'Scrap inheritance tax? We should *increase* it' | Lewis Goodall on LBC

LBC caller Sharon thinks it's unfair she should be 'double taxed' through inheritance. Lewis Goodall takes a wholly different view.

#lewisgoodall #ukpolitics #LBC

LBC is the home of live debate around news and current affairs in the UK.

[hanskneesun]

Can we all just agree that Sharon has already paid tax all her life? More importantly lest we forget she's also worked hard all her life..

[oushined]

She should be allowed anything she wants... after all she's "worked hard all her life"... unlike the rest of us.

[sueyourself]

Sharon doesn't understand inheritance tax but don't let that stop her from spreading her spew.

[inferior-penguin]

I love these people, they'll never have to pay this ever.

[sammyy]

My knowledge on inheritance tax was completely wrong and I didn't know that until you said "only 4% of households pay it" I think a lot of people think you pay it regardless, not matter the estate. I might just have been an idiot but thank you for helping me realise how wrong I was.

[Jourifouler]

Considering you can gift most of your money away and as long as you dont kick the bucket for 5 years you dont have to pay tax on it anyway. Not a very smart caller if she is supposedly on the top 4% of people but cant get a basic tax adviser.

[SwiftBG]

It always sticks in my craw to hear people as thick as this caller clearly is doing so well for themselves.

[jameshumphreys]

She has completely failed to grasp that it her money going to her son, and she doesn't want people to have hand outs, when she is doing exactly that.
she could read up on it.

[pyroyergen]

This is bang on. Furthermore is we should be taxing wealth not income.

[Ruhel]

Don’t agree with Lewis here. Meritocracy doesn’t extend to the inability to provide for your kids. For many people, the whole point of earning and saving is to ensure your kids don’t necessarily have to suffer what you had to suffer to build up your wealth. And you could have several kids, not just one, or you may want to provide for your extended family who may not be well off at all. Plus the state has to justify why this should be taxed rather than the individual having to justify why it shouldn’t. Lewis doesn’t realise that working class folk are also aspiring middle class and want their children not to be also working class. It’s why leftiist politics on tax/economics can be totally out of touch.

[videogalore]

He was close to making her realise it when he spoke about paying less tax on income instead. If he had said, "would it have been nice to have had more money in your pocket when you earned it?" then he might have got her to see it from the other perspective.

[lalayastill]

so the kid pays 150000 and is left with 550000. I do understand the lady's frustration, but with the state of the economy atm, i doubt she'll be able to get a lot of sympathetic ears for a child inheriting half a mil

[courtneykenton]

How much inheritance tax did King Charles pay?

[olliemck]

in the USA we have a huge inheritance tax loophole that allows the rich to avoid 40 billion or so in taxes annually; it is called the stepped-up loophole. When someone inherits investment assets, the IRS resets the asset's original cost basis to its value at the date of the inheritance. The heir then pays capital gains taxes on that basis. The result is a loophole in tax law that reduces or even eliminates capital gains tax on the sale of these inherited assets

[applepie]

Should be increased for the ultra rich. Otherwise how can generations jump social classes?

[babybluesky]

This tax is the reason many large estate homes are now owned by the National Trust - After a couple of generations without providing your own stump, most of the old British upper class saw their fortunes go to almost 0 really by comparison to just 75 years before.

[ArtemisShanks]

“…but Oy’ve paid taxes all my loyfe…” her repeated mantra

[gee_emm]

If your argument falls apart upon scrutiny, just repeat it. You will bore the other person into dejected submission.

[loopwithers]

Lewis Goodall. Never heard of him. Suddenly, I have a new voice who speaks for me. Thanks Lewis!

[colmivers]

I love this idea that we get to decide when we get taxed 😂