Norman Dunn's 'Hebburn and our Neighbours Forum'

Norman Dunn's 'Hebburn and our Neighbours Forum'
[ Norman Dunn's 'Hebburn and our Neighbours Forum' ]
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Inheritance tax

Posted by Mac Hardy on 15/9/2026, 10:22 am

This must be the worst tax ever, most of us work all our lives, pay taxes etc and then when you pass the tax man dictates how much of your hard earned money that you have already paid tax on you can gift to family and friends ! 40% tax must be paid over and above what they dictate , a total disgrace !

Re: Inheritance tax

Posted by Keith on 15/9/2026, 12:36 pm, in reply to "Inheritance tax "

Totally agree Mac, an utter disgrace.I'm not quite at retirement age yet but have worked all my life to give my family a good life and paid all my taxes accordingly. When I do eventually pop my clogs, I want my wife,kids and grand kids to be the beneficiaries of what ever I have left in the pot. I have paid my dues all my life and to do it in death as well is an absolute travesty.

Re: Inheritance tax

Posted by Stan Wears on 15/9/2026, 1:03 pm, in reply to "Re: Inheritance tax "

I agree Keith. I recall HRH the Duke of Edinburgh saying in the 1950's " By the year 2000, you'll need a licence to breathe". Not far short was he ? Like you guys I have paid all taxes but for what ?

Re: Inheritance tax

Posted by Mac Hardy on 15/9/2026, 1:18 pm, in reply to "Re: Inheritance tax "

The thoughts that my family are going to have to pay 40% on gifts left to them disgusts me, pity we don’t have a decent Government !

Re: Inheritance tax

Posted by Norman on 15/9/2026, 1:24 pm, in reply to "Re: Inheritance tax "

We give £billions away every year and that's our tax money.
I just heard we gave Angola in Africa £655 million to help with their Infrastrucure.
What are the rubber boat Invaders costing the UK.?
OUR so called Governments are so stupid for encouraging the 3rd world to come here.
Most of them will never get a job.
The Government are traitors for not protecting us.

Mac Hardy

Posted by ,m on 15/9/2026, 2:43 pm, in reply to "Re: Inheritance tax "

Very good at taking our hard earned money, they wouldn’t know the meaning of the word.

Re: Mac Hardy

Posted by Liz Dance on 15/9/2026, 2:58 pm, in reply to "Mac Hardy"

I was recently involved in sorting out the Estate of a friend of mine, she was a single person, like all of us she worked all of her life,paid whatever taxes were due, her Estate ended up paying nearly £500k to HMRC as Inheritance Tax an absolute disgrace.

My friend, when she was working, saved for her retirement, she never reached 80 due to the awful cancer, now quite a hefty sum of her savings has gone to the Government for what purposes ask myself, I think I might just know the answer!!?,

Re: Mac Hardy

Posted by Mac Hardy on 15/9/2026, 3:44 pm, in reply to "Re: Mac Hardy"

All of the Labour Party have their hands in our pockets !

Re: Mac Hardy

Posted by Brian on 15/9/2026, 3:51 pm, in reply to "Re: Mac Hardy"

Inheritance tax in its present form was introduced in the mid 1980s by then Chancellor Nigel Lawson although its been around in one form or another for over 300 years

Re: Mac Hardy

Posted by Brian on 15/9/2026, 3:44 pm, in reply to "Re: Mac Hardy"

No political party will cancel Inheritance Tax its too big an earner.

Re: Inheritance Tax

Posted by Liz Dance on 15/9/2026, 3:50 pm, in reply to "Re: Mac Hardy"

Brian, the Tories are making noises about scrapping IT but I think it is probably an Election gimmick.

Re: Inheritance Tax

Posted by Brian on 15/9/2026, 3:52 pm, in reply to "Re: Inheritance Tax"

It makes the treasury too much money for doing nothing. It will never disappear.

Re: Inheritance tax

Posted by Mac C on 15/9/2026, 6:23 pm, in reply to "Inheritance tax "
Edited by administrator MalC 15/9/2026, 6:26 pm

It is a pernicious tax but many countries have a version so I cant see it disappearing totally. Those that don't have one often levy capital gains tax at death, stamp duties, or property transfer fees instead. So they will get you one way or another. As Benjamin Franklin is alleged to have said "nothing is certain except death and taxes"

Those who are likely to be most badly affected by IT need to use the "Gift" exemptions while still alive and kicking but that in itself is a minefield to get it right and stay within the rules!

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[ Norman Dunn's 'Hebburn and our Neighbours Forum' ]

Rules! No bad language or derogatory remarks or we will delete. Anyone sharing our content on Face Book must credit 'Hebburn and our Neighbours'.