Prepare for a Great Tory Tax Givaway

[Steer]

We are definitely going to get a vote-seeking feel good budget next time around. I just hope that the long term memory of the electorate is strong enough to not fall for what will be a short-term bribe, and that they remember the self-serving, immoral, nasty, incompetent and corrupt actions of this current government. My faith in the British electorate is not very high however.

 

[Nano]

It should be scrapped or at least see the threshold significantly increased, but isn’t this just the standard Tory policy to throw out when things are going to ****?

Completely the opposite. Inheritance is a massive driver of inequality. The narrative on it needs to switch from people thinking it is a tax on the person dying when it is really a tax on someone receiving unearned income. I have done nothing to contribute to the value of my parent's estate so why should I be able to receive it tax free.

I would completely change the rules so inheritance tax is based on what the recipient receives and not the estate. There can be a personal tax free allowance, maybe £100k and everything above that (for life) is taxed like income.

 

[Boro4life]

I think inheritance tax is wrong anyway work all your life pay taxes all your life then your legacy is taxed for future generations. I would be happy for it to be scrapped

 

[billyboro10]

I think inheritance tax is wrong anyway work all your life pay taxes all your life then your legacy is taxed for future generations. I would be happy for it to be scrapped

How hard did you work for house to go up in value ?

I suppose you will support at a 1.5% rise in income tax to cover the shortfall in revenue.

But you won't, people like you expect other people to pay for it.

 

[Muttley]

I think inheritance tax is wrong anyway work all your life pay taxes all your life then your legacy is taxed for future generations. I would be happy for it to be scrapped

Have you sat down and worked out whether this would affect you personally?

Because all you have recited there is a meaningless Tory soundbite. Do some simple maths and work out if it would benefit you, I think you will find that it will not. If you are one of the 3% or so that might benefit perhaps you would like to invest in a football club?

 

[Trug]

Have you sat down and worked out whether this would affect you personally?

Because all you have recited there is a meaningless Tory soundbite. Do some simple maths and work out if it would benefit you, I think you will find that it will not. If you are one of the 3% or so that might benefit perhaps you would like to invest in a football club?

WHAT!!!!!! And pay taxes!!!!!!You,re joking aren't ya

 

[Boro4life]

Have you sat down and worked out whether this would affect you personally?

Because all you have recited there is a meaningless Tory soundbite. Do some simple maths and work out if it would benefit you, I think you will find that it will not. If you are one of the 3% or so that might benefit perhaps you would like to invest in a football club?

Personally under the tories paying any form of tax is a waste for me. As the return and benefit to me is hopeless as all public services are on their knees. But the stuff Kier is coming out with currently makes you think will he even improve things

 

[masquesmog]

How hard did you work for house to go up in value ?

I suppose you will support at a 1.5% rise in income tax to cover the shortfall in revenue.

But you won't, people like you expect other people to pay for it.

exactly this, and this as well ...

if you give away your home to your children or grandchildren your threshold can increase to £500,000.

So a married couple can give away property up to £1M and the kids not pay inheritance tax ..... oh, and your kids can inherit yr pension fund free of inheritance tax ....

Please let's not fall for yet another tax con trick.

 

[JM14]

Completely the opposite. Inheritance is a massive driver of inequality. The narrative on it needs to switch from people thinking it is a tax on the person dying when it is really a tax on someone receiving unearned income. I have done nothing to contribute to the value of my parent's estate so why should I be able to receive it tax free.

I would completely change the rules so inheritance tax is based on what the recipient receives and not the estate. There can be a personal tax free allowance, maybe £100k and everything above that (for life) is taxed like income.

Many things are a bigger driver of inequality than inheritance tax. You work and pay tax on absolutely everything you ever own, to then want to pass something you own onto family to know they will be looked after financially shouldn’t be an issue for anyone, certainly not something that should be taxed even further

 

[NYboro]

Many things are a bigger driver of inequality than inheritance tax. You work and pay tax on absolutely everything you ever own, to then want to pass something you own onto family to know they will be looked after financially shouldn’t be an issue for anyone, certainly not something that should be taxed even further

Can't say I agree with that. My kids make their own living - they will get our apartment when we go and whatever is left that we can't manage to spend before then. I would have no problem with them paying taxes on that.

