Why do most people in the UK want inheritance tax abolished ?

[itsnotoutthere]

8 minutes ago, OpenMindedSceptic said:

My house is £3.2M at current values.

To buy it I had to:

- create three businesses not even knowing whether they'd work out. I paid to get them registered at Companies House, ICO, HMRC

- I then created wealth, I employ 175 people across 3 businesses - that equates to eye watering sums of NIC, income tax and BIK taxes

- then for my bit of pay when there was profit, I pay the government 19% off the profits I generated (soon going up to 25%), then they tax me at 40% of my income or a tax on dividends (so they tax me twice). This allows me to have a mortgage

- When I bought the house, I paid stamp duty, roughly half the costs at 12%, a quarter at 10% or something like that, it was around £400k

- Then they charged me council tax at a premium rate even though I don't have a street lamp, a road sweep, etc

- Then the house need work so I paid VAT on paint, lumber, windows, roof tiles

So my house has generated approx £1.6M to date in money to date from me personally for the government for the temerity to set up a business and use the funds to buy a house after all the risks I took.

The NIC , income tax and BIK etc is a mind-blowing amount on top of that figure. That's what that house represents.

Now, when I die, you argue that the house should be taxed again?

The equivalent of half the sale price has been given in tax already where a good half of the population pay hardly any tax  (about £7k a year on average salary in the UK?)- I've paid enough, many lifetimes equivalent of tax for the average worker (approx 230 years equivalent in the last 10 years) after all the risks and setbacks and red tape, and at the point where my family grieve, they shouldn't be asked for more money. IHT is a sickening, diabolical tax.

He'll just think you're evil because you have a £3.2m house. (Socialism = 'I want everything you've got except your job')

[pellinore]

7 hours ago, Grey Area said:

There’s no shame or xenophobia there.  I have explained my reasoning, you are simply not a person I wish to have this conversation with, it would not be a 2 way discourse, you are not interested in an open or honest debate and there is nothing to be gained.

You have clearly pre-judged me and have some image in your mind based on comments you think I have made in the past.

I would urge you to go back and find any comments I have made that support your flawed character analysis, and perhaps I’ll respond, otherwise stop highjacking threads and move on.

Yeah, I have been provocative. I suppose that's because of what you have shared of yourself, I think you should know better than to support the B-word.

But I wouldn't mention it again to you. But as for 'needing help', and 'time to move on,' etc- that's like an arsonist viewing the remains of your house with you, which they have just burned down saying 'Oh well, it's done now. Just move on and buy a tent like me.' Rejoiners won't give up because we need to start repairing the damage and rebuilding the house.

[pellinore]

3 hours ago, itsnotoutthere said:

He'll just think you're evil because you have a £3.2m house. (Socialism = 'I want everything you've got except your job')

I'm no socialist. Believe it or not, I was always a Tory supporter, but that was back before the populist rabble took over.

[itsnotoutthere]

1 hour ago, pellinore said:

I'm no socialist. Believe it or not, I was always a Tory supporter, but that was back before the populist rabble took over.

Funny, I used to be a socialist...but then I grew up. For my sins I actually voted for Tony Bliar (possibly twice). Tip...always listen to your fathers advice, they've been here longer and seen all this s**t many times before.

Edited October 6, 2023 by itsnotoutthere

[Duke Wellington]

1 hour ago, itsnotoutthere said:

Funny, I used to be a socialist...but then I grew up. For my sins I actually voted for Tony Bliar (possibly twice). Tip...always listen to your fathers advice, they've been here longer and seen all this s**t many times before.

Exactly the same here, I voted twice for that prat.

[pellinore]

5 hours ago, Electric Scooter said:

Exactly the same here, I voted twice for that prat.

He is more than that. He made millions out of politics. His son is also a multimillionaire. He claims he made it on his own merit- but most of us could probably be successful with a few millions of dad's monies to give us a start.

[Duke Wellington]

1 hour ago, pellinore said:

He is more than that. He made millions out of politics. His son is also a multimillionaire. He claims he made it on his own merit- but most of us could probably be successful with a few millions of dad's monies to give us a start.

He got no help from his father, in fact he got disowned for joining the Labour Party and spent several nights sleeping on a park bench lol.