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Post by The Squeezed Middle on Sept 23, 2023 19:23:14 GMT
Cut inheritance tax for £1,000,000 and below, the rest pay their way. Hmmm...
Not a bad point in the here & now but the problem with a set limit is that it doesn't stay current.
When it was introduced, only the top few percent of houses fell within the Inheritance Tax threshold, but it hasn't kept pace with inflation/cost of living so now the average house is getting perilously close to the IHT threshold and a whole socio-economic group that were never intended to be taxed by it get hit ie ordinary, hard-working people not the idle rich.
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Post by The Squeezed Middle on Sept 23, 2023 19:24:28 GMT
Sorry I can't fuck off Blair Starmer and the rest of Labour double standard hypocrites, while I watch Sunak feathering his 'own personal' nest, I like to think I am fair, and this is just a perk for Sunak, wont wash with me. I don't care if it makes life fairer for millions of ordinary people too. |
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Post by Fairsociety on Sept 23, 2023 19:29:49 GMT
Cut inheritance tax for £1,000,000 and below, the rest pay their way. Hmmm...
Not a bad point in the here & now but the problem with a set limit is that it doesn't stay current.
When it was introduced, only the top few percent of houses fell within the Inheritance Tax threshold, but it hasn't kept pace with inflation/cost of living so now the average house is getting perilously close to the IHT threshold and a whole socio-economic group that were never intended to be taxed by it get hit ie ordinary, hard-working people not the idle rich.
The average house today is worth a quarter of a million, that's the average, meaning the middle classes will have roughly £1 million, probably all told in assets savings and whatnot when they die, the middle earners are probably the biggest tax payers, and for that reason absolutely cut inheritance tax, why should these people be clobbered in life and in death, no way should anyone be paying inheritance tax under £1 million, £1 million is fuck all these days. |
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Post by Fairsociety on Sept 23, 2023 19:30:52 GMT
Sorry I can't fuck off Blair Starmer and the rest of Labour double standard hypocrites, while I watch Sunak feathering his 'own personal' nest, I like to think I am fair, and this is just a perk for Sunak, wont wash with me. Hmmm...
Not a bad point in the here & now but the problem with a set limit is that it doesn't stay current.
When it was introduced, only the top few percent of houses fell within the Inheritance Tax threshold, but it hasn't kept pace with inflation/cost of living so now the average house is getting perilously close to the IHT threshold and a whole socio-economic group that were never intended to be taxed by it get hit ie ordinary, hard-working people not the idle rich.
The average house today is worth a quarter of a million, that's the average, meaning the middle classes will have roughly £1 million, probably all told in assets savings and whatnot when they die, the middle earners are probably the biggest tax payers, and for that reason absolutely cut inheritance tax, why should these people be clobbered in life and in death, no way should anyone be paying inheritance tax under £1 million, £1 million is fuck all these days. Ditto |
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Post by Fairsociety on Sept 23, 2023 19:36:46 GMT
Just watch how many in Labour will oppose this, LOL...
Most of them are multimillionaires including gobshite Rayner.
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Post by vlk on Sept 23, 2023 19:43:19 GMT
Such a tax based on envy alone therefore impossible to abolish altogether.
