How Does Robber Reeves Do Her Sums?

Yes, I think many are. Some have gained huge advantages from being born into a well off family and don't want to share those advantages with others less fortunate. I think that's "selfish".

Presumably you mean inheritance tax.

If people have worked hard, paid their fair taxes over the years, why should their hard-earned gains be taken away from them after they have died?
The very wealthy, including a few politicians, are able to set up trusts etc to avoid paying.

Even if inheritance tax was not abolished, then introducing bands such as with income tax would be fairer.

I suppose farmers are included in "the wealthy".

How do other countries manage without having inheritance tax? Is their rate of income tax higher, which is far more honest?

Why is inheritance always considered to be such a big issue when it only affects 5% of estates?

Some, myself included just do not agree with IHT, it’s totally irrelevant how many or who it affects.

Allira Norway has a reputation for having crippling rates of tax. However, curiously, my partner worked (partly) for a Norwegian employer until he retired and only paid 17% on his Norwegian earnings, despite paying 40% of most of his income in the UK.

The reason for that is that Norwegians pay all sorts of other taxes, such as land tax, a tax on the value of your home, wealth tax, VAT @ 25% and National Insurance. As he wasn't resident in Norway, he didn't pay those.

Norwegians generally pay more tax overall, but it's organised differently.

GrannyGravy13

Some, myself included just do not agree with IHT, it’s totally irrelevant how many or who it affects.

Fair enough! As a matter of interest, why do you object to it?

growstuff

Why is inheritance always considered to be such a big issue when it only affects 5% of estates?

It's farmers that concern some of us.

I do wonder if our metropolitan politicians know where their food comes from, just how it is produced and what slim profits can be the result.

growstuff I object on so many levels, particularly though how it is administered.

GrannyGravy13

growstuff I object on so many levels, particularly though how it is administered.

The administration can change.

I'm in two minds. On the one hand I think it's totally unfair that some children have an advantage, which they have done nothing to earn, which others just don't have.

On the other hand, it's by no means the only driver of inequality and also there are so many loopholes - apparently no IHT was paid on the Duke of Westminster's estate, which seems ridiculous. It raises a relatively small amount and it isn't very efficient.

That's what I meant.

That great Socialist, Anthony Wedgewood-Benn, also made use of all the loopholes too. If they are there, then why not? But, of course, it costs more money to do so.

It's like grave-robbing.

Allira

That's what I meant.

That great Socialist, Anthony Wedgewood-Benn, also made use of all the loopholes too. If they are there, then why not? But, of course, it costs more money to do so.

It's like grave-robbing.

I'd rather be robbed when I'm dead than still alive.

To be honest, I'd rather people were taxed progressively when they're still alive, but the disadvantage to the Chancellor is that they'd be in a better position to object.

No, I'd rather honest upfront taxes!

Incidentally, I seem to be paying a lot more on my pensions this year and am hardly any better off than last year despite a tiny rise.

Allira

No, I'd rather honest upfront taxes!

Incidentally, I seem to be paying a lot more on my pensions this year and am hardly any better off than last year despite a tiny rise.

I'm paying the same percentage on my pensions, but I'm no better off because my Housing Benefit went down to offset my increased pension.

apparently no IHT was paid on the Duke of Westminster's estate, which seems ridiculous.

IIRC there was little or no IHT paid on the Duke of Westminster's inheritance (somewhere in the region of £9billion, I think) because it was all tied up in a Trust that was not subject to IHT (some trust funds are).

I have no doubt that this device, and others, are extensively used by the wealthy and super wealthy to minimise, or avoid altogether, IHT.

Like growstuff I think this is ridiculous.

taxjustice.uk/blog/how-do-the-super-rich-avoid-inheritance-tax/

growstuff

Allira

No, I'd rather honest upfront taxes!

Incidentally, I seem to be paying a lot more on my pensions this year and am hardly any better off than last year despite a tiny rise.

I'm paying the same percentage on my pensions, but I'm no better off because my Housing Benefit went down to offset my increased pension.

I don't know what's happening so may need to get my calculator out.

Interestingly, growstuff, Norway abolished Inheritance Tax a decade ago.

