methods to circumvent it, all it needs is a little planning.
    I have twice seen sheer money grabbing greediness from surviving relatives. I'd rather leave it to a dogs home frankly.
  5. Last year I modified my Will so that the Treasury wouldn't lay their greedy hands on another penny of my estate. I don't see why the beneficiaries of my Will (none of whom are well off) should have to find the money to pay tax on money I have already paid tax on and continue to be taxed on what is not invested in Premium Bonds, PEPs and ISAs. It's state backed theft IMHO. The way round it is to leave everything over the IHT threshold to charity. I've left the excess to Birkbeck College, London.
  6. Looking at the first comment - chairman Harold - (at least he kept us out of Vietnam) introduced capital gains tax - coincidently just after the then chancellor and lady Falklander (not sure of her final title but she was Marcia Williams Harolds secretary) sold off some tracts of land - I seem to remember - there was also some link with a guy who was with the joy bells - the Sally Army group. The Wills bill has come up before - once in the 60's by Marcus Kimball (Con Gainsborough) and the tories have had this on the back burner for some time.
    At the moment one of the reasons the Mega rich have their loot stached in the Isle of Man or other off shore accounts. cos when they snuff it the death duty would almost break their siblings.
  7. It could be argues that the recipients have done nothing to earn the money and so should pay tax.
    However I bought my first house while serving and it took every penny I earned to buy it. My kids did not have the foreign holidays and expensive toys that other kids had. They went without things just as much as my wife and I did.
    I hope when I finally pop my clogs that I have managed to pass my life's assets (whats left of them) on to them with as little tax to the chancellor as possible.
    Why should my money which has all been taxed, go to pay for more social services benefits to those who have never worked and paid tax?

Share This Page