You'll get nothing. NOTHING!!

[hpmons]

My experience was pretty much the exact opposite to yours. I was also the poor kid at my secondary school, but practically everyone there from a wealthy background (which was most of the pupils) was really normal. Yes, they had huge houses with more bedrooms than they could possibly have needed, and their parents had brand-new, very expensive cars, but they never took the piss out of my parents' tiny little bungalow or rusty old Cortina. Conversely, I did get loads of shit from the kids where I lived for being "posh" and going to "posh school" (most of their families had bigger houses and nicer cars and shit than mine). Shit which ended up with me being badly beaten up once or twice. I am aware that my experience was probably atypical, I just wanted to point out that not all rich people are cunts and neither, necessarily, are their kids.

Everyone has different experiences, and based their opinions on their experience, as this thread shows.  Ive had a similar experience to you, so I would say that money doesnt make much difference - people are capable of being a twat whether they are rich or poor.  I wasnt poor but certain circumstances could have led me to be bullied at school, but surprisingly everyone was incredibly polite to me, almost going out of their way to consider my feelings and not offend me.  There were a few people who well less well off, but they were treated exactly the same by people.  If anything, many people were mocked for going to a private school by others.

[Mindbear]

I didn't know the ins and outs, just what my nan has told me. Thats fair enough.

[Borboski]

Heh, I like the sound of that, I'm going to use it at work.

[jamiefairlie]

No you're not.

You pay 40% on any amount above the first tax free £312,000.

Eg, if the estate is worth £400,000 then the recipient recieves £312,000.  They are then taxed 40% on the remaining £88,000.  That's about £35,000.  So you would get £365,000 out of the £400,000.

I do not consider paying £35,000 tax to be a "huge chunk" when I then recieve £365,000.

For fucks SAKE WHY DO PEOPLE NOT GET THIS?????

But why is that fair? The money has already has tax paid on it when it was originally earned, so why the double hit? If a parent gives their child money when they're alive it's not taxed so why is it upon death?

[Borboski]

Ok, first surely you appreciate the principle that taxing people with lots of wealth is "fairer" than taxing people with no wealth.

Second, we have lots of taxes which "tax money twice", the corporation tax as pointed out.

Third,  if you really think it's unfair, then you either want the threshold increased or the tax abolished.  In which case you have to suggest a "fairer" measure than taxing the most well off percentage of the population on their unearned income*, whether that is on VAT, NI, income tax, whatever, all of that means people who are less well off having to pay more.

Anyone recieving a one-off payment of at least £155k (allowing for the average of two children) is in my books entering the ranks of the well-off...

[jamiefairlie]

It's not an objection to tax in itself (although that's another major conversation), it's more that I find it distasteful that an awful tragedy such as death is intruded upon by the grasping taxman. I'd much rather they got tax right first time than have to claw it back upon arbitrary (and inappropriate) life events.

[weekender]

Oh grow up.

[Old Thrashbarg]

I don't understand the 'taxing money twice' argument against inheritance tax. Surely all money is taxed many times. e.g. When you buy something, you pay VAT. When the seller takes their wages, they pay income tax. When they then buy something, they pay also VAT, and so on. Although, obviously, that's a very simplistic model of reality.

[simondykes]

I'm always telling people that I'll remember them in my will.I'm not going to leave them anything,just include a line that says,'I remember Dave'.
i'm going to leave my vast library of Vinyl,CDs and books to the nation with the stipulation that my body is stuffed and placed on a chair in the middle of them.Preferably with one hand pointing at something.

[Mindbear]

It's not an objection to tax in itself (although that's another major conversation), it's more that I find it distasteful that an awful tragedy such as death is intruded upon by the grasping taxman. I'd much rather they got tax right first time than have to claw it back upon arbitrary (and inappropriate) life events.

When my gramps died, I remember the second day there were bills and letter coming through demanding my nan paid his debts, phonecalls regarding when she was dealing with these things. She could barely talk she was so in grief, and there were these vultures, asking for settlements for debts that weren't even hers. I didn't actually know that debts get passed on to your next of kin, how horrifically unfair. Having been a communist for most of his life, my gramps left literally nothing, except visa bills, as he had no other possessions.

I understand the tax on huge amounts, that makes sense, but I think 155'000 is a pretty meagre amount of cash to consider a person wealthy with. You can't buy a house with that, or even a shithole of a flat.

[rudi]

No one would ever need millions

I do; I have....... plans...............

Having been a communist for most of his life, my gramps left literally nothing

How does the first bit lead to the second bit? Sorry if I'm being a bit, well, drunk to be perfectly honest.

[Mindbear]

I do; I have....... plans...............

How does the first bit lead to the second bit? Sorry if I'm being a bit, well, drunk to be perfectly honest.

Well, he didn't believe in property ownership, so he had nothing like that, he didn't have any assets at all. He told me this was due to his communist beliefs. Who knows....either way my nan was up shit creek finance wise.

[The Croston Bab]

My experience was pretty much the exact opposite to yours. I was also the poor kid at my secondary school, but practically everyone there from a wealthy background (which was most of the pupils) was really normal. Yes, they had huge houses with more bedrooms than they could possibly have needed, and their parents had brand-new, very expensive cars, but they never took the piss out of my parents' tiny little bungalow or rusty old Cortina. Conversely, I did get loads of shit from the kids where I lived for being "posh" and going to "posh school" (most of their families had bigger houses and nicer cars and shit than mine). Shit which ended up with me being badly beaten up once or twice. I am aware that my experience was probably atypical, I just wanted to point out that not all rich people are cunts and neither, necessarily, are their kids.

Well, I actually went to the same school as Still Not George, and can confirm that there were actually an enormous number of rich cunts. However, I also met some lovely rich cunts. And as SetToStun says above, I actually got a lot more grief from the people where I lived who thought I'd 'sold out' by going to a decent (poncey) school. Actually, it wasn't that bad though because I'm so loveable and funny.