Margaret Thatcher Tax Snatcher?

[soistes]

That's one obscure way of looking at it. Another is the fact that a lot of people have accrued value in property purely for living there and doing nothing. Perhaps rather than IHT they should apply CGT instead so you don't pay anything on the value of the capital of your original investment! You could also argue that it is immoral to become rich through the hard work of your parents rather than your own endeavours!

This, absolutely.

Both points are spot on.

Most inheritance tax is paid on untaxed capital gains on housing etc (so it's absolutely not double-taxed income as lots of people seem to argue).

Similarly, as a middle class house-owner I see no reason why my kids should get a massive windfall when I die, through no particular merit or effort on their part (on top of all the advantages they already have in life by virtue of having reasonably well-off parents), when other kids who just happen to have the bad luck to be born into a family in a council house or with no wealth, get nothing. It's one thing to argue that people should keep the fruits of their labours; much harder to argue that they should leave it to their kids, who've done nothing to earn it.

 

[Thunder Bolt]

This, absolutely.

Both points are spot on.

Most inheritance tax is paid on untaxed capital gains on housing etc (so it's absolutely not double-taxed income as lots of people seem to argue).

Similarly, as a middle class house-owner I see no reason why my kids should get a massive windfall when I die, through no particular merit or effort on their part (on top of all the advantages they already have in life by virtue of having reasonably well-off parents), when other kids who just happen to have the bad luck to be born into a family in a council house or with no wealth, get nothing. It's one thing to argue that people should keep the fruits of their labours; much harder to argue that they should leave it to their kids, who've done nothing to earn it.

I presume that you've written a will leaving everything to the government when you die?

 

[Herr Tubthumper]

This, absolutely.

Both points are spot on.

Most inheritance tax is paid on untaxed capital gains on housing etc (so it's absolutely not double-taxed income as lots of people seem to argue).

Similarly, as a middle class house-owner I see no reason why my kids should get a massive windfall when I die, through no particular merit or effort on their part (on top of all the advantages they already have in life by virtue of having reasonably well-off parents), when other kids who just happen to have the bad luck to be born into a family in a council house or with no wealth, get nothing. It's one thing to argue that people should keep the fruits of their labours; much harder to argue that they should leave it to their kids, who've done nothing to earn it.

Good post. And it's blown Westdean's argument out of the water.

 

[Westdene Seagull]

Good post. And it's blown Westdean's argument out of the water.

No it hasn't. If I want to save and leave money to my loved ones, just as long as I paid the initial tax on it, then that should be my decision. Alternatively, I could just spend all my money as I go through life and expect the state to help me out in old age.

As [MENTION=14365]Thunder Bolt[/MENTION] has asked, I assume anything you have left when you die will go to the state ? If not why not ? You're other half has done nothing to earn it.

 

[skipper734]

[FONT=Verdana, Arial, Helvetica, sans-serif]TAXPAYER'S LAMENT​

[/FONT]​

​

[FONT=Verdana, Arial, Helvetica, sans-serif]Tax his cow, Tax his goat;
Tax his pants, Tax his coat;
Tax his crop, Tax his work;
Tax his ties, Tax his shirt;​

[/FONT]​

​

[FONT=Verdana, Arial, Helvetica, sans-serif]Tax his chew, Tax his smoke (now ain't that the truth);
Teach him taxing is no joke.
Tax his tractor, Tax his mule;
Tell him, Taxing is the rule.​

[/FONT]​

​

[FONT=Verdana, Arial, Helvetica, sans-serif]Tax his oil, Tax his gas (again ain't that the truth)
Tax his notes, Tax his cash (oh boy a pattern emerges);
Tax him good and let him know,
That after taxes, he has no dough.​

[/FONT]​

​

[FONT=Verdana, Arial, Helvetica, sans-serif]If he hollers, Tax him more;
Tax him till he's good and sore.
Tax his coffin, Tax his grave,
Tax his sod in which he's laid.​

[/FONT]​

​

[FONT=Verdana, Arial, Helvetica, sans-serif]Put these words upon his tomb,
"Taxes drove him to his doom."
After he's gone, we won't relax,
We'll still collect inheritance tax.​

[/FONT]​

​

 

[Weststander]

Unlike New Labour:

Bliar and Brown stopping the old system of Advance Corporation Tax, led to several £b of tax credits PER ANNUM ceasing to hit the pension funds of ordinary workers.

With lost compound growth on top, the change was devastating.

 

[Biscuit]

Just goes to show what bunch of arms dealing,gin swilling, tax advoiding, hypocritical *******s the Thatcher Family were, and still are.

This.

 

[Ernest]

No beret but he was so socialist

HOPE you got TAUGHT the error or YOUR ways

 

[Soulman]

Well if the Millwall fighting is over.
Here is the link to see what is going on in the anti Thatcher demo now.
OccupyLSX - live streaming video powered by Livestream

 

[Twizzle]

Why?

I was brought up to believe that taxes are a way of providing public services and that everyone has a DUTY to contribute, in line with their ability to do so.

I'm surprised she didn't tax snatch

 

[drew]

No it hasn't. If I want to save and leave money to my loved ones, just as long as I paid the initial tax on it, then that should be my decision. Alternatively, I could just spend all my money as I go through life and expect the state to help me out in old age.

As [MENTION=14365]Thunder Bolt[/MENTION] has asked, I assume anything you have left when you die will go to the state ? If not why not ? You're other half has done nothing to earn it.

i suspect many housewives who have brought up kids and fed the money earner will consider they haven't done 'nothing'.

Also, you haven't answered the point about someone who, for example, boys a house for £5, 000 in the 70s and it is now worth £300, 000 purely due to the market. How much tax did they pay on the £295, 000 profit or, to call it something else, unearned income!

 

[Wilko]

Yes and Id do the same. Anyone who could get away with out paying tax would.

Oh wow. Possibly the most ignorant and arrogant post I have ever seen.

 

[Herr Tubthumper]

You're other half has done nothing to earn it.

You're lucky Frau Tubthumper does not read this site. You'd be nursing two shiners by now.

 

[withdeanwombat]

Thatcher the Thatcherite.

Shock.Horror.

 

[Deleted User X18H]

Good post. And it's blown Westdean's argument out of the water.

Westdean? Westdean? You you......JCL you.

 

[BLOCK F]

This, absolutely.

Both points are spot on.

Most inheritance tax is paid on untaxed capital gains on housing etc (so it's absolutely not double-taxed income as lots of people seem to argue).

Similarly, as a middle class house-owner I see no reason why my kids should get a massive windfall when I die, through no particular merit or effort on their part (on top of all the advantages they already have in life by virtue of having reasonably well-off parents), when other kids who just happen to have the bad luck to be born into a family in a council house or with no wealth, get nothing. It's one thing to argue that people should keep the fruits of their labours; much harder to argue that they should leave it to their kids, who've done nothing to earn it.

Blimey Soistes,you must trust your kids less than the Government of the day!
Less taxation is what we need in this country ,not more!

 

[BadFish]

This, absolutely.

Both points are spot on.

Most inheritance tax is paid on untaxed capital gains on housing etc (so it's absolutely not double-taxed income as lots of people seem to argue).

Similarly, as a middle class house-owner I see no reason why my kids should get a massive windfall when I die, through no particular merit or effort on their part (on top of all the advantages they already have in life by virtue of having reasonably well-off parents), when other kids who just happen to have the bad luck to be born into a family in a council house or with no wealth, get nothing. It's one thing to argue that people should keep the fruits of their labours; much harder to argue that they should leave it to their kids, who've done nothing to earn it.

You are going to have a great deal of difficulty persuading the government of this. Love the sentiment though

 

[BLOCK F]

You are going to have a great deal of difficulty persuading the government of this. Love the sentiment though

Why do you love the sentiment?More money for the Government to waste or what.Probably just the politics of envy that seems to thrive on NSC.
By the way,I may be wrong but hasn't Australia scrapped IHT?

 

[The Birdman]

Wilson sacked more miners than Thatcher?

 

[Westdene Seagull]

Also, you haven't answered the point about someone who, for example, boys a house for £5, 000 in the 70s and it is now worth £300, 000 purely due to the market. How much tax did they pay on the £295, 000 profit or, to call it something else, unearned income!

Firstly it's not £295k profit is it - you need to deduct inflation out of it. Even then, whatever profit there is isn't taxed if you decide to sell up while you're alive and then spend it. Yet the government will tax it if you die thanks to you working hard and being sensible. Sends out completely the wrong message.