I wasn't referring to the 'black hole' allegedly left by the Tories or the recent £41b shortfall. I meant that the globalisation export of manufacturing jobs to China, etc, resulted in workers in the West losing job income and thus unable to buy in the consumer society without racking up household debt. I dont believe in the MMT magic money tree so there will be a serious crash at some point.

There is no 'black hole', Grantanow. It's a myth based on the commonly held, but entirely wrong, belief that a national economy is like a household or business economy.

At the risk of boring everyone again, the government has one power which neither a business or a household has, it creates the country's money. It usually does that by spending into the economy (public spending). This isn't inflationary if there are resources available for the money to be spent on. And heaven knows, there are plenty of things which are badly in need of having money spent on them at the moment.

The 'black hole' is in the minds of those who don't understand how government spending 'works'. Unfortunately, our chancellor is one of them...

I dont believe in the MMT magic money tree so there will be a serious crash at some point.

There's going to be a serious crash at some point, probably very soon, because Trump is busy messing up the world's economy and money is rapidly leaving the hands of those who need it most, and will spend it into the economy, thus promoting lots of economic activity, without it being replaced.

Needless to say, any money the government does grudgingly spend into the economy ends up primarily in the hands of the already wealthy. Who, notoriously, don't spend it.

Chocolatelovinggran

Interestingly, growstuff, Norway abolished Inheritance Tax a decade ago.

I know. As I wrote before, I'm not a great fan of it. Although I think it's grossly unfair that some people should inherit money for which they haven't done any work, I also think that there are greater causes of inequality.

For a tax to be justified, a tax needs to be fair (which IMO inheritance tax is), but it also needs to be capable of fulfilling its purpose - but IHT doesn't do that. There are too many loopholes and it wouldn't eliminate inequality anyway.

IHT doesn't raise that much for the Treasury. I suspect that Norway has discovered that its range of different taxes, which are difficult to escape, are more efficient. Norway also has other measures to mitigate against inequality. For example, there are very few private schools in Norway. The handful of private schools are religious or offer education such as Montessori methods. The fees are capped. There is a strong national commitment towards equality in Norway, which the UK doesn't have.

Chocolatelovinggran

Mollygo, did you read my post? In it, I pointed out that I disliked both Mr Johnson and Ms Truss ( with good reason, I could argue) but did not call them derogatory names, either.
Private Eye, a publication for which I have a soft spot, has a specialism in even - handed insults to all. They do it very well.
We are not journalists on this, so do not need to join the fray.

You may not have done but plenty on the left did. Boris was called names and was ridiculed for years. Theresa May was the same, Michael Gove, Rishi Sunak to a lesser extent and plenty of others.

People on the left can give it out but can’t take it! 😉

Primrose53

Chocolatelovinggran

Mollygo, did you read my post? In it, I pointed out that I disliked both Mr Johnson and Ms Truss ( with good reason, I could argue) but did not call them derogatory names, either.
Private Eye, a publication for which I have a soft spot, has a specialism in even - handed insults to all. They do it very well.
We are not journalists on this, so do not need to join the fray.

You may not have done but plenty on the left did. Boris was called names and was ridiculed for years. Theresa May was the same, Michael Gove, Rishi Sunak to a lesser extent and plenty of others.

People on the left can give it out but can’t take it! 😉

Nor can those on the right, so it seems. Ah well! At least everybody has something in common, which is much better than the gulfs which appear to be getting ever wider.

Nor can those on the right, so it seems. Ah well! At least everybody has something in common,
Well put. It’s like the different governmental truths that we’ve all experienced.

Pull a lever, spin the wheel, look at the tea leaves 🍃 ask a magpie 🐦‍⬛ , .... 🤷‍♀️

FriedGreenTomatoes2

Pull a lever, spin the wheel, look at the tea leaves 🍃 ask a magpie 🐦‍⬛ , .... 🤷‍♀️

Absolutely 👍🏻

Reeves, has not a clue, every time she makes an announcement she refers to Liz Truss!!! The country is in a hole, 25,000 extra people and the people already here are broke. I can't see a way out now it's gone too far. Farage will get in because people see no hope now.