Forum Topic

Inherit nothing...?

Interesting idea expressed in a letter in today's Times extoling the idea of a  100% inheritance tax.Before you all choke on your Sanatogen,the thinking behind it would do Edward de Bono proud,imo.The idea is to make society a meritocracy.It would involve a 0% tax rate throughout your life(a sure voter winner!)and all your assets going to the state on your demise.The money raised would,theoretically,fund a better education and health system and a better infrastructure to give each new generation a more level playing field.

Keith Iddon ● 6438d3 Comments

Phil, I would imagine there would be some form of safeguard against the abuse you suggest,perhaps 100% capital gains tax or the state holding the deeds to you house etc.A good example of outside the box thinking though.

Keith Iddon ● 6437d

A bloke in the paper today challenged the terms of his father's Will because he left his fortune - all £8m of it to the Tory Party. The judge declared the father insane - well you'd have to be.

Vanessa Smith ● 6437d

I'm glad you said theoretically Keith, because interesting idea though it is I would imagine most people would circumvent this by giving their wordly goods to their nearest and dearest whilst still alive, possibly in exchange for being "kept" out of their own money.  The idea would generate employment opportunities as the county courts would be kept busy with parents pursuing defaulting offspring, as would Interpol in the search for absconders (this assuming that entering into such a contractual arrangement would not become illegal).A fascinating topic for debate, all the same.

Phil Andrews ● 6437d