Why are so many people against a tax they will never pay?

Joseann

I'm just wondering, if as a mega rich person, all your wordly wealth is held in offshore accounts, does inheritance tax need to be paid then?

My brother, now home after always working in USA, pays taxes here on USA pensions (horrible exchange rate). Oh well, choice made.

Depends on where you’re domiciled. Become a Jersey resident if you have the money to be accepted - no IHT.

I don’t consider we had any good luck in the way it is being suggested. We bought our first house in 1974 when we got married. We had to borrow from the Local Authority because the Building Societies wouldn’t look at us because we were straight from university, well my husband was still at university, post grad. We made no profit when we moved south two years later. We then bought a house in a less than desirable area because it was all we could afford, and we could barely afford that. We never paid less than 8% interest on our mortgage. We moved again when our daughter was born, to a slightly larger house, and again four years later to our current house. Each time we had to pay more and increase our mortgage, which wasn’t easy on teacher’ s pay, although yearly incremental rises helped a bit. When our daughter was five years old I went back to work, and that helped a lot financially, and since my husband worked at an independent school, we were able to send our children there from age eleven (we did pay for that, but reduced fees.) We wanted better opportunities for them than we had had for ourselves. It was very hard working full time with three young children, I was permanently tired, and couldn’t have managed it without school holidays. Unfortunately despite our parents still being alive, we weren’t able to benefit from any childcare because they lived so far away.
No, I don’t believe we worked harder than some younger people today, but we definitely worked harder than others.
We paid for what we own. If we sell our house, we’ll have to pay a similar price to buy another. We paid high interest rates, up to 15%, as others did, we live in our home so it is not providing us with anything other than a home, we do not own a second property, nor do we have any other great assets. I do not agree with Inheritance Tax at all, but thanks to Joseann explaining in an earlier post, I now believe no Inheritance Tax will be payable on our estate, and we will continue to share what we have with our children without any worries.
I still maintain that we worked, paid our taxes, and paid for our property and is is ours and nothing to do with government. So is yours in my opinion.

Norah

Joseann

I'm just wondering, if as a mega rich person, all your wordly wealth is held in offshore accounts, does inheritance tax need to be paid then?

My brother, now home after always working in USA, pays taxes here on USA pensions (horrible exchange rate). Oh well, choice made.

I quoted Josann rather than who I intended. Sorry.

Maddyone, ---- we will continue to share what we have with our children without any worries.

Important point, imo. We give very generously to our children, always have done, their needs are all well covered, no worries.

Giving whilst alive is key, to me.

Given I can't change tax laws, I really don't care if those of you who have Socialist notions give the government all your money and possessions. Truly, give yours to the government, be happy.

All I ask - you don't worry over my home and funds - we give generously to our choice of charities and our children, GC, GGC.

We're not interested to give more to government chosen wastefulness.

Agreed, Norah.

I agree Norah. I don’t have any worries about a ‘fairer society’ because I’ve paid my taxes all my life and I worked for over 17 years in an inner city school doing my best for my pupils. I also worked in other schools but they were in different areas. In other words I’ve paid my dues to society.