Quote:
Originally Posted by Pierre
I come from a working class background, I didn’t get anything from my parents ( I got £8k in my late forties, that I didn’t need, or want actually, I put it in my kids accounts). I’ve paid tax already on everything I have earned or bought, if I want to give bequeath what I have accumulated to my children so they can benefit, why should the state have a double dip?
The goal for every parent is to give their kids a better life than they had.
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The state double dips at every turn. You pay tax on your income and then on almost everything you spend. Even more tax if it involves petrol, alcohol, flying anywhere or anything remotely enjoyable.
The idea that children inheriting many multiples of the average salary is the line that can’t or shouldn’t be crossed when if they’d earned it themselves it’d be taxed is a red herring.
There’s no real indication that inheritance tax prevents parents achieving that goal. Although I do understand why any rational individual wants to avoid any tax.