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Topic - So what rate should it be set at then?

Lord_ash2000 - on 15 Jan 2013
I seems pretty clear people don't want inheritance tax at 100% for a variety of reasons and I agree.

What is a more interesting question is, what rate should it be and at what point should it kick in?

At the moment according to HMRC it is 40% over 325,000 until 2015.

So someone worth a million dyeing today with no spouse would have to pay 270,000 in tax on their death, charitable donations and shady trust funds aside. The Conservatives a while back wanted to raise the limit to a 1,000,000 thus saving a millionaire 270k+ in tax but had to hold off on their plans as it didn't seem popular among the masses in a time of cuts.
So what do people think? A higher or lower limit or a higher or lower percentage rate above that limit or both?

For me personally I'd want it raised to at least a million and maybe only taxed at 25% from then on. A million pounds in today's world is not actually a lot of money. Yes if all you do in life is grind away in a low level job and never really get far, get a mortgage that's more than you can afford and decide to have a family to soon you'll find you never amass anything close to it but only because they don't live well enough inside their means to accumulate anything over time. It's not that millionaires are mega rich just that the low and average paid employees (of which I'm one by the way) haven't realised how poor they actually are.

Don't forget for a lot of old people today, the cheap house they purchased on a modest salary in unfashionable parts of London back in the 50's and 60's could be worth a million or more on its own, add in some life savings and a few antiques picked up over the decades and the total worth can fly up even if they don't have much money to live on day to day, certainly nowhere near the "millionaire lifestyle". it does seem a bit harsh for their next of kin to have to sell the family home to pay a tax bill.
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