Banquo wrote: ↑Wed Jul 09, 2025 10:03 am
Puja wrote: ↑Wed Jul 09, 2025 9:33 am
Stom wrote: ↑Wed Jul 09, 2025 9:25 am
Because, generally, it's going to hit the middle class the most (again). That's the problem with nearly all "wealth" taxes proposed, they are made to hit the middle class the most, and the middle class are the guys who feel like they get shat on every single time (not without reason).
Now, I'm not saying that inheritance tax is bad, in fact I think it should exist quite strictly. But I think it can only exist as part of a wider tax strategy that taxes investments and assets. If an asset can be used as collateral to get a very good deal on a loan, that asset should be eligible for tax. Every year it is available to you as collateral.
But why are they entitled to their parents' money? That's the bit I don't emotionally understand. Why does a family member working hard and earning loads (or not working hard and earning loads, in the case of landlords) mean that you deserve to get a windfall if they kick the bucket?
Puja
My parents came from nothing (in money terms, my grandparents on my mum's side complete legends

), inherited nothing, and wanted to make sure we had something so scrimped and saved until they could afford a house and start a family (in their 30's), then carried on working hard to fund their relatively austere lifestyle and to provide for us (plus make sure we had something to pass on, as I do)- that hard work killed my dad when I was 13. Your generation has little idea of the era they grew up and lived in (big wars, rationing etc etc), nor much of one about the era I grew up in. Plus an expectation from parents that we would look after them when they grew old.
That's my lived experience young uns. Its kind of generational hard wiring.
Not just this, but it's the idea that: "We paid our taxes, we paid our due, and then you want to take it again". And we're not talking about HUGE sums here, it's the people who are sitting on homes worth £800k-£2m who get hardest hit. These are the places like what my parents own. They were not that expensive, comparatively. They've paid ever increasing council taxes on the house, with ever increasing costs of living, and they never earned more than £90k a year between them in the last few years before retirement.
It's hard to forget that house prices in and around London are so insane that a sudden bill on inheriting a property like that would cripple me. IF my parents both died, my sister and I would need to foot a bill exceeding £500k.
That is excessive, imo. We're not rich, we're far from it. Because inheritance tax hits the middle classes harder. And we're moving to a society where the middle classes don't really exist.
IF there was a lower cap, where 0 inheritance was paid on estates valued at £1m or £1.5m or less, and then everything on top of that was taxable...that I would understand.