Vehicle Excise Duty. otherwise known as Tax Grab.

Let’s be clear here.

If you argue against inheritance tax, you are arguing that the top 4% of estates pay nothing. That all the wealth created should be passed on to their beneficiaries with no tax being collected and used in general taxation to benefit us all.
But if some feel that people who inherit millions should pay no tax, whilst people earning over £12,600 should pay tax, then so be it. But it’s not what I would vote for.
Just my worthless opinion.

I agree with you Bill but I think the argument is the clever and super wealthy will find ways around it by employing very clever and expensive accountants and lawyers whereas the on paper just about millionaires which these days can be almost anyone wont and will get stung. There has to be a cut off somewhere though and its usually those close to that cut off line that feel cheated and their offspring of course. It was the same with the heating allowance. It was crazy and needed something done about it but there are always going to be some who feel it was unfair. Just tough titty I guess. :D Either get clever and "legally" avoid it or pay up.
 
I agree with you Bill but I think the argument is the clever and super wealthy will find ways around it by employing very clever and expensive accountants and lawyers whereas the on paper just about millionaires which these days can be almost anyone wont and will get stung. There has to be a cut off somewhere though and it’s usually those close to that cut off line that feel cheated and their offspring of course. It was the same with the heating allowance. It was crazy and needed something done about it but there are always going to be some who feel it was unfair. Just tough titty I guess. :D Either get clever and "legally" avoid it or pay up.
Barry owing to its nature there are multiple ways of mitigating inheritance tax, hence why knobs like Clarkson thought buying farms would suffice. But most of the mitigation available is applied prior to death and not after it, and these measures are available to anyone, you don’t need expensive accountants or financial advisers to avoid the tax.
I personally saved a friend from paying the tax, and I am neither an accountant nor a tax adviser.
But there are limits on this and it’s a fact that the top 1% of estates pay more IT than the rest put together. If you fall just over the tax threshold, your tax would be limited to only the amount above the threshold, meaning you would pay far less than someone well above the threshold.

HMRC collects about £8 billion a year from IT, and most of that comes from the top 1%.

It’s the same with income tax with the top 10% paying over 60% of all tax collected by HMRC.
 
How come i saved from my own money a pension only to have the gov snatch almost 6 grand of it, then had the cheak to cut my kids benifits as they said you now have to much money and dont/wont get as much, meentime some slob who never shifted his ass gets many handouts, something wrong.:mad:
 
Got to agree Trev. One of my brothers only worked for two years, has been given everything including a brand new kitchen, new heating system and redecorated, low rent bungalow courtesy of the Council i.e. us the taxpayers. And it still isn't enough, he thinks the world owes him everything. Boils my pish tbh.
I have a sister just the same, laughs at me for working, 2 years work in her life, maried devorsed 2 kids, loads of free handouts. :mad:
 
Got to agree Trev. One of my brothers only worked for two years, has been given everything including a brand new kitchen, new heating system and redecorated, low rent bungalow courtesy of the Council i.e. us the taxpayers. And it still isn't enough, he thinks the world owes him everything. Boils my pish tbh.
Have a few in my family.
I love it when they talk about “their” money :mad:
 
We've moved on from inheritance tax on farms then 😂
Least you forget, it started as VED. 😜
Anyhow, my uncle returned 'home' to die, my cousins are coming up in the spring to scatter his ashes, his estate is administered from Australia, no IHT to pay.
 
BTW I should declare a (non) interest, the family farm shouldn't be affected as it's falls short of the threshold, however I do know people who will be affected, and they are not (all) rich people, I guess they will be taking action to minimise any taxes.

On 4 November in the Budget debate on implications for farming communities, Mr Zeichner said: “Sadly, [the inheritance tax exempion on farms] has been used in some cases by wealthy landowners to avoid inheritance tax. That is why the government have announced plans to reform agricultural property relief.”

But grilled by environment, food and rural affairs committee chairman Alistair Carmichael on liaison committee, Sir Keir admitted this justification given to MPs and others was not true.

Mr Carmichael asked: “Who were the targets for these changes? Was it the super rich sheltering wealth? Was it the family farmers? Or was it both?”


Starmer replied: “The purpose was to raise revenue in the budget. It wasn’t aimed at a particular group of individuals. We inherited a really bad situation and we decided we couldn’t hit the pay packets of working people.

And whilst many concentrate on farming, businesses are affected as well.

According to independent economic modelling by CBI Economics, the changes to BPR alone could see a £1.25bn net fiscal loss to the Treasury and some 125,000 job losses.

Neil Davy, Family Business UK chief executive, said: “The changes to IHT for family businesses and farms are a hammer blow.
 

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