Why inheritance tax is so controversial

"It's a common misconception that wealthy people can just make any tax go away by speaking to an expensive tax lawyer."

The Times is reporting that The Tories are considering axing inheritance tax. Lawyer on taxes James Quarmby explains why the levy is so controversial.
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[V.stones]

The controversy surrounding inheritance tax stems from various factors, creating a nuanced debate. Critics argue that it can lead to double taxation, as assets may have already been taxed during the individual's lifetime. Others view it as a deterrent to wealth accumulation and family legacy

[rafezetter]

why is it so controversial? because every single penny of an inheritance has already been taxed a dozen different ways - and the inheritance is what's left AFTER TAXATION, then they tax that too.

[zapfanzapfan]

We in socialist Sweden got rid of inheritance tax. So can you.

[thesuncollective]

Inheritance tax is BS. You pay tax all your life on what you earn then they take another 40%. If your house devalues do we get a tax refund NO WE DONT .BS

[marcusjays]

Whatever government scraps inheritance tax gets 100% my vote

[ilSaponara]

Yeah, instead of leaving that 40% of your life's work to your own children and family, you instead have to give it to a bunch of able-bodied immigrants on the dole. What's not to like?

[arthurscargill]

The only thing the Tories can do to make my life better is to promise not to tax me when I'm dead?

[UkSapyy]

The point is wealthy people can afford an expensive lawyer to talk about first-world issues, most middle class or working class people don't have that luxury. For the unlucky ones what should be their gift to their children from a life of hard work ends up going into overpriced private end of life care.

Not to mention the problems that have been created by the wealthy because they look for ways to not spend their money before they die. The rich buying property has led to more rented properties and contributed to the artificially high housing prices making it hard for future generations not procreated by the rich to buy homes.

This is 2023 if everyone else has to start with nothing to build something, then either reduce to privilege advantages of the rich children or give equal privileges to everyone else. Sure you can work with 1900s capitalist theory or you can acknowledge the fact capitalism works better when everyone is equally educated and incentivised to build the career and future they want. Too much wealth and you step on those below in the name of greed and too little wealth and you have nothing to fight with and so get stepped on.

[worklive]

You're taxed when you earn it, and you're taxed when you spend it. To charge tax on something you've already paid tax on is disgusting.

[bobbybates]

If your a royal you dont pay inheritance tax because it's one rule for them and and another for us .look at charlie boy he did not have to pay inheritance tax when the queen died

[feekygucker]

Want to see equality of opportunity? 100% inheritance tax.

[Joe-ogbr]

This is the problem. People think when their parents die that they will get the house. But if you're parents have some money to "give" them add a sizeable house the children then need to pay 40% of anything over 325. So they won't be able to keep the house.

[David-xpsr]

Easy to escape Inheritance tax, just be king and pay fa on an estate worth billions.

[davidedward]

You pay tax all your life, on income, on interest, on everything you purchase, this death tax is a tax of envy, we are totally over taxed in the UK, one reason I left. will never go back, when I visit I am shocked at the state of the UK.

[mandead]

The fact that this was recently a targeted campaign by the Telegraph and is now being discussed as a policy change is a sure sign that the Tories know they're cooked. Anyone affected by this issue is already a Tory voter anyway; it will bring in such a tiny / negligible number of potential new votes that it simply exists to shore up the membership.

[lonevoice]

So abolishing inheritance tax is seen as a higher priority to resolving the mess in the NHS. Insane!

[joemercs]

The inheritance tax of 40% applies on the estate over the initial £1 million allowance. So if you are left £2 million you actually receive £1.6 million after tax

[tonygold]

IHT is an optional tax. The rich have many ways to avoid it. It is a tax on wealth that has already been taxed.

[steveg]

Well, if you want to put illegal migrants in 4 and 5 star hotels, etc, etc, then your taxes will not lessen, nor how the revenue is obtained

[erik-tea-bag]

It's controversial because the king payed no tax when his mother the queen died but us peasants have too?