Let's Get Political!

[Batch]

interesting. getting to the age should really start to look at these things. hopefully got a fair few years left in me but anyway

[RobertT]

Inheritance isn't always a tax on already taxed income - profits made from house prices increases for example.

I really couldn't give a fuck how much they take from whatever I leave behind - hoping my kids have enough about them not to worry about waiting for my death with glee.

In fact, just take everyone's leftovers and pay the NHS with it.  Most people probably tank the NHS in their last few years anyway, so it's only fair.

[RedRag]

Think you’ll find that if you’re married and the deceased leaves everything to the other one then when the remaining spouse dies you receive double the inheritance tax free (ie around 650k) or at least that’s how a solicitor explained it to me

Indeed.

If you have owned your residence (even selling it) and pass the benefit to your descendants, you can add up to £175k of that value to your "nil rate" exemption.  So the survivor of a H and W, having co-owned a residence worth £350k can leave £1m. [(325 + 175) x 2] to their descendants free of IHT on the survivor's death. Subject to other reliefs, you are generally looking at the balance being taxed at 40%.

About 5% of estates pay IHT.  But it is the beneficiaries who miss out and they would be more numerous.  

Not everyone but I wouldn't underestimate the emotional antipathy felt by likely payers and beneficiaries to this tax.  A promise to abolish would be very attractive to London and Home Counties voters of 50+ imo and would help protect the vulnerable "blue wall".

Looking at actions rather than words/promises, the "nil rate band" of £325k has been frozen since 2010-11 by the Conservatives.  The residence exemption did come into effect in 2016 to help mitigate the effects of house price inflation.  Regardless, the annual Government tax take (£6bn) and also the number of estates caught by this tax have both increased very substantially overall under the Conservatives.

My first question would be how precisely would the £6bn ++ tax revenue forsaken be recouped if IHT were abolished.

[Batch]

...
My first question would be how precisely would the £6bn ++ tax revenue forsaken be recouped if IHT were abolished.

thanks! well clearly I didn't understand IHT.

the last bit quoted above is a very important question! Not like the Tories to make everyone pay for the rich. oh wait..

[Legends-Lounge]

Inheritance isn't always a tax on already taxed income - profits made from house prices increases for example.

I really couldn't give a fuck how much they take from whatever I leave behind - hoping my kids have enough about them not to worry about waiting for my death with glee.

In fact, just take everyone's leftovers and pay the NHS with it.  Most people probably tank the NHS in their last few years anyway, so it's only fair.

Profits from house price increases 🤔 and the tax paid on the income to pay the mortgage on said property…

That is very altruistic coming from someone who works and lives in another country. I hope your kids feel the same.
Instead of using ‘everyone’s leftovers’ assuming ‘everyone’ leaves any, how about making sure anyone coming into this country has insurance or making sure if they haven’t they can’t leave once they’ve been treated and have to work to pay it off. Also anyone missing a doctors appointment has to pay a £20 fine and £100 if it is a hospital appointment. If you’re employed it is added to your tax code if you’re unemployed it comes off your benefits  with a suitable appeals process not withstanding.

[swindonmaniac]

Now that does open up a whole new can of worms,  but sounds like a good option to me.

[Nemo]

Not sure you're going to make up £6bn in £20 fines very quickly.

[Jimmy HaveHave]

I'm interested to know how the government will make up the £24.3 billion fuel duty shortfall once they stop selling petrol & diesel🤔

[4D]

Electric tax?

[RedRag]

Profits from house price increases 🤔 and the tax paid on the income to pay the mortgage on said property…

That is very altruistic coming from someone who works and lives in another country. I hope your kids feel the same.
Instead of using ‘everyone’s leftovers’ assuming ‘everyone’ leaves any, how about making sure anyone coming into this country has insurance or making sure if they haven’t they can’t leave once they’ve been treated and have to work to pay it off. Also anyone missing a doctors appointment has to pay a £20 fine and £100 if it is a hospital appointment. If you’re employed it is added to your tax code if you’re unemployed it comes off your benefits  with a suitable appeals process not withstanding.

Whilst I respect the instinct to pass on one's estate to one's children, I have no time by the Tory reach to make immigrants or the poor pay for the wealthier 5% and ideally the wealthiest 1%.

If you want to go after "immigrants", how about recouping half the cost of abolishing IHT (£3bn+/£6bn +) paid by UK Doms like you by "abolishing" the Non-Dom tax exemption that allows Non-Dom UK residents like Ashkata Murty to save her £4m.p.a. in tax in exchange for a nominal £30/60k p.a. payment?  

If this beholden Conservative Government really cared about Conservatives like you - and many not unreasonable others - it would have been increasing the "Nil Rate Bands" of £325k & £175k+ in line with an appropriate index, eg RPI/CPI.  Instead this has been frozen for 13 years bringing more and more ordinarily "wealthier" estates into the IHT orbit.  

IHT is largely a voluntary tax where the 1% are concerned.  [If you're part of that 1%, my apologies.  And please report urgently to Clem and Flynn!]

[jevs]

Whilst I respect the instinct to pass on one's estate to one's children, I have no time by the Tory reach to make immigrants or the poor pay for the wealthier 5% and ideally the wealthiest 1%.

If you want to go after "immigrants", how about recouping half the cost of abolishing IHT (£3bn+/£6bn +) paid by UK Non-Doms like you by "abolishing" the Non-Dom tax exemption that allows Non-Dom UK residents like Ashkata Murty to save her £4m.p.a. in tax in exchange for a nominal £30/60k p.a. payment?  

If this beholden Conservative Government really cared about Conservatives like you - and many not unreasonable others - it would have been increasing the "Nil Rate Bands" of £325k & £175k+ in line with an appropriate index, eg RPI/CPI.  Instead this has been frozen for 13 years bringing more and more ordinarily "wealthier" estates into the IHT orbit.  

IHT is largely a voluntary tax where the 1% are concerned.  [If you're part of that 1%, my apologies.  And please report urgently to Clem and Flynn!]

I've never really understood the indignance about IHT compared to other taxes, though I do get it if it causes problems with the family home. The line that it's on already taxed income applies to all taxes doesn't it & surely unearned income deserves to be taxed if earned income is at over 12k a year? I do not understand how the super rich like Dyson are allowed to buy up half the land in the UK to dodge it if everyone else has to stump up at 325k + though.

For me VAT and the green levies on utility bills are disgusting and hidden by the do gooder factor. It's essentially a tax on everyone to fund ineffective ground source heat pumps and solar panels for those that don't really need the financial assistance, and subsidise Drax power station etc. All this eco stuff looks an awful lot like punishing the poorer under the cover of dubious 'improvements' to the environment which do not appear to deliver anything noticable.

[mexico red]

Spanish General Election today, really holding our breath, if the partido popular (Tories) who are leading in the polls don't get enough votes they may well team up with the facist VOX party which could be disastrous in so many ways.
The PSOE (labour) have been in for 5 years and have done a decentish job in the circumstances, highest economic growth in the euro zone, low inflation, but the Spanish (Madrid) press hate the fact they pair up with the Catalans and basques.

Things could become very messy if vox get involved, not just in Barcelona and Bilbao but also Gibraltar too.

[Batch]

ugh, that does not sound good. fingers crossed Mex

[Jimmy HaveHave]

What's your job situation these days Batch safe or still in jeopardy🤔

[Batch]

What's your job situation these days Batch safe or still in jeopardy🤔

thanks for asking Jimmy. Much appreciated.

I got made redundant on Monday. Accepted a new job on Friday (had 2 offers).

Back in an office 5 days a week but should be interesting work and they made me a great offer.