 

[JM14]

Can't say I agree with that. My kids make their own living - they will get our apartment when we go and whatever is left that we can't manage to spend before then. I would have no problem with them paying taxes on that.

A house you get taxed on many times over, pay a fortune in interest, paid by wages you are taxed on. Then when you finally own it, you are then taxed if you then wanted to pass it to your children. Can’t see how that can be fair

 

[masquesmog]

A house you get taxed on many times over, pay a fortune in interest, paid by wages you are taxed on. Then when you finally own it, you are then taxed if you then wanted to pass it to your children. Can’t see how that can be fair

this ....

if you give away your home to your children or grandchildren your threshold can increase to £500,000.
So a married couple can give away property up to £1M and the kids not pay inheritance tax ..

 

[NYboro]

A house you get taxed on many times over, pay a fortune in interest, paid by wages you are taxed on. Then when you finally own it, you are then taxed if you then wanted to pass it to your children. Can’t see how that can be fair

The only real tax on property is Stamp Duty - Council Tax is just a con, so that central government can blame local government for all the failings. It could and should be replaced by proper funding from central government. Are you seriously proposing doing away with income tax, because that's the way it reads? Yes, I was taxed on my income, but I also got tax relief on my mortgage - something else that has been removed.

 

[sherlock]

Beggars belief that anyone can support a proposal that benefits only the wealthiest 4% of the population, unless of course they are a part of that 4%.

I’d be amazed if anyone on this board was a part of that 4%, so anyone here saying this is a good idea, have a word with yourself.

 

[Redwurzel]

........................and a lot of people don't pay Stamp Duty on buying properties i.e. if the property is worth less than £250k or £425k (first time buyer).

There is alo no stamp duty on the sales of property

Ref Inheritance Tax - I can see the argument passing significant wealth down breeds more inequality, I can also understand people working to save to help future generations. I think where we are now is about right. £1m is quite a big threshold.

An issue are family trusts which I think are basically wrong, from what I know about them.

 

[Redwurzel]

Beggars belief that anyone can support a proposal that benefits only the wealthiest 4% of the population, unless of course they are a part of that 4%.

I’d be amazed if anyone on this board was a part of that 4%, so anyone here saying this is a good idea, have a word with yourself.

Sherlock1969

I think the 4% figure is increasing, because property values are increased a lot in London and the South East and that is what the Conservatives are homing in on. In London there are significant number of £1m properties in particular - properties than would be around £225k on Teesside. To me its right people should pay 40% above £1m.

 

[sherlock]

Sherlock1969

I think the 4% figure is increasing, because property values are increased a lot in London and the South East and that is what the Conservatives are homing in on. In London there are significant number of £1m properties in particular - properties than would be around £225k on Teesside. To me its right people should pay 40% above £1m.

But people have done nothing to get those increased house values, it’s not the result of any kind of hard work.

Capital gains tax should be equalised to income tax too

 

[Redwurzel]

Its mixed on properties - some properties would not be worth £1m without significant improvements, the pure land value is what increases without people doing anything and thats about 40% of a property's cost/value. I do think in general property is lightly taxed in the UK relative to say income from paid work.

Capital Gains has changed recently - the threshold was reduced from around £12k to £6k then it will be later £3k - this will bring in more tax eventually. Although I agree the rates are less than income tax if you have to pay it. ISAs can be used to avoid it on smaller investments if timed correctly.

 

[JM14]

The only real tax on property is Stamp Duty - Council Tax is just a con, so that central government can blame local government for all the failings. It could and should be replaced by proper funding from central government. Are you seriously proposing doing away with income tax, because that's the way it reads? Yes, I was taxed on my income, but I also got tax relief on my mortgage - something else that has been removed.

Not at all but ultimately whatever you own outright, especially property, then you should be free to do as you choose in the event of death

 

[Nano]

Not at all but ultimately whatever you own outright, especially property, then you should be free to do as you choose in the event of death

This is just you not understanding how tax works.

When you die you aren't taxed. The recipient is taxed. The amount the recipient is taxed is calculated based on the circumstances of the person that dies but the person that dies doesn't pay tax.

So don't ask "why shouldn't you be free to do as you choose in the event of death" and instead ask "why shouldn't I be allowed to receive a massive amount of cash tax free?". The second question is very easy to answer because we are taxed on income we receive. If you don't think you should be then you don't believe in income tax, or I presume, any of the other taxes we pay.