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Post by Fairsociety on Sept 23, 2023 19:47:55 GMT
Such a tax based on envy alone therefore impossible to abolish altogether. Don't think anyone envies anyone who's worth £1m or less when they die, inheritance tax on such a amount is abhorrent, and basically a tax theft, multimillionaires is just greed. |
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Post by Deleted on Sept 23, 2023 19:54:14 GMT
Sure, just one thing, where will they make up the shortfall? What's 6 or 7 billion between friends? Rishi splurged 400 billion in 2020, and 6 billion was fraudulently claimed. It's peanuts, but if Liz had suggested it, the market would collapse. |
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Post by The Squeezed Middle on Sept 23, 2023 19:56:54 GMT
...the middle earners are probably the biggest tax payers... Yes we are - that's why I'm called "The Squeezed Middle" because I pay for everything. ...no way should anyone be paying inheritance tax under £1 million, £1 million is fuck all these days... Well quite, which I why I say that such a limit is pointless. |
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Post by sheepy on Sept 23, 2023 19:58:10 GMT
Sure, just one thing, where will they make up the shortfall? What's 6 or 7 billion between friends? Rishi splurged 400 billion in 2020, and 6 billion was fraudulently claimed. It's peanuts, but if Liz had suggested it, the market would collapse. I can bet if they are giving away 6 billion they will be looking for at least 12 billion in return. I am not actually against it I don't have the actual figures but I will have, either way it will cause another black hole that will need to be made up. |
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Post by dappy on Sept 23, 2023 20:01:41 GMT
Where a couple were married and owned a house, inheritance tax is only levied on assets only £1m
The state needs tax revenues in order to pay for public services. For me happier for that tax to be levied on the dead rather than the living.
Social mobility is already a major weakness of the UK. A very large inheritance for someone who happened to have affluent parents compared to someone who happened not too is a major contributor to that lack of social mobility.
Frankly I would look to increase inheritance tax and eliminate the loopholes.
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Post by jonksy on Sept 23, 2023 20:17:24 GMT
Sure, just one thing, where will they make up the shortfall? Those who can't afford it, it's the usual story the less well off propping up the well-to-do. But in fairness mate many of the rich are entrepreneurs and risk takers and are some of the major employers in the UK. So if they are stung too hard there is nothing stopping them in going to other coutries where the tax systems are more favourable for them causing many to find they are no longer employed. We have seen it happen so many times before like Dysons etc. |
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Post by The Squeezed Middle on Sept 23, 2023 21:01:10 GMT
Social mobility is already a major weakness of the UK. A very large inheritance for someone who happened to have affluent parents compared to someone who happened not too is a major contributor to that lack of social mobility... Restricting the social mobility (and aspirations) of both assists no one. Typical socialism: The equal sharing of misery. |
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Post by jonksy on Sept 24, 2023 5:39:43 GMT
Tax-free Isas allowance is set to be raised to help boost UK firms and make it easier for ordinary people to invest in British companies Under current rules, adults can save £20,000 a year into Isas without tax There are several types of account such as cash-only or for stocks and shares The Chancellor could increase the tax-free Isa allowance to make it easier for ordinary people to invest in British companies. Under current rules, adults can save £20,000 a year into Isas – Individual Savings Accounts – without being taxed. There are several types of account – such as cash-only or for stocks and shares – but experts believe the system is too complicated. Jeremy Hunt is reportedly considering offering an additional tax-free Isa allowance strictly for money invested into companies listed on the London Stock Exchange (LSE). It comes after Treasury officials spent weeks in consultation with experts in the City discussing ways to unlock extra funding from millions of accounts, the Financial Times has reported. www.dailymail.co.uk/news/article-12553413/Tax-free-Isas-allowance-set-raised-help-boost-UK-firms-make-easier-ordinary-people-invest-British-companies.html |
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Post by Fairsociety on Sept 24, 2023 8:32:58 GMT
Those who can't afford it, it's the usual story the less well off propping up the well-to-do. But in fairness mate many of the rich are entrepreneurs and risk takers and are some of the major employers in the UK. So if they are stung too hard there is nothing stopping them in going to other coutries where the tax systems are more favourable for them causing many to find they are no longer employed. We have seen it happen so many times before like Dysons etc. Bit off topic, but my mates grandad has gone into a care home, he doesn't leave his bed and hardly eats, it's costing £180 per day, I really struggle to see how he can be costing £180 a day, most of the time there's no money left for the inheritors, it's been guzzled up with care fees, but like my mate said, we couldn't give him the attention he needs so we're happy paying it. |
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