Arbtalk 2015 General Election Poll

[eggsarascal]

You don't inheritance tax on £200K.

 

Read my post again then come back to me.

[Johny Walker]

Really???

 

So some one bought a house 60 years ago for £5000, its now worth £500,000, and they die, when did they pay the tax?????

 

probaly being paying tax of sorts all there working life

[Mark Bolam]

Threshold is £325k now.

 

Doesn't matter if it's £325 million, it's money you've earned and paid tax on (it's on 'estate', not just houses).

Interest? You pay tax on interest.

 

If you paid £500k for a house and it's value plummeted to £200k just before you died would the state pick up the tab for your kids? Of course not, and nor should they.

Can't have it both ways.

 

It's theft.

That's all there is to it.

 

 

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[Richard 1234]

Really???

 

 

 

So some one bought a house 60 years ago for £5000, its now worth £500,000, and they die, when did they pay the tax?????

 

 

They paid the tax on the money that paid for the house in the first place. Why should we be taxed on inflation?

[Two Acres]

They paid the tax on the money that paid for the house in the first place. Why should we be taxed on inflation?

 

We are taxed on inflation, its called Capital Gains Tax

[Richard 1234]

We are taxed on inflation, its called Capital Gains Tax

 

 

Not on your main residence

[Richard 1234]

Threshold is £325k now.

 

Doesn't matter if it's £325 million, it's money you've earned and paid tax on (it's on 'estate', not just houses).

Interest? You pay tax on interest.

 

If you paid £500k for a house and it's value plummeted to £200k just before you died would the state pick up the tab for your kids? Of course not, and nor should they.

Can't have it both ways.

 

It's theft.

That's all there is to it.

 

 

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👍 spot on

[Two Acres]

Not on your main residence

 

Thats true, but its the exception, not the rule isn't it.

[skyhuck]

They paid the tax on the money that paid for the house in the first place. Why should we be taxed on inflation?

 

You are with capital gains.

 

Look I don't like TAX, not any kind of TAX, but I don't get why inheritance is any different to any other TAX.

 

The arguments put forward so far just hold no water.

 

I pay income TAX, but then pay VAT when I spend the money, I pay TAX if I get interest if I save the money.

 

So the idea that we only pay TAX once is unfortunately a joke

[Richard 1234]

Thats true, but its the exception, not the rule isn't it.

 

 

That's true as well but we are talking about family homes not business( buy to let etc)