Death... taxes. If you want a good read on a Sunday, trust the Sunday papers.
The Express has a campaign to scrap IHT. Better than nothing, but if I know the Treasury and politicians of any hue with a pension to support, that is a tad black and white. And has a snowballs chance of doing not much more than adding to the readership.
So I have fired off an e-petition to No. 10. I doubt it will get the support a major tabloid can swing, but it seems a more reasonable compromise with a certain amount of imminent planet-saving attached, as opposed to a left-wing Govt./right-wing paper bunfight. If nothing else, what's not to like as a voter. Your dosh goes to funding a pol's golden sideways transfer when they cock up, or to making things that help save the planet for our kids.
Here's the text:
We petition the prime minster to enable the creation of a ‘Carbon Legacy’, as a direct, future generation-benefiting substitute for Inheritance Tax
IHT debate boils down into 2 main areas. Individuals get frustrated seeing a major % of savings go not to securing descendant’s futures, but to fund much that is... wasteful. To Govt IHT is an historical plum to good to be denied, justified by wealth being redistributed ‘for the common good’. Climate change is accepted by all as the most serious issue we face, Carbon Legacy is a fruitful compromise between entrenched positions, which remain deadlocked. A no middleman bequest, down to the IHT limit, donated to any initiative that is proven to be tangibly DOING something to improve matters on a measurable e-ROI, free from all but the most crucial instruments of management/oversight. No ‘redirection’! Funds straight to where most needed, to do the most good for the future. Some devils in the detail, but doable with consensus. In so doing it must surely satisfy both the needs and aspirations of all sides.
I'll let you know if an when it's approved. Oh, and here's the longer version:
The problem with IHT is complex, but boils down into two main areas.
As far as the individual is concerned, having worked and been taxed all one’s life, there is a certain frustration with seeing a major % of one’s hard-earned go not to the future generations that will bear your name, but to fund quite a lot that might be deemed... wasteful.
As far as the government is concerned, this is too good an historical plum to be denied, and the claim is usually that such wealth should be redistributed ‘for the common good’.
With climate change accepted as the most important issue facing future generations, might I suggest a fruitful compromise: Carbon Legacy.
A no frills, no middleman, bequest of whatever amount one wishes, but certainly down (from whatever excess there may be) to the IHT limit; donated to any project or initiative that is proven to be tangibly doing something to improve matters, and is free from ministers, activists, City-types, lobbyists, targets, assessors, licensees and all other instruments of jobsworth cut-carving. Money straight where it is needed, to do the most good for the future. A few devils in the detail, but surely doable with relatively easy consensus.
And in so doing it must surely satisfy both the needs and aspirations of both sides. Unless people and governments are really that greedy or think they can take it with them.
I’ll suggest my own website Junkk.com as an initial beneficiary [you can delete that if it’s too commercial a plug, though we are free and really doing something tangible to help save this planet].
And it’s surely 1000% better than anything potential future deputy prime ministers can come up with by way of equitable, and practical, redistribution of wealth.
Who knows? Maybe it will strike a chord. If so, I hope it will not go the way of the road pricing one: democracy inaction:)
Guardian - The 'death trap' menacing middle Britain is a myth
Just popped over from another thread where we're discussing the economics of climate change, and the small fact there soon may not be much to leave, let alone tax.
So, Yoda-like, may I suggest that there is 'another way': CARBON LEGACY
I even thought it good enough to start a petition on the No.10 site.
If you think so too, please join in.
Let's have schools to match London's wealth
Following Mr. Hain's not-very subtle and totally pie-in-the sky notions of wealth distribution, and certain newspapers' equally Air Old Spot attempt at IHT removal, I decided (sadly about a minute before it all went ballistic on road-pricing and my submission seems to have been lost in the greenwash) to instigate a petition to create a 'Carbon Legacy'.
It was... is... an attempt to introduce a spirit of pragmatic compromise between the various rocks and hard places trying to score points off each other with no chance, and no intention, of actually getting anything done, but looking great and scoring profile for not doing so.
It's designed to provide an option for City high-flyers, Premiership footballers, Media darlings, and anyone with more than a semi in Surbiton to bequeath their excess squillions to tangible future-saving projects and not some Treasury dam-plugging black-hole.
It's on the basis that if you can't take it with you, you won't mind leaving it at least to your own next generation's future, if not actually to them.
Fancy joining in? Or, assuming it's legal and/or ethical, have you something better in mind for you money once you're gone?
To: Breakingviews.com
Attn: Hugo Dixon
Re: Carbon Legacy
Following Boris Johnson's reference to your influnence in such matters, might I commend to you the following IHT suggestion, that may appeal to those with an interest in a genuine legacy for their hard-won money.
