Inheritance tax

Whitewave I know a farmer, not monetary wealthy, but has an arable farm. If his children had to pay IT, a large proportion of acreage would need to be sold. Which equates to a smaller farm providing less jobs (and homes for the farmhands) therefore the government will receive less revenue in the long run.

I am more than happy for our remaining forests to remain in private hands and hope they stay protected. I have no faith in any government ring fencing the UK forests, planning permission should NEVER be granted, Trees are the lungs of the earth.

I could not trust any government not to go down the German road of digging up 500+year old forests to mine brown coal, which is really "dirty and polluting"

I could not trust any government not to go down the German road of digging up 500+year old forests to mine brown coal, which is really "dirty and polluting"

Perhaps you should consider voting to put in power one of the parties that is opposed to such behaviour? Rather than for those that are in hock to 'big business' and allow its demands to override the needs of the environment.

I’m not talking about farmers I’m talking about absentee landholders who aren’t running a business but merely avoiding tax by buying up huge swathes of agricultural land etc. They don’t farm the land they let others do the dirty work.

Neither am I arguing for land to be nationalised

I see your point GrannyGravy13 but if special rules were applied , what would be to stop the children from taking their inheritance and selling up anyway ? Also I can’t see the difference between a farm (employing people) or any other business employing people . Everyone seems to think that their case is unique or special when really we should all have to pay our fair share . No special cases.

MaizieD, I can only hope that the legislation that the Conservative Government has just passed to be carbon neutral by 2050, will come good.

Unfortunately I have lost faith in all MPs, none of them will ever be in a position to carry through their promises as there will always be those who oppose just because they can, without thinking through that a policy could/would actually be beneficial to the UK. (Brexit excluded as I am at the point where I really do not care anymore)

gillybob, I get where you are coming from. Three of our AC now run our family business, the intention is to hand it over completely. Looking into the tax situation at the moment, they want to keep it running as they have mortgages and families as do our employees.

I just feel very angry that the "big companies" get away with paying little and in some case no tax, but small to medium sized businesses which are supposedly the backbone of the country seem to be taxed to the max!!!

I agree with your post to a certain degree Grandad but think that what paddyann says about paying a little more on earned income is a more honest way of tax-raising to provide the services we need as a civilised society.

Whilst I don't disagree with inheritance tax entirely, I think that the present system is fair enough but do not agree with these proposals.

They seem ill-thought out.

Whitewave you are talking about the hugely wealthy paying a fair amount of tax.

McD is talking about £125,000, I understand, which is hardly 'vast wealth'.

If the wealthy who avoid income tax paid their dues when alive we would not need to have this conversation.

Callistemon Totally agree.

Just to add, Whitewave, not everyone can afford to pay their children's way eg university fees etc, towards independence and a 'career', as their income may be only just sufficient, their home their only asset. Therefore some will still be saddled with debt, unable to buy a house unless they one day do get an inheritance, especially in some areas.

Not everyone has a 'career' either - many people have a job - if they are lucky.

callistemin No this is what people are muddling, income wealth is not the same as asset wealth. Yes there is an enormous amount of tax evasion/avoidance as far as income is concerned but it doesn’t contribute nearly as much to wealth inequality as asset wealth does. Asset wealth passed on to subsequent generations gives them power and privilege that has not been earned or achieved. The power this is giving these wealthy folkis the worry. And one of the ways in which to consider this is to tax asset in the form of land. How this is to be done is the subject of debate.

Here in the NE £125k is a lot of money . As I said up thread this could buy you a decent 3 bedroom house in my town. Those who support the current LP (and think that JC and his side kicks are the second coming of Christ) would without doubt agree with this policy .

Everyone is obsessing on £125000!

Obsess on the vastly wealthy instead and consider whether taxing assets is the way to go.

Neither me nor my children have ever been given anything to “help us up the ladder” . I think I am fairly typical of my generation in this area. This ensures that working class people like us stay right where they are . There needs to be some kind redress soon or else these kinds of policies will become very attractive and seen as a way of “getting back” at those with the money .

It isn’t “getting back” it is FAIRNESS!! Keep that in mind.

I don't think anyone is disagreeing with the "vastly wealthy" paying their fair share of tax (start by closing the loopholes which their accountants are so clever at finding).

However, the majority of those who would suffer under this policy are not vastly wealthy. Their only asset will be the home they live in and which they would like to pass on to children and grandchildren. As I don't have children this doesn't affect me but I do feel for friends who can be said to be asset rich cash poor - their house being the only thing they have to leave to their children.

Maybe I worded it badly whitewave I’m sure you know what I meant Why should someone who lives in a rented LA house or in a private house typically worth around £80-100k care that the inheritance tax was £125k or even less ? They wouldn’t . In fact “ bring it on” would spring to mind.

Hardly surprising when we see the ever increasing gap in wealth .

One persons idea of what represents “vast wealth” is very different from another’s though OldWoman .

oldwoman but nothing has been decided yet it is all up for debate.

I don't think anyone whose only asset is their home can be classed as "vastly wealthy"

No!! I know, but that is not what I’m saying is it!

That’s not true OldWoman someone with a house typically worth £400k or more would be seen as vastly wealthy here in my town . The attitude being you could always sell it .

Oh sorry, it isnt just me you are talking to is it????

Some reading about IT

www.taxresearch.org.uk/Blog/2019/06/03/inheritance-tax-is-a-giant-wheeze-to-help-the-really-wealthy-whilst-pretending-otherwise/