The rich?
It's 40% on any sum over £300k isn't it? That's most houses in the South East if I am right.
( Monty Boyce, My cheese game is strong, Wed 29 Aug 2012, 10:55, 2 replies, latest was 13 years ago)

Most houses without a mortgage.
Most houses that were bought for far far less than £300k
(PsychoChomp, Wed 29 Aug 2012, 10:56, Reply)

NO! ONLY I SHOULD BENEFIT FROM THE HUGE INFLATION IN HOUSE PRICES!

( tangledupinblue hairy badge with moving eyes, Wed 29 Aug 2012, 10:58, Reply)

So you think it's fair that if you inherit your family home then chances are you'll have to sell it
to pay a tax bill?

Even though the money that paid for it has already been taxed?
( Monty Boyce, My cheese game is strong, Wed 29 Aug 2012, 10:59, Reply)

In a society where the economic rules are strongly tilted in favor of the haves at the expense of the have-nots, where tax laws give generous loopholes to the wealthiest among us, the occasion of passing on wealth to the next generation is an appropriate time to tax our accumulated fortunes. Most of the appreciated value of these assets has never been taxed.
( The Light in Chains don't touch the Pope's boner, Wed 29 Aug 2012, 11:06, Reply)

The have-nots are gay and should fuck right off.

( Monty Boyce, My cheese game is strong, Wed 29 Aug 2012, 11:07, Reply)

You're gay?

( The Light in Chains don't touch the Pope's boner, Wed 29 Aug 2012, 11:11, Reply)

You gone dun a zing!

( sporters I’m sincerely gratitude to you, Wed 29 Aug 2012, 11:11, Reply)

Thanks Chompy

( sporters I’m sincerely gratitude to you, Wed 29 Aug 2012, 11:08, Reply)

Yes, I do I'm not saying it's nice.
But it is a way to stop the cumulation of money in a smaller and smaller number of peoples hands.

It's all about compound interest of savings at it's most basic, the effect of compound interest on a population is limited by the fact that people have to spend money and that people die within about 80 years. An estate in itself doesn't have that problems (they probably have to spend a bit of money) cutting out 40% every 80 years is to stop it getting out of control.
(PsychoChomp, Wed 29 Aug 2012, 11:10, Reply)

Not saying it's nice.
But it makes pragmatic sense.
(PsychoChomp, Wed 29 Aug 2012, 11:10, Reply)

I think I should say it's not nice a third time

(PsychoChomp, Wed 29 Aug 2012, 11:12, Reply)

Once, Twice, Three Times a Nice

( sporters I’m sincerely gratitude to you, Wed 29 Aug 2012, 11:13, Reply)

Are you saying that it's nice?

( tangledupinblue hairy badge with moving eyes, Wed 29 Aug 2012, 11:13, Reply)

I think these days there could be a fair chance of owning a house that is paid for and is subject to this

( sporters I’m sincerely gratitude to you, Wed 29 Aug 2012, 11:02, Reply)

If there wasn't inherithance tax it would work like this
Generation 1 buy a house for £100k pay mortgage on it, it's worth £300k when they die
Generation 2 get £300k house, no need to pay mortgage so they can save up for £400k house, then pay off the mortgage and die.
Generation 3 the £400k house is now worth £650k they get it for free don't have to pay mortgage so they invest in shares.
Generation 4 has a £750k house, no debts and thousands of shares, dividends pay all their expenses and give them money to invest, in more shares.
Generation 5 all children go to eton, they get into politics and fuck everything up
(PsychoChomp, Wed 29 Aug 2012, 11:05, Reply)

This is one of the most sensible points you've made.
Fucking stop it.
( the mighty badger Aphrodite, on a bar stool, by your side, Wed 29 Aug 2012, 11:21, Reply)

yup,
My dad is sorting put at the moment how best to give me his house to avoid inheritance tax, he has to live for 7 years after I think and then we're all cool.
( Windy Pig I'm naturally quite suspicious about the moon., Wed 29 Aug 2012, 10:57, Reply)

That's the trick.
My sister's father in law paid off their mortgage with the same thing in mind.
( Monty Boyce, My cheese game is strong, Wed 29 Aug 2012, 11:00, Reply)

what's wrong with just wearing your mother's clothes and learning her signature after she dies?
old skool is best skool
( glued eel /questions/questionsyoudliketoask/post1648081, Wed 29 Aug 2012, 11:02, Reply)

I do that already.
Well, the clothes bit anyway.
( Monty Boyce, My cheese game is strong, Wed 29 Aug 2012, 11:04, Reply)

and her skin

( sporters I’m sincerely gratitude to you, Wed 29 Aug 2012, 11:04, Reply)

haha!
I don't have the tits for it
( sporters I’m sincerely gratitude to you, Wed 29 Aug 2012, 11:04, Reply)

My dad gave us kids a big wedge of cash each a few years back
for the same reason.
( The Light in Chains don't touch the Pope's boner, Wed 29 Aug 2012, 11:01, Reply)

You have to be careful
he can't just hand it over, if you transfer it into your name it's a gift if you don't pay for it, and then he needs to pay you a "fair" market rent value to live there. It's not as easy as it seems

But then I'm pretty sure he knows this already.
( the mighty badger Aphrodite, on a bar stool, by your side, Wed 29 Aug 2012, 11:04, Reply)

probably,
There are around 4 bank accounts involved. I'm pretty sure its people like me ruining the economy.
( Windy Pig I'm naturally quite suspicious about the moon., Wed 29 Aug 2012, 11:51, Reply)