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, 1 reply, 13 years ago)